The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals. Continue Reading
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much Continue Reading
An alliance of crude producers led by Saudi Arabia agreed on Wednesday to increase oil production starting in August, officials in the group said, amid signs that demand is recovering Continue Reading
In the first six months of 2020, henry hub natural gas prices averaged just $1.81/MMBtu, the lowest first half on record. – For the month of June, prices averaged $1.63/MMBtu, Continue Reading
All OPEC data below is from the July 2020 OPEC Monthly Oil Market Report . All OPEC data is through June 2020 and is in thousand barrels per day. All Continue Reading
OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy Continue Reading
OPEC+ compliance rose sharply in June, helping to tighten up the market. The improved compliance also boosted confidence and cohesion in the group’s collective effort ahead of a possible loosening Continue Reading
OPEC+ is seeking extra production cuts from members that haven’t missed their targets again in June, potentially tempering the impact of the supply resumption planned by the wider coalition next Continue Reading
In retrospect, it’s impressive that it lasted as long as it did. Four months after OPEC cobbled together a record production cut to offset the demand destruction unleashed by the Continue Reading
OPEC’s 13 members suffered an 18.4% contraction in their oil export revenue in 2019 on slumping prices, the organization’s Annual Statistical Bulletin showed July 13, denting their economies leading into Continue Reading
