$71 Oil Won’t Bring Demand Destruction, BofA’s Blanch Says OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as Continue Reading
The OPEC oil cartel and allied producing countries have confirmed plans to restore 2.1 million barrels per day of crude production, balancing fears that continuing COVID-19 outbreaks in some countries Continue Reading
Highlights ‘Jury still out’ on Iran nuclear deal talks: Saudi Prince ABS OPEC to meet again June 24, OPEC+ on July 1 IEA warns market may overheat without more OPEC+ Continue Reading
OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery Continue Reading
Oil climbed for a second month as OPEC and its allies forecast that inventories will fall sharply this year if the group sticks to its plan. Futures rose 0.9% on Continue Reading
A year after shuttering unprecedented volumes of crude, the OPEC+ alliance is expecting world oil markets to get acutely tight. The coalition led by Saudi Arabia and Russia believes that Continue Reading
The Joint Technical Committee (JTC) of the OPEC+ group maintained at a meeting on Monday its outlook for global oil demand growth at around 6 million barrels per day (bpd) Continue Reading
OPEC+ to meet virtually June 1 No changes to production quotas on agenda so far Iran targets 6.5 mil b/d output once sanctions lifted OPEC expects the anticipated increase of Continue Reading
Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. Defeats in the courtroom and Continue Reading
OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, three OPEC sources said, as producers balance expectations of a Continue Reading
Environmentalists and shareholders concerned about the risks of investing in oil in the energy transition were not the only winners of last week’s historic rebuke of Big Oil by investors Continue Reading
As agreed in early April, OPEC has been raising its oil production in May, but lower output in Nigeria, Angola, and Iran partly offset major increases from top producers Saudi Continue Reading
Highlights 23-country oil producer bloc set to meet online June 1 OPEC+ delegates say the plan remains to ease quotas Iran sanctions deal, Asia coronavirus hotspots bear watching Oil prices Continue Reading
For oil traders, the biggest question in the market is how fast OPEC and its allies will revive production later this year. Next week they may get some clues. When Continue Reading
OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery Continue Reading
The OPEC+ group is expected to confirm next week its May-July plan to ease the oil production cuts by the planned 840,000 barrels per day (bpd) in July, OPEC+ delegates Continue Reading
The bombshell suggestion of the International Energy Agency (IEA) that the world doesn’t need any new oil and gas investments ever if it is to reach net-zero emissions could further Continue Reading
The OPEC Monthly Oil Market Report for May 2021 was published this past week. The last month reported in each of the charts that follow is April 2021 and output Continue Reading
OPEC is optimistic that accelerating vaccination programs and rising fuel demand will raise global oil demand by 5.95 million barrel per day (bpd) this year despite the current COVID crisis Continue Reading
Highlights US production outlook downgraded on Texas freeze Call on OPEC crude raised to 27.65 mil b/d OPEC upgrades global GDP growth to 5.5% London — The February deep freeze Continue Reading
OPEC’s crude oil production is estimated to have increased to a three-month high of 24.96 million barrels per day (bpd) in April, thanks to a major jump in Iran’s output, Continue Reading
A resurgent Iran pumped its largest volume of crude in almost two years in April, while an increasingly compliance-challenged Russia also boosted its output yet again, bringing total production by Continue Reading
A resurgent Iran pumped its largest volume of crude in almost two years in April, while an increasingly compliance-challenged Russia also boosted its output yet again, bringing total production by Continue Reading
OPEC and its allies have overproduced their quotas by a cumulative 3.316 million b/d through the end of March, with Russia and Iraq the most egregious offenders, according to an Continue Reading
OPEC kept its crude oil production essentially flat in April, just before the OPEC+ alliance is set to raise output by 600,000 barrels per day (bpd) in May, a Bloomberg Continue Reading
OPEC likely raised its total oil production in April, driven by another supply increase from Iran, one of the three OPEC members exempted from the OPEC+ production cuts, according to Continue Reading
