Category: Global

OPEC’s crude oil export revenues for 2020 could decline to $323 billion, the U.S. Energy Information Administration said in a new report, noting that this would be the lowest revenue Continue Reading

OPEC Monthly Oil Market Report for December 2020 was published this week. The last month reported in each of the charts that follow is December 2020 and the output reported Continue Reading

Global oil stockpiles fell to a seven-month low in November but OPEC, which kept its 2021 demand outlook little changed from last month’s forecast, has signaled it is still trying Continue Reading

OPEC+ group’s compliance with the oil production cuts fell to 75 percent in December 2020—one of the lowest levels since the pact was enacted in May 2020, tanker tracking firm Continue Reading

A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in Continue Reading

OPEC’s production rose for a third month in December as a continued cease-fire in crisis-torn Libya enabled it to restore more supplies. While the group’s dominant producer, Saudi Arabia, startled oil markets Continue Reading

OPEC+ was nearing a consensus that would hold its oil output steady next month, after the group rejected Russia’s proposal for a production increase. Negotiations were ongoing and not all Continue Reading

Saudi Arabia will make additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers Continue Reading

Saudi Arabia said it would unilaterally cut 1 million barrels a day of crude production starting next month, a surprise move signaling the kingdom’s worry that a resurgent coronavirus is Continue Reading

Saudi Arabia warned Opec and allies outside the oil cartel against unleashing more barrels on to a fragile market, putting the kingdom at loggerheads with rival Russia. Prince Abdulaziz bin Salman, Continue Reading

Saudi Arabia and Russia deadlocked Monday over whether their producers’ alliance should boost crude output amid a resurgent pandemic, delegates said after a day of talks ended without a deal. Continue Reading

OPEC warned of risks to the oil market from the resurgent pandemic, a day before the group and its allies meet to consider whether to increase production. “The outlook for the Continue Reading

Kuwait supports OPEC+ decisions that help maintain stability in crude markets, particularly in light of the negative repercussions from the pandemic, the country’s oil minister said Jan. 4, as ministers Continue Reading

OPEC and its allies will meet later Jan. 4 to set crude production levels for February, with the spread of new COVID-19 variants potentially giving ministers pause on proposals to Continue Reading

OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary-general said on Sunday, a day before meeting allies led by Russia to discuss Continue Reading

Highlights Ministers will meet Jan. 4 to set February quotas Countries appear split on raising crude output Monthly talks aim to allow nimble OPEC+ policy London — In turning the Continue Reading

OPEC+ fully complied with the supply cuts in November that the group agreed on, two sources from the group told Reuters. OPEC+ is scheduled to meet on January 4 to Continue Reading

OPEC+ will take a more hands-on approach to global oil markets now that it plans to meet more frequently, Bloomberg has reported , citing the leaders of the group, Saudi Continue Reading

The OPEC+ group may prolong its current strategy to manage oil markets until the end of 2022 in order to keep speculators “on their toes”, Saudi energy minister Prince Abdulaziz Continue Reading

OPEC+ will react faster to changes and take a more hands-on approach with the oil market, thanks to its accelerated schedule of monthly meetings, according to Russia and Saudi Arabia, Continue Reading

This update reports data from the Monthly Oil Market Report (MOMR) published by OPEC on December 14, 2020. The latest data point in each chart presented is November 2020 and Continue Reading

The president of OPEC reiterated that the oil producers’ cartel shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across Continue Reading

OPEC’s analysts on Dec. 14 painted a much gloomier view of the oil market in 2021 -– and yet indicated that the bloc and its allies can afford to be Continue Reading

OPEC has lowered its oil demand forecast for 2020 again, according to the latest version of the Monthly Oil Market Report released on Monday. OPEC now expects global oil demand Continue Reading

OPEC cut forecasts for oil demand again as the group and its allies prepare to weigh up whether they can continue gradually restoring halted supplies. The Organization of Petroleum Exporting Continue Reading

After a week of contentious OPEC+ discussions, in which the UAE played a key role, it appears that the Abu Dhabi National Oil Company (ADNOC) is now aggressively pursuing market Continue Reading

Oil prices are set for a volatile start to the new year, as the next OPEC+ group meeting on production policy is expected to be set for the first trading Continue Reading

OPEC+ has finally managed to reach a production cut agreement after several days of increased internal dissent. In its statement, the group reiterated a continued commitment to a stable market, Continue Reading

Another month, another OPEC “crisis.” It’s the usual problem: The cartel, meeting in Vienna this week, can’t agree on how to balance production with price. The Saudi-led oil exporters, boosted Continue Reading

The 500,000 b/d production increase OPEC and its partners are planning for January will be divvied up proportionally, with Saudi Arabia and Russia, the two largest members, each allowed to Continue Reading

A day after OPEC reached a difficult agreement to boost oil production by half a million barrels daily from January, Russian Deputy Prime Minister Alexander Novak told local media that Continue Reading

OPEC and allied countries including Russia agreed Thursday to increase oil production by 500,000 barrels a day from January and said they would meet monthly to decide further output levels, Continue Reading

After five days of difficult talks that exposed new rifts between core members, OPEC+ agreed to gently ease output cuts next year. The deal appeared to satisfy the oil market and Continue Reading

An abundance of fossil fuels combined with advances in technology to harness wind and solar power has sent energy prices crashing around the world. WSJ explains how it all happened Continue Reading

OPEC+ is closing in on an agreement on output cuts after days of tense negotiations, according to delegates. After direct talks between the group’s heavyweights — Russia, Saudi Arabia and the Continue Reading

After failed talks exposed a dangerous fissure at the alliance’s core, OPEC and its partners are quietly working to repair the damage. Key players in the 23-nation alliance are making Continue Reading

OPEC+ is closing in on an agreement on output cuts after days of tense negotiations, according to delegates. After direct talks between the group’s heavyweights — Russia, Saudi Arabia and the Continue Reading

The Organization of the Petroleum Exporting Countries and its allies are closing in on an agreement to modestly boost their collective oil output by as much as 500,000 barrels a Continue Reading