Cloudy global economic prospects, along with a recent slide in oil prices, could prompt OPEC and its allies to ratchet back their production cuts to historic levels, sources told S&P Continue Reading
With the most recent round of coronavirus-inspired lockdowns in various parts of the world, OPEC may face its biggest challenge yet: cutting even more production . Would the cartel and Continue Reading
OPEC’s effort to shore up world oil markets during the pandemic is facing a new threat — from the group’s own rising production. In the past few months, the resurgent Continue Reading
While the oil market speculates on whether or not OPEC+ will ease its production cuts in January amid sluggish demand, rumors emerged on Thursday that the three biggest OPEC producers Continue Reading
Global demand currently is not supportive for OPEC+ easing the oil production cuts on January 2021, Ibrahim Al-Buainain, president and chief executive of Aramco Trading, told Gulf Intelligence on Wednesday. Continue Reading
Global economic and oil demand recovery is still anemic, OPEC Secretary General Mohammad Barkindo said on Monday, but noted that the cartel doesn’t see another plunge in demand like in Continue Reading
As OPEC and its allies ruminate over whether to ease their collective production cuts at the end of the year, a very interested – though perhaps distracted by the US Continue Reading
Russia does not rule out the possibility that OPEC+ could extend its current 7.7 million barrels per day of production cuts into next year, according to Russian President Vladimir Putin Continue Reading
Oil markets retained strength over the past week despite many bearish factors influencing the global economy. COVID-19 cases spiked in Europe leading to new lockdown measures in France and the Continue Reading
Oil prices are not expected to rise much next year, and will stay in the $40-50 a barrel range, putting additional pressure on the oil exporters in the Middle East, Continue Reading
The coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year, yet some rebound is expected as all but two — Lebanon and Continue Reading
The OPEC+ member countries are on the brink of a financial crisis if the latest assessments of the International Monetary Fund (IMF) are accurate. The IMF has presented a very Continue Reading
When OPEC and its allies met last month, Saudi Arabia’s energy minister dared oil speculators to test his determination to stabilize global markets. Now that a resurgent pandemic is threatening demand once Continue Reading
Data for the OPEC charts below are from the OPEC Monthly Oil Market Report and is in thousand barrels per day. All data is through September 2020. There was little Continue Reading
A panel of the OPEC+ group is discussing on Thursday the current major downside risks to oil prices—the return of oil supply from Libya and the rising coronavirus cases that Continue Reading
Highlights Barkindo says global oil demand ‘still looking anemic’ Monitoring committee meets Oct 19, catch-up cuts in focus Market risks ‘skewed to the downside,’ OPEC+ analysis says London — With Continue Reading
A few years back, the fossil fuel sector was doing just fine while renewable and alternative energy investments were considered a wildcard because the sector was regarded as unchartered territory. Continue Reading
The OPEC+ alliance is optimistic that it will be able to gradually ease production cuts from January as planned, despite surging coronavirus cases in many countries, Russia’s Energy Minister Alexander Continue Reading
The International Monetary Fund foresees a steep fall in international growth this year as the global economy struggles to recover from the pandemic-induced recession, its worst collapse in nearly a Continue Reading
Stocks are booming while companies shed millions of workers from payrolls. WSJ explains why the stock market seems disconnected from economic reality in the U.S. The global economic collapse caused Continue Reading
The oil market has only limited capacity to handle extra supply in the coming months given Libya’s potential production increases, OPEC+ continuing to ease back its quotas, and the uncertainty Continue Reading
OPEC has again revised down world oil demand in 2021, according to the cartel’s latest Monthly Oil Market Report, and combined with OPEC’s consistent production quota laggards and rising U.S. Continue Reading
The OPEC+ group plans to taper the ongoing oil production cuts as of January 2021, as initially agreed, the energy minister of OPEC’s third-largest producer, the United Arab Emirates (UAE), Continue Reading
OPEC and its allies are still intending to taper their crude oil production cuts by almost 2 million b/d at the start of 2021, UAE energy minister Suhail al-Mazrouei said Continue Reading
