OPEC+ Compliance With Production Cuts Slips To 75%
OPEC+ group’s compliance with the oil production cuts fell to 75 percent in December 2020—one of the lowest levels since the pact was enacted in May 2020, tanker tracking firm Continue Reading
Libyan surge, slipping compliance push OPEC+ output up sharply in Dec: Platts survey
OPEC and its allies raised their crude oil production by 280,000 b/d in December to a seven-month high, as Libya pumped its most since mid-2013 and several other countries posted Continue Reading
OPEC crude output cuts should help U.S. shale profits in 2021
A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in Continue Reading
OPEC Production Rose Last Month as Libya Continued Comeback
OPEC’s production rose for a third month in December as a continued cease-fire in crisis-torn Libya enabled it to restore more supplies. While the group’s dominant producer, Saudi Arabia, startled oil markets Continue Reading
OPEC+ Near Consensus on Holding Oil Output Steady Next Month
OPEC+ was nearing a consensus that would hold its oil output steady next month, after the group rejected Russia’s proposal for a production increase. Negotiations were ongoing and not all Continue Reading
Saudi deepens cuts as OPEC+ agrees oil output rollover
Saudi Arabia will make additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers Continue Reading
Saudi Arabia, Flexing Oil-Market Muscle, Pledges to Cut Production Sharply to Lift Prices
Saudi Arabia said it would unilaterally cut 1 million barrels a day of crude production starting next month, a surprise move signaling the kingdom’s worry that a resurgent coronavirus is Continue Reading
Saudi Arabia warns oil producers over fragile market
Saudi Arabia warned Opec and allies outside the oil cartel against unleashing more barrels on to a fragile market, putting the kingdom at loggerheads with rival Russia. Prince Abdulaziz bin Salman, Continue Reading
OPEC+ Talks Stall Over Oil Production
The OPEC+ talks stalled on Monday after the group failed to reach a consensus on the best path forward for oil production, the body reported on Monday afternoon. OPEC and Continue Reading
Saudis, Russia at Odds Over Boosting Oil Output Amid Covid-19 Pandemic – WSJ
Saudi Arabia and Russia deadlocked Monday over whether their producers’ alliance should boost crude output amid a resurgent pandemic, delegates said after a day of talks ended without a deal. Continue Reading