UAE’s Oil Exports Hit 23-Month Low as OPEC+ Pressure Ramps Up
The United Arab Emirates cut its oil exports to the lowest level in almost two years last month, a sign that the country may be making good on its pledge Continue Reading
OPEC+ has 2.375 mil b/d of compensation cuts due through end-2020: document
The OPEC+ alliance has 2.375 million b/d of so-called “compensation cuts” due to make up for previous overproduction in violation of quotas, but not all members have submitted plans to Continue Reading
Global oil inventories expected to drop below 5-year average in Q2 2021: OPEC
OECD commercial oil inventories are expected to stand slightly above the five-year average through Q1 2021, before dropping below that benchmark for the remainder of the year, OPEC Secretary General Continue Reading
OPEC In Trouble As Oil Outlook Worsens
Just when they thought they had rebalanced the oil market, OPEC members were served an unpleasant surprise from exempted fellow Libya. The country’s warring factions reached a ceasefire, and some Continue Reading
Trading Exec Conveys Ominous Forecast for OPEC+
“We do not need the extra oil,” said the head of commodities trader Mercuria Energy Group. (Bloomberg) — Global oil markets won’t be able to absorb planned production increases by Continue Reading
Mercuria CEO Says Market Can’t Handle OPEC Production Increase
Global oil markets won’t be able to absorb planned production increases by OPEC+ members as demand remains weaker than expected, said the head of commodities trader Mercuria Energy Group.Oil stockpiles have Continue Reading
OPEC Member Resorts to Desperate Measure
The collapse of OPEC member Venezuela’s economy and the oil industry that has long driven it are well-known. International sanctions and the sorry state of refineries and other facilities contribute Continue Reading
Oil Jumps With Saudi Arabia Lambasting OPEC+ Laggards
Oil posted its largest three-day advance since May after Saudi Arabia forcefully renewed calls for OPEC+ members to adhere to their production quotas. Futures in New York climbed 2% on Continue Reading
Saudi energy minister presses OPEC+ members on fulfilling pledged oil cuts
Highlights Monitoring committee meets to review output cut compliance 2.375 mil b/d compensation cuts due for May-Aug excess Prince Abdulaziz calls for all compensation delivered by year-end London — Saudi Continue Reading
OPEC+ Complied 101% With Oil Production Cuts In August
The OPEC+ coalition saw its overall compliance rate with the production cuts at around 101 percent in August, three sources in the group told Reuters on Wednesday, when OPEC+ panels Continue Reading