In a relatively rare example of disagreement — or, at least, such public disagreement — usually close allies Saudi Arabia and the United Arab Emirates (UAE) have failed to reach Continue Reading
Some of America’s biggest oil groups are racking up tens of billions of dollars in hedging losses despite soaring crude prices, as contracts signed during last year’s crash left them Continue Reading
Major cracks appear to be forming in the OPEC+ alliance. After several years of unprecedented cooperation between OPEC members and non-OPEC producers, the growing regional economic and power conflict between Continue Reading
Russia is leading efforts to close divisions between Saudi Arabia and the United Arab Emirates to help strike a deal to raise oil output in coming months, three OPEC+ sources Continue Reading
The pandemic stalled factories and shut down businesses around the world, causing a historic drop in oil demand just as production was reaching new highs. (Originally published April 16, 2020) Continue Reading
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina LONDON, July Continue Reading
Goldman Sachs said on Tuesday the collapse of OPEC+’s oil output talks had introduced uncertainty into the prospects for output, but maintained its view that Brent crude would be around Continue Reading
Nearly a week of formal and side talks and behind-the-scenes negotiations failed to resolve a dispute over baseline production levels at OPEC+. The discord threw the group in its most Continue Reading
Rare public disagreement between the United Arab Emirates and Saudi Arabia over OPEC policy points to a growing economic rivalry between the two largest Arab economies which only looks set Continue Reading
The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic. The United Arab Emirates, the group’s fourth-biggest producer, argued against Continue Reading
Crude oil buyers in Asia are concerned that an unexpected cancellation of an OPEC+ meeting to discuss a rise in output could drive oil prices even higher and hurt their Continue Reading
A high-stakes game of oil diplomacy pits Saudi Arabia against long-time ally Abu Dhabi. And the result of their fight will shape not just the price of oil for the Continue Reading
The world’s largest independent oil trader expects crude’s rally to continue on the assumption any OPEC+ output hikes will fail to keep pace with growth in demand. The Organization of Continue Reading
A few years ago, the United Arab Emirates and Saudi Arabia went as far as secretly drawing a plan for a political union.While a confederation did not materialize, the Gulf’s Continue Reading
Highlights UAE’s ADNOC spending $122 bil through 2025 ADNOC boosting capacity to 5 mil b/d by 2030 It wants Murban futures to become benchmark OPEC is no stranger to squabbles, Continue Reading
Current Oct 2018 baseline is unfair: UAE energy ministry Wants extension of current pact beyond April 2022 to be discussed later OPEC+ to meet virtually July 5 to resume talks Continue Reading
OPEC+ ministers set to meet July 5 to resolve impasse Saudi and UAE disagree over extension of current pact Iraq is OPEC’s second biggest producer Iraq supports the proposal to Continue Reading
OPEC+ agreed on Friday to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer, even though the Continue Reading
OPEC+ allies were locked in a tense diplomatic standoff on Friday amid a dispute that threatens to send oil prices sharply higher. A day after the alliance was forced to Continue Reading
As agreed in April, OPEC opened the taps in the second quarter of the year to meet a rebound in global oil demand, boosting crude production by 855,000 barrels per Continue Reading
OPEC+ abandoned efforts to break a deadlock within the cartel for a second night, increasing the risk its failure to act will unleash an inflationary spike in oil prices. Friday’s Continue Reading
OPEC and its allies abandoned oil-supply negotiations until Monday as a rebellion by a key member threatened the unity of the alliance. Talks ended without a deal to increase output Continue Reading
Opec and its allies failed to reach an agreement on raising oil production on Friday as talks hit a deadlock for a second day, with the UAE remaining opposed to Continue Reading
The OPEC+ alliance fell into bitter infighting after a key member blocked a deal at the last minute, casting doubt on the group’s ability to reach an agreement to ease Continue Reading
Highlights Saudi Arabia seeking flexibility if Iran nuclear deal reached OPEC meeting in progress, Russia and other allies to join later Ministers also considering extending supply pact to end-2022 OPEC Continue Reading
