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
Investment in energy is on track to recover by nearly 10% in 2021 as the world emerges from the COVID-19 pandemic, the International Energy Agency (IEA) said on Wednesday, but Continue Reading
Global energy investment this year is seen expanding by 10 percent from 2020 to $1.9 trillion, the International Energy Agency said in its World Energy Investment 2021 report. Energy demand Continue Reading
Upstream spending to remain 26% below 2019 levels IOC’s upstream pullback gives more space to NOCs More clean energy spending needed to hit climate goals Upstream oil and gas investment 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
Oil demand is recovering faster than previously expected, and unless OPEC+ puts additional barrels on the market on top of the plans to restore 2 million barrels per day (bpd) Continue Reading
OPEC+ meeting June 1 to discuss current output policy Oil market will tighten without a faster easing of production cuts: Birol Oil prices approach three-month high despite potential deal with Continue Reading
Investment in energy is on track to recover by nearly 10% in 2021 as the world emerges from the COVID-19 pandemic, the International Energy Agency (IEA) said on Wednesday, but Continue Reading
$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
Last week the International Energy Agency (IEA) released a new report detailing the steps that would be required to get the world to net?zero carbon emissions (NZE) by 2050. The Continue Reading
A stark appeal by the world’s top energy body to stop investment in new fossil fuel projects by next year has met a mixed reception from the world’s top producers Continue Reading
Rigzone looks back at oil and gas market hits and misses for the week ending May 21, 2021. (The views and opinions expressed in this article are those of the Continue Reading
What is the best way to reach net zero emissions by 2050? The International Energy Agency, a Paris-based oil watchdog, has mapped out a pathway that it says is “narrow 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 eventual death of oil and thermal coal won’t come from environmentalists or even directly from renewable energy–it will come when big banks decide to stop financing it, rendering it Continue Reading
Earlier this year a full-page colour ad appeared in the press: “Who is Fatih Birol playing for?” it asked, picturing the head of the International Energy Agency dressed in football Continue Reading
An immediate halt to oil exploration is one of the steps that need to be taken in order for the world to reach Paris Agreement climate change commitments. That’s what Continue Reading
Asian energy officials on Wednesday disputed the International Energy Agency’s (IEA) call for no new oil, natural gas and coal investments for the world to be able to reach net-zero Continue Reading
Ours is a global society accustomed to eternal debate and marginal change distributed over many years. But it won’t do in the era of climate change.That’s the message of the Continue Reading
The IEA made headlines today when it suggested that there should be no new oil and gas investments after 2021… If that were to happen – with a supply crunch Continue Reading
The world has a choice — stop developing new oil, gas and coal fields today or face a dangerous rise in global temperatures. That’s the bold assessment from the International Energy Continue Reading
The International Energy Agency, which has stepped up its efforts to become a major green energy supporter, appears to have forgotten the reason it was set up as an agency Continue Reading
Investment in new fossil-fuel supply projects must immediately cease if the world is going to slash net carbon emissions to zero by 2050, the International Energy Agency said Tuesday. The Continue Reading
A report by the International Energy Agency says immediate action is needed to reshape the world’s energy sector in order to meet ambitious climate goals by 2050, including ending investments Continue Reading
Energy groups must stop all new oil and gas exploration projects from this year if global warming is to be kept in check, the International Energy Agency said. The proposal is Continue Reading
Nations around the world would need to immediately stop approving new coal-fired power plants and new oil and gas fields and quickly phase out gasoline-powered vehicles if they want to Continue Reading
To limit climate change, by 2030 the world must install the equivalent of the current largest solar park — every day. The rate of energy efficiency improvements will have to Continue Reading
The International Energy Agency has unveiled what it describes as the world’s first comprehensive road map to reach net-zero greenhouse gas emissions by 2050. Not registered? Receive daily email alerts, 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
Progress in vaccinating the world against COVID-19 means the world’s economic recovery and demand for oil will outpace the output of top producers, the International Energy Agency (IEA) said on 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
The International Energy Agency said the supply glut created by the global pandemic has cleared, even as demand suffers a blow from a resurgence of the virus in India. Surplus oil Continue Reading
