OPEC said the global oil market will switch from being under- to over-supplied as early as next month as the economic rebound from the coronavirus pandemic falters. The group’s Secretary-General Continue Reading
Global energy demand will increase by 28 percent from now until 2045 due to rising economies and population, according to OPEC’s World Oil Outlook discussed at the ADIPEC energy forum Continue Reading
The OPEC Monthly Oil Market Report for November 2021 was published this past week. The last month reported in each of the charts that follow is October 2021 and output Continue Reading
Russia says there is no shortage of oil in the global market and there may even be a surplus from early next year, adding to the chorus of other OPEC+ Continue Reading
OPEC Secretary General Mohammad Barkindo said on Monday that oil and gas were “targeted” for the first time at COP26 as having no place in the energy transition. As an Continue Reading
Saudi Arabia and the United Arab Emirates signaled OPEC+ will continue raising oil output cautiously and won’t bow to U.S. pressure to pump faster. President Joe Biden, concerned that gasoline Continue Reading
Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday. In a Continue Reading
Cuts fourth-quarter 2021 demand forecast by 330,000 bpd Sees demand at 100 mbpd in Q3 2022, later than earlier thought OPEC Oct output rises 220,000 bpd, but four members pump Continue Reading
The OPEC+ group doesn’t plan to change the pace of easing the collective production cuts at its next meeting in early December and will review the output schedule in the Continue Reading
The OPEC+ group has the capability to increase its crude oil supply to the market if there is demand, according to one of the key members of the coalition, the Continue Reading
Your problem isn’t our problem was the harsh message delivered by OPEC+ on Thursday at a post-OPEC+ meeting presser. Referring to the energy crisis soaring energy costs, Saudi Arabia’s Energy Continue Reading
Saudi Arabia and its OPEC+ allies put oil prices in the hands of U.S. President Joe Biden, rejecting his pleas for a large production hike and leaving him the choice Continue Reading
OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies must choose whether to heed American demands for more oil. The cartel Continue Reading
OPEC+ added just 140,000 barrels daily of crude oil last month Bloomberg: production constraints in Angola and Nigeria were part of the problem Several OPEC members said in recent days Continue Reading
It should not be taken for granted that the OPEC+ alliance needs to raise its monthly oil production more than currently planned, Kremlin spokesman Dmitry Peskov said on Tuesday, commenting Continue Reading
OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices. On Continue Reading
The increase in OPEC’s oil output in October fell short of the rise planned under a deal with allies, a Reuters survey found on Monday, as involuntary outages in some Continue Reading
For the past year, oil consuming countries have become increasingly anxious at crude’s resurgence: first to $50 a barrel, then $75 and now to more than $85. And when Vladimir Continue Reading
The Biden administration’s senior energy official on Sunday blamed the Opec oil “cartel” for soaring petrol prices in the US, putting more pressure on the group to increase crude output Continue Reading
Oil pared an early decline as OPEC+ may resist mounting pressure this week to boost production at a faster clip, and traders looked beyond China’s release of fuel reserves to Continue Reading
A daily increase of 400,000 barrels in oil output would be enough to meet demand, according to Iraqi Minister Ihsan Abdul Jabbar. The minister commented days before representatives from some Continue Reading
Highlights Joint Technical Committee discussed bearish demand scenario: delegate OPEC+ ministers set to meet Nov. 4 to discuss December output Coalition under pressure from consumers to further boost production OPEC Continue Reading
An OPEC+ committee trimmed its forecasts for global oil demand growth this year to 5.7 million barrels per day from 5.8 million, two sources said, amid a continuing strong recovery Continue Reading
Tight market for lighter, sweet crude grades across US, Europe Buying interest not matched for heavier, sour grades OPEC focusing on physical market over futures Freight, arbitrage economics seen putting Continue Reading
Saudi Oil Minister: OPEC+ needs to remain cautious with its approach to oil production adjustments despite rising prices OPEC+ is adding 400,000 bpd to its combined output every month Some Continue Reading
