The OPEC+ group should not be complacent about the impact of the coronavirus outbreak on oil demand, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told reporters on Tuesday, a Continue Reading
Saudi energy minister Prince Abdulaziz bin Salman on Tuesday said he has confidence in OPEC+ and Russia, which is leading the non-OPEC members in the OPEC+ alliance, as Moscow is Continue Reading
Russia is in no rush to announce its position on additional cuts proposed by OPEC, as nothing urgent is happening in the oil market and there are two more weeks Continue Reading
Despite the uncertainty on the oil market amid the coronavirus outbreak, there is a common understanding among the OPEC+ coalition that ministers do not need to move forward their meeting Continue Reading
OPEC and its allies will meet in Vienna on March 5-6, officials confirmed Wednesday, formally abandoning plans to hold an earlier summit to confront the coronavirus’ impact on oil markets. Continue Reading
As 2019 came to a close, oil prices were under pressure from the continued surge of U.S. shale oil. Although OPEC and its partners had already cut production by more Continue Reading
The coronavirus outbreak in China will curb global oil demand growth by at least a quarter this year, and the production cuts of 600,000 barrels per day (bpd) proposed by Continue Reading
All OPEC data below is from the February edition of the OPEC Monthly Oil Market Report. The data thousand barrels per day and is through January 2020. OPEC Monthly Oil Continue Reading
A week ago, at an emergency meeting of the OPEC’s Joint Technical Committee, Russia refused to agree to the cartel’s proposal to reduce production by an additional 600 000 barrels Continue Reading
OPEC slashed on Wednesday its global oil demand growth forecast for 2020, expecting the coronavirus outbreak to weigh heavily on fuel demand in the world’s oil demand growth driver, China. Continue Reading
