OPEC Has Missed Its Oil Output Target Once Again
Force majeure in Libya and under-production in Nigeria have led to a much lower increase in OPEC production for the month of April than was called for by the cartel’s Continue Reading
OPEC+ Seen Sticking To Current Production Arrangement
OPEC+ expected to boost production by 400,000 in June. Many group members have consistently failed to deliver the agreed production increases. The total production of OPEC+ for March was 1.45 Continue Reading
World Bank Sees High Energy Prices For Years After Russia’s War In Ukraine
World bank: Russian invasion of Ukraine will alter energy trade flows for years to come. Elevated commodity prices will worsen inflationary pressures globally. The World Bank expects crude prices to Continue Reading
Russia’s standing in G-20 not threatened by Ukraine invasion
The last time Russia invaded Ukraine, in 2014, outraged world leaders booted Russia out of the Group of Eight industrialized nations, which quickly rebranded itself the Group of Seven. Eight Continue Reading
Citing Russia’s war, IMF cuts global growth forecast to 3.6%
The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices Continue Reading
OPEC+ supply gap widens in March as sanctions hit Russian output
OPEC+ produced 1.45 mln barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the West, a report from the Continue Reading
OPEC Update, April 2022
The OPEC Monthly Oil Market Report (MOMR) for April 2022 was published last week. The last month reported in each of the charts that follow is March 2022 and output Continue Reading
OPEC Is Treading Lightly As Bearish News Mounts
The IEA and OPEC have both revised their oil demand projections, hinting that prices could see a meaningful decline in the coming months. China’s latest COVID lockdowns are also adding Continue Reading
IEA Cuts Oil Demand Forecast as China Reimposes Lockdowns
China consumption estimate reduced by 925,000 b/d in April Global market now seen in balance for much of the year The International Energy Agency cut its forecast for global oil Continue Reading
IEA trims global oil demand forecast on China weakness
The International Energy Agency has lowered its global oil demand forecast because of surging coronavirus cases in China and weaker than expected demand in the US and other developed countries. Continue Reading