Putin: “Currently, the OPEC+ countries are increasing production volumes, even slightly more than they agreed to do, but not everyone can do it,” Some OPEC+ members—including OPEC’s Angola and Nigeria Continue Reading
Even if OPEC+ were to boost oil supply to the market, as major consuming nations have called for, it wouldn’t have much difference on the global natural gas market, Saudi Continue Reading
Saudi Aramco has cut prices for Asia-bound cargoes in November 2021 by 10-50 cents per barrel, with the heaviest Arab Heavy stream seeing the most marked month-on-month change Seemingly eager Continue Reading
The OPEC+ group saw its overall compliance with the collective oil production cuts at 115 percent in September, a delegate told Argus on Monday, down from the 116-percent compliance in Continue Reading
OPEC+ compliance with oil cuts fell slightly to 115% in September, sources said, indicating that as the alliance raises production targets, some members are still falling short as they face Continue Reading
The OPEC Monthly Oil Market Report for October 2021 was published this past week. The last month reported in each of the charts that follow is September 2021 and output Continue Reading
Only 5 producers in the OPEC+ alliance are able to significantly boost output in the short term Africa’s oil giants Nigeria and Angola are the hardest hit, with the pair Continue Reading
Global oil stockpiles will continue to drain for the rest of the year, but things could look very different in 2022, with supply set to exceed demand if the OPEC+ Continue Reading
Permian oil production could reach pre-pandemic levels soon Control over the market’s marginal oil supply and oil prices is firmly in the hands of OPEC+ Overall, America’s production growth next Continue Reading
In this month’s report, OPEC revised downward its 2021 estimate due to lower-than-expected actual data for the first three quarters of the year In its closely watched Monthly Oil Market Continue Reading
OPEC+ is producing less oil than it is supposed to, a survey by Platts has revealed, as cited by Forex Live. The oil cartel was supposed to pump a combined Continue Reading
This year’s oil price rally will help Middle Eastern oil producers book current account surpluses of $165 billion in 2021, compared to current account deficits of $6 billion in 2020, Continue Reading
The U.S. is likely to ask OPEC member states to pump more crude to help ease a surge in energy prices, according to oil historian Daniel Yergin. “Joe Biden knows Continue Reading
Concern that demand for oil may weaken in the future was one of the reasons OPEC+ didn’t add additional barrels OPEC+ members aren’t keen to derail the current oil price Continue Reading
OPEC+ holds both the knife and the cake in the oil market, according to Rystad Energy. OPEC+ holds both the knife and the cake in the oil market, especially as Continue Reading
Oil was steady on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and recovery from the Continue Reading
OPEC and a Russia-led group of oil producers agreed to continue increasing production in measured steps, delegates said Monday, deciding against opening the taps more widely, and driving U.S. crude Continue Reading
Three sources at OPEC+ told Reuters that the group were likely to keep the 400,000-bpd monthly increase for November. Bakr: One option is to ease the cuts by 400,000 bpd Continue Reading
The OPEC+ meeting has ended with rather disappointing news for President Biden and others who were hoping for a surprise increase in oil production OPEC+ decided in the middle of Continue Reading
Oil prices raced past $81 today as OPEC+ refused to increase production by more than the agreed-upon 400,000 bpd this month There are now fears in the market that OPEC+ Continue Reading
OPEC and its allies are likely to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, three OPEC+ sources said Continue Reading
OPEC+ is likely to stick to an existing deal to add 400,000 barrels per day (bpd) to its output for November when it meets next week, sources said, despite oil Continue Reading
The Organisation of Petroleum Exporting Countries (OPEC) has once more warned that reducing investment in the oil and gas industry due to pressure from activists and climate change crusaders might Continue Reading
Highlights Global oil demand forecast to grow almost 20% from 2020-2045 Oil to comprise 28% of 2045 energy demand, renewables 10% Aviation sector won’t fully recover from pandemic until 2024 Continue Reading
Goldman Sachs claims that oil has entered a structural bull market, reaffirming their $90 oil prediction Oil inventories are seeing their largest daily drawdowns ever, and the growing global natural Continue Reading
