OPEC Update, February 2020
The OPEC Monthly Oil Market Report for January 2020 was published this past week. The last month reported in each of the charts that follow is January 2021 and output Continue Reading
IEA: OPEC+ To Further Ease Cuts Amid Quickly Drawing Oil Stocks
While the oil market rebalancing looks fragile in the first quarter of 2021, global oil stocks are expected to rapidly draw down in the second half of this year as Continue Reading
OPEC revises up 2021 oil demand forecast with more growth seen in H2
OPEC raised its estimate of 2021 global oil demand from last month, saying growth especially for industrial fuels in the second half will be led by positive economic developments supported Continue Reading
OPEC Revises Down Global Oil Demand Forecast For 2021
OPEC expects oil demand to rise by 5.8 million barrels per day (bpd) this year, down by around 100,000 bpd from last month’s projection due to lockdowns in major developed Continue Reading
OPEC+ Won’t Raise Output For Another Month
OPEC+ will meet again on March 4, but the group will likely agree to keep the same level of oil production through April 2021, Iraqi Oil Minister Ihsan Abdul-Jabbar said Continue Reading
Biden Won’t Lift Iran Sanctions to Bring Tehran Back to Negotiating Table
President Biden said the U.S. won’t make the first move to restart negotiations with Tehran over the 2015 nuclear accord, indicating he would only lift sanctions if Iran stops enriching Continue Reading
Oil Prices Rally As OPEC+ Maintains Its Production Policy
The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group wrapped up their monthly meeting on Wednesday in record time and, as widely expected, did not make any recommendation about Continue Reading
OPEC+ sounds an upbeat note, as Saudi Arabia’s extra cut bolsters oil prices
With Brent prices within spitting distance of $60/b and Saudi Arabia shouldering an extra load of production cuts, OPEC+ ministers concluded a speedy monitoring committee meeting Feb. 3 with an Continue Reading
OPEC Core’s Crude Exports Slip Even as Output Curbs Are Eased – Bloomberg
Oil shipments from OPEC’s Persian Gulf producers slipped last month, even as output restrictions were eased and production volumes increased. Combined shipments of crude and condensate — a light form of oil extracted from Continue Reading
OPEC+ Now Sees Weaker Oil Demand Growth For 2021
OPEC+ expects global oil demand to rise by 5.6 million barrels per day (bpd) this year—lower estimated growth than OPEC’s assessment of 5.9-million-bpd demand increase from less than three weeks Continue Reading