OPEC raised its global oil demand forecast for 2020 by 60,000 b/d from last month to 90.29 million b/d on Oct. 13 as it sees an improvement in China’s demand Continue Reading
Saudi Arabia’s de facto leader, Crown Prince Mohammed Bin Salman, and Russian President Vladimir Putin urged other OPEC+ oil producers to stick with agreed production cuts, as energy prices come Continue Reading
Despite some uptick in consumption in recent months, the world’s demand for natural gas is still set to see its biggest drop on record in 2020, the International Energy Agency Continue Reading
After recovering from the “exceptional ferocity” for the COVID-19 crisis, world oil demand will rise from 97.9 million b/d in 2019 to 104.1 million b/d in 2040. Compared to last Continue Reading
To maintain ‘downward’ pressure on spot prices Buyers to seek concessions in new contract talks IEA points to ‘sensitive’ global LNG balance London — Global gas markets are expected to Continue Reading
International Energy Agency. Global natural gas demand is forecast to fall 3% year-on-year (y-o-y) or about 120 bcm in 2020, according to the International Energy Agency (IEA)’s new report, Global Continue Reading
The world’s most authoritative body of energy analysts, the International Energy Agency, has found in its annual flagship report that the world is headed toward global warming higher than the Continue Reading
Renewables are set to overtake coal this decade as the world’s favorite fuel to generate electricity, the International Energy Agency says. Solar photovoltaics are now cheaper than plants fired by coal Continue Reading
The International Energy Agency has cut its forecast for European gas demand for 2040 by 21 Bcm, the agency said in its latest World Energy Outlook, with the mature northwest Continue Reading
Oil demand is projected to increase from nearly 100 million barrels per day in 2019 to around 109 MMbpd in 2045, according to OPEC’s latest World Oil Outlook report. Oil Continue Reading
OPEC expects global oil demand will exceed the pre-pandemic levels in 2022 and grow steadily until the late 2030s, when it will begin to plateau, the cartel said on Thursday, Continue Reading
The coronavirus pandemic will slow the pace of refinery expansions, but the market will still see significant overcapacity in the years ahead, OPEC said Oct. 8 in its latest long-term Continue Reading
OPEC has for the first time forecast the peak in global demand, estimating that the world’s thirst for oil will stop growing in about 20 years. Receive daily email alerts, Continue Reading
OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the U.S. and elsewhere. The Organization of Petroleum Continue Reading
OPEC and its allies sharpened their output quota compliance to 99% in September, led by the Gulf states, but discipline from Russia and some African producers continued to slip, the Continue Reading
Opec expects oil demand to keep growing for the next two decades, in contrast to large segments of the energy sector that believe a peak in consumption is close. The research 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’s crude output held steady last month as the United Arab Emirates pulled production back sharply in atonement for recent months of oversupply. The UAE slashed by 310,000 barrels a day, Continue Reading
The United Arab Emirates cut its oil exports to the lowest level in almost two years last month, a sign that the country may be making good on its pledge Continue Reading
The OPEC+ alliance has 2.375 million b/d of so-called “compensation cuts” due to make up for previous overproduction in violation of quotas, but not all members have submitted plans to Continue Reading
OECD commercial oil inventories are expected to stand slightly above the five-year average through Q1 2021, before dropping below that benchmark for the remainder of the year, OPEC Secretary General Continue Reading
Just when they thought they had rebalanced the oil market, OPEC members were served an unpleasant surprise from exempted fellow Libya. The country’s warring factions reached a ceasefire, and some Continue Reading
“We do not need the extra oil,” said the head of commodities trader Mercuria Energy Group. (Bloomberg) — Global oil markets won’t be able to absorb planned production increases by Continue Reading
Global oil markets won’t be able to absorb planned production increases by OPEC+ members as demand remains weaker than expected, said the head of commodities trader Mercuria Energy Group.Oil stockpiles have Continue Reading
The collapse of OPEC member Venezuela’s economy and the oil industry that has long driven it are well-known. International sanctions and the sorry state of refineries and other facilities contribute Continue Reading
Oil posted its largest three-day advance since May after Saudi Arabia forcefully renewed calls for OPEC+ members to adhere to their production quotas. Futures in New York climbed 2% on Continue Reading
