OPEC has its work cut out to rebalance the market in the first half of 2020 despite the International Energy Agency lowering its forecast for non-OPEC oil supply growth on Continue Reading
Despite the OPEC+ cuts, the oil market is still facing a supply surplus in 2020, according to a new report from the International Energy Agency (IEA). OPEC+ announced additional cuts Continue Reading
The OPEC data for the charts below are from the OPEC Monthly Oil Market Report . and is thousand barrels per day. OPEC 14 was down 193,000 barrels per day Continue Reading
OPEC’s crude oil production declined by 193,000 bpd in November from October, as the cartel’s leader Saudi Arabia cut production ahead of the OPEC+ meeting, Iraq tried to fall in Continue Reading
OPEC will need tight discipline with its new, more stringent production quotas in the first quarter of 2020 if it wants to keep the oil market balanced and prevent prices Continue Reading
The price of oil has been trapped in the mid-$50s because of fear: 1) Fear that OPEC+ would break ranks and flood the global market with oil. 2) Fear of Continue Reading
With global gas supplies growing faster than demand and forecasters warning of a deepening glut , it was only a matter of time before analysts began talking about a gas Continue Reading
The OPEC+ deal could push oil prices back to $70 per barrel next year, assuming all goes according to plan. The combination of raising the production cuts to 1.7 million Continue Reading
OPEC+ agreed to cut production by 500,000 bpd, sending oil prices higher on Friday. During mid-day trading, WTI was just shy of $60 per barrel, and Brent moved closer to Continue Reading
OPEC’s “whatever it takes” strategy has so far meant that Saudi Arabia would make additional production cuts where non-complying members failed. Some members are banking on OPEC employing that strategy Continue Reading
