OPEC has turned more bearish on the oil market’s recovery from the coronavirus crisis, forecasting a more sluggish global economy and rising production from the US, Canada and Brazil, a Continue Reading
OPEC downgraded its outlook for the global oil market a few days before ministers meet, amid faltering demand and signs of a recovery in supply from U.S. shale drillers. The figures Continue Reading
OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second Continue Reading
All OPEC data below is from the September OPEC Monthly Oil Market Report. The data is through August 2020 and is in thousand barrels per day. View full article at Continue Reading
It has taken 60 years for Opec linchpin Saudi Arabia to find a non-Opec partner that it could see itself settling down with. The original Opec+ agreement led by Riyadh Continue Reading
An abundance of fossil fuels combined with advances in technology to harness wind and solar power has sent energy prices crashing around the world. WSJ explains how it all happened Continue Reading
OPEC turns 60 years today, but the celebration has been postponed in the light of the ongoing pandemic. The combination of demand destruction caused by COVID-19, a struggling global economy, Continue Reading
While bearish sentiment has returned to oil markets due to what appears to be a weakening demand recovery, oil prices climbed on Friday morning after steep losses earlier in the Continue Reading
OPEC headquarters In 1973, a handful of oil-rich countries, led by Saudi Arabia, Iran and Iraq, brought the mighty US economy to its knees by slapping an oil embargo on Continue Reading
The record oil production cuts that OPEC+ initiated in response to the demand and oil price collapse have helped the oil market to stabilize in recent months. Yet, oil prices Continue Reading
