Opec Update, June 2022
The OPEC Monthly Oil Market Report (MOMR) for June 2022 was published last week. The last month reported in most of the charts that follow is May 2022 and output Continue Reading
OPEC+ Begins Grappling with Next Move as US Presses for More Oil
The oil pact OPEC+ launched at the outset of the pandemic is finally nearing an end, and where the group goes from here is a politically fraught question. By August, Continue Reading
OPEC+ Mulls What To Do After The Oil Pact Ends
Delegates from OPEC+ are trying to decide what to do when the oil production pact ends in August, Bloomberg reported on Friday. The pact is faced with numerous uncertainties and Continue Reading
OPEC+ Is 2.7 Million Bpd Below Oil Production Target
The OPEC+ group was falling behind its overall crude oil production target by a massive 2.695 million barrels per day (bpd) in May due to Western sanctions on Russia and Continue Reading
US should produce more to ease oil market tightness, says OPEC’s secretary general
Barkindo calls US shale basins ‘low-hanging fruit’ for more supplies US shares responsibility to maintain market stability, he says OPEC+ alliance not yet decided on output policy after August As Continue Reading
Russia Says It May Cooperate With OPEC+ Deal Even After 2022
Russia could continue its participation in the OPEC+ oil production agreement even after it officially expires at the end of this year, Russian Deputy Prime Minister Alexander Novak said on Continue Reading
Oil Supply Fears Mount As OPEC Underperforms
As national average gasoline prices have surpassed the $5 per US gallon mark for the first time in history, the market is set for further tightness after ten consecutive weeks Continue Reading
OPEC finally forecasts Russian crude output fall; faces pressure to ease market squeeze
OPEC on June 14 said it expects rising demand for its crude oil, forecasting robust global economic growth in the months ahead and projecting for the first time that Russia’s Continue Reading
OPEC sees global oil demand growth slowing in 2023, sources say
World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on Continue Reading
OPEC+ output up after two months of declines, but quota shortfall grows: Platts survey
Now Crude oil production from OPEC and its Russia-led allies rebounded modestly in May from a steep drop in April but remains well short of its collective quotas, according to Continue Reading