The OPEC+ production cuts, lower overall oil demand, and declining demand for foreign-sourced lighter crudes resulted in 2020 in the lowest annual American crude oil imports from OPEC in data Continue Reading
OPEC and its allies have the green light to ease back on their production cuts, after ministers April 27 endorsed previously agreed plans to boost crude oil output from May. Continue Reading
The Joint Technical Committee of OPEC+ is concerned about the growing case numbers in India, Japan, and Brazil, Reuters sources said on Monday. The Joint Technical Committee, or JTC, is Continue Reading
The OPEC+ group is unlikely to make any material changes next week to the plans to ease the production cuts over the next three months, Russia’s Deputy Prime Minister Alexander Continue Reading
Lower fiscal oil breakeven prices needed to balance Gulf budgets are expected to help support the easing of OPEC+ cuts as regional members of the alliance reap the benefits of Continue Reading
Next week’s OPEC+ meeting will most likely focus on assessing the current oil environment rather than on revising production targets as the market looks balanced so far, according to Russia, a Continue Reading
If you ask an oil major what the last five years have been like, they would probably have something to say about price crashes and demand destruction. If you ask Continue Reading
The OPEC+ alliance will gradually ease the collective production cuts between May and July, as the ministers agreed earlier this month, Russia’s Deputy Prime Minister Alexander Novak told reporters on Continue Reading
U.S. shale producers risk another oil-price war with OPEC and its allies if they resume the breakneck production growth of the last decade, according to Pioneer Natural Resources Co. Shale, Continue Reading
Saudi Arabia’s state oil giant Aramco, the world’s largest oil exporter, will meet only part of the nominations for crude from the European and Mediterranean regions for loading in May, Continue Reading
About face in 2021 demand outlook OPEC+ alliance set to add more than 2 mil b/d Global stocks 29 million barrels above 5-year average OPEC has increased its oil demand Continue Reading
Crude oil production from OPEC and its allies rose by 450,000 b/d in March, the latest S&P Global Platts survey found, as Russia and Iraq pumped well above their agreed Continue Reading
Crude oil production from OPEC and its allies rose by 450,000 b/d in March, the latest S&P Global Platts survey found, as Russia and Iraq pumped well above their agreed Continue Reading
Saudi Arabia remains confident that an OPEC+ agreement to increase oil production over the next three months was the right move, said its energy minister. “It’s still a good decision,” Prince Continue Reading
Daily rates for smaller oil tankers have started to recover after OPEC+ and Saudi Arabia announced they would gradually add around 2 million barrels per day (bpd) of crude production Continue Reading
OPEC and partners are betting on a significant boost in oil demand over the coming months as member states get ready to ramp up oil production. OPEC, Russia, and their Continue Reading
A stronger global economy this year is set to accelerate oil demand growth to 5.5 million barrels per day (bpd), the U.S. Energy Information Administration (EIA) said in its Short-Term Continue Reading
Occidental Petroleum Corp. praised OPEC and its allies for managing crude markets out of last year’s historic crash and said the U.S. shale industry is thankful for its efforts. “They’ve Continue Reading
Last week’s surprise decision from OPEC+ to ease the production cuts by a cumulative 2 million barrels per day (bpd) by July relies on expectations of robust oil demand recovery Continue Reading
Oil prices climbed on Thursday despite the surprise decision by OPEC+ to increase production, a decision that has been seen as promising for demand. Oil prices rose despite OPEC+’s decision Continue Reading
The OPEC meeting came and went without much of a hitch. But while market analysts and the media had assumed that a rollover of the current level of production cuts Continue Reading
After months of preaching caution and saying the time was not right to raise oil production, OPEC and its partners abruptly agreed April 1 to loosen their quotas and add Continue Reading
The OPEC+ ministerial meeting is discussing gradual production increases over the next three months, sources say, while the group was still debating as of 11:10 a.m. EDT on Thursday how Continue Reading
Oil prices gave up earlier gains and turned lower as of 11:39 a.m. EDT on Thursday, after reports emerged that Saudi Arabia was offering to gradually ease its additional unilateral Continue Reading