An OPEC+ deal to release more oil to the market and extend its supply management policy to the end of 2022 hinges on agreement from the United Arab Emirates (UAE), Continue Reading
OPEC+ is expected to discuss extending its deal on cutting oil supply beyond April 2022, two OPEC+ sources said on Wednesday, after a panel set up by the group warned Continue Reading
The OPEC+ alliance expects a significant overhang of oil supply on the market after April 2022 when the current production cut pact expires, Reuters reported on Wednesday, citing an internal Continue Reading
Global oil demand will rebound strongly in the second half of 2021 with oil inventories shrinking, OPEC’s chief and experts said on Tuesday while warning that coronavirus variants pose a Continue Reading
The OPEC+ alliance of major oil producers is scheduled to meet virtually Thursday of this week, and oil market-watchers have been pondering what the group will decide. Below, two of Continue Reading
OPEC’s forecasts point to an oil supply deficit in August and in the rest of 2021 as economies recover from the pandemic, suggesting the group and its allies have room Continue Reading
Highlights Members will meet online July 1 to decide on August quotas Robust demand growth prompts talk of $100/b oil prices Pandemic recovery, Iran nuclear talks remain uncertainties Dated Brent Continue Reading
OPEC+ is discussing whether to further boost production at next week’s meeting as the oil market looks increasingly tight. Moscow is considering making a proposal that the group should ease Continue Reading
OPEC+ is discussing a further gradual increase in oil output from August as oil prices rise on demand recovery, but no decision had been taken on the exact volume yet, Continue Reading
Despite $70 oil, U.S. shale producers are not expected to significantly raise crude production this year as they continue to be focused on disciplined capital expenditures and returning more cash Continue Reading
Shale outlook discussed at Tuesday OPEC technical meeting U.S. output growth seen at about 200,000 bpd in 2021 Capital discipline remains focus for shale companies, OPEC told OPEC meets to Continue Reading
The energy transition should not crowd out any source of energy as all energy sources of today will be required for the foreseeable future, OPEC Secretary General Mohammad Barkindo said. Continue Reading
Energy Minister Prince Abdulaziz bin Salman Saudi Arabia’s cautious approach to reviving OPEC+ oil output has been proved correct, said Energy Minister Prince Abdulaziz bin Salman. After a year of Continue Reading
The OPEC+ alliance has taken decisive actions to help reduce oil market volatility, OPEC Secretary-General Mohammad Barkindo said on Tuesday at the opening of the meeting of OPEC’s economic and Continue Reading
The OPEC Monthly Oil Market Report for June 2021 was published this past week. The last month reported in each of the charts that follow is May 2021 and output Continue Reading
OPEC and its allies maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, according to figures given by Continue Reading
Oil prices climbed on Friday as the IEA boosted optimism about global oil demand recovery. Friday, June 11th, 2021 Oil prices showed modest gains on Friday, after a selloff on Continue Reading
Trims H2 21 ‘call’ on OPEC but warns of supply-demand ‘chasm’ Non-OPEC+ oil output to rise 1.6 million b/d in 2022 Home-working, vehicle efficiency, EVs to impact gasoline Global oil Continue Reading
OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a Continue Reading
Global oil demand will rise by 6 million barrels per day (bpd) this year from the lows of 2020, led by strong consumption in China and the United States, especially Continue Reading
OPEC’s crude oil production rose by 390,000 barrels per day (bpd) to 25.46 million bpd in May 2021, the cartel said on Thursday as it started last month the gradual Continue Reading
Crude oil production from OPEC and its allies jumped 430,000 b/d in May, the latest S&P Global Platts survey found, led by Saudi Arabia, which accounted for about 84% of Continue Reading
OPEC and its allies expect oil inventories to fall further in the coming months, OPEC’s secretary general said on Monday, suggesting efforts by the producers to support the market are Continue Reading
A Vitol Group oil storage site in Cyprus. OPEC+ appears in control of crude prices as U.S. production is lagging pre-pandemic levels, according to a senior executive at the world’s Continue Reading
Vagit Alekperov, the head of Russia’s second-largest oil company Lukoil (LKOH.MM) , said on Thursday that he expects the group of leading oil producers, known as OPEC+, will decide to Continue Reading
