OPEC’s Production Increases As Iran Ramps Up Output
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
OPEC+ crude oil production rises in April, on surges from Iran, Russia: Platts survey
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+ crude oil production rises in April, on surges from Iran, Russia: Platts survey
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+ oil quota overproduction rises to 3.316 million b/d: document
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
IEA Says Governments Should Consider Stockpiling Battery Metals
Western governments should consider stockpiling critical battery metals such as cobalt and lithium, the International Energy Agency said, in a stark warning of the geopolitical risks that accompany the green-energy Continue Reading
High commodity prices could delay energy transition, says IEA
The International Energy Agency has warned that high commodity prices could delay a transition to clean energy owing to the amount of metals needed for batteries, solar panels and wind Continue Reading
OPEC Output Flat Ahead Of Planned 600,000 Bpd Boost
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 Production Rises As Iran Continues To Increase Supply
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
U.S. Oil Imports From OPEC Plunge To Lowest Since 1973
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+ alliance affirms crude oil output hike from May, banking on improved demand
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
OPEC+ Concerned About India’s Oil Demand
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
OPEC+ Unlikely To Drastically Change Oil Pact Next Week
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 Gulf fiscal oil breakeven prices seen supporting easing of OPEC+ cuts
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
Russia Sees Calm OPEC+ Meeting Ahead With Balanced Market
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
IEA issues ‘dire warning’ on CO2 emissions as it predicts 5% rise
Global CO2 emissions from energy are seen rising nearly 5% this year, suggesting the economic rebound from COVID-19 could be “anything but sustainable” for the climate, the International Energy Agency Continue Reading
Deeply Discounted Crude Becomes Headache For OPEC
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
Russia: OPEC+ To Gradually Ease Production Cuts In May-July
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
IEA lifts oil demand forecast as outlook turns ‘decidedly’ brighter
The International Energy Agency revised higher its oil demand forecast for this year but warned of “lingering concerns” over the strength of the recovery in consumption. The Paris-based organization said in Continue Reading
Pioneer Chief Warns of OPEC+ Price War Risk
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
The Battle For European Oil Markets Is Heating Up
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
Oil Demand Is Recovering Despite Vaccination Hiccups, IEA Says
A year after the pandemic and a price war sparked one of the weakest months in history for oil prices, the global energy market is well on its way to recovery, Continue Reading
IEA hikes world oil demand forecast as economic recovery gains pace
The International Energy Agency has sharply raised its world oil demand estimate for 2021, pointing to further signs that the global economy is recovering faster than previously expected, particularly in Continue Reading
OPEC raises 2021 oil demand forecast with more supply on the way
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
OPEC+ bolsters output by 450,000 b/d in March despite strong compliance: Platts survey
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
OPEC+ bolsters output by 450,000 b/d in March despite strong compliance
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 Minister Confident that OPEC+ Made Right Output Decision
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
Smaller Oil Tanker Rates Recover After OPEC+ Agrees To Ease Cuts
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
Optimism Grows Over Oil Demand Recovery
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
EIA Increasingly Optimistic About Oil Demand Growth
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
IMF forecasts stronger recovery for world economy
The International Monetary Fund is now forecasting a stronger economic recovery this year and next. The IMF has upgraded both its UK and global forecasts compared with what it projected Continue Reading
Shale Giant Praises ‘Brilliant’ OPEC for Rebalancing Oil Market
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
OPEC Is Betting Big On Robust Oil Demand Recovery
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
OPEC’s Surprise Decision Bodes Well For Oil Demand
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
What Really Happened At The OPEC Meeting?
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
OPEC+ throws caution to the wind with deal to unwind oil production cuts
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
Oil Prices Rise After OPEC+ Agrees To Gradually Increase Output This Summer
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
OPEC Meeting: Saudis Look To Unwind Unilateral Output Cuts
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
Opec+ agrees to increase oil production gradually from May
The Opec+ oil alliance decided on Thursday to increase output gradually from May as pressure mounts from inside and outside the producers group to release more barrels on to the Continue Reading
OPEC Supply Rises as Iran Rebound Complicates Balancing Task
OPEC’s crude production rose last month as rebounding supplies from Iran and Libya complicated the group’s efforts to keep global markets in balance. The Organization of Petroleum Exporting Countries boosted output Continue Reading
OPEC+ Shows Confidence in Economic Recovery With Oil-Supply Hike
OPEC+ expressed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.Before Thursday’s meeting, the cartel had been widely expected to maintain Continue Reading
Barkindo cites ‘fragility’ of world economy, as OPEC revises oil demand, supply forecasts
OPEC+ alliance meets April 1 to decide May production levels Oil inventories remain above targeted 2015-2019 average Many members favor quota rollover, but length still undecided The outlook for the Continue Reading
OPEC’s Production Rises In March As Iran Boosts Output
A large increase in Iranian oil production pushed overall OPEC oil output higher in March compared to February, the monthly Reuters survey found on Wednesday, suggesting that higher supply from Continue Reading
Russia likely to push for higher OPEC+ quota in May on fuel demand uplift: analysts
With the OPEC+ group due to meet April 1 to determine May production levels, analysts expect Russia to keep maintain its push for a moderate output increase given increased demand Continue Reading
OPEC+ Excess Oil Production Rises To 3 Million Bpd
The cumulative excess production of the OPEC+ group has risen to 3 million barrels per day (bpd) through February, up from a cumulative excess production of 2.8 million bpd in Continue Reading
OPEC lowers oil demand recovery forecast, ahead of decision on May quotas: sources
OPEC had previously forecast 5.9 million b/d growth in 2021 Third COVID-19 wave, faltering economies prompt revision OPEC and allies will meet online April 1 to discuss quotas OPEC is Continue Reading
OPEC+ Readies for Output Talks
As OPEC and its allies prepare for another decision on oil output, the producers believe their defiantly cautious approach is paying off. (Bloomberg) –As OPEC and its allies prepare for Continue Reading
OPEC+ Panel to Update Oil Demand Estimate
A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021. (Bloomberg) — A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 Continue Reading
OPEC+ Panel to Lower Oil-Demand Estimate on Saudi Suggestion
A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 after Saudi Arabia suggested that the figure looked too high, delegates said. The move, which was Continue Reading
Saudi Arabia Ready To Extend Huge Oil Cuts Into June
Saudi Arabia is reportedly ready to extend current OPEC+ production cuts over May and June and also keep cutting 1 million bpd in oil output unilaterally, according to an unnamed Continue Reading
New Mideast Crude Contract May Test OPEC’s Grip on Oil
Abu Dhabi allowed trading of a futures contract linked to its flagship grade of crude for the first time on Monday in a debut that could test OPEC’s grip on Continue Reading