Saudi Arabia and Russia have reached a preliminary agreement to extend the current level of the OPEC+ production cuts by one month, provided that the laggards in compliance ensure over-compliance Continue Reading
As OPEC+ producers head toward a consensus on extending their output curbs, oil’s rally is prompting some U.S. producers to open their taps once again. With U.S. futures rising as Continue Reading
OPEC+ is set to bring forward its meeting to Thursday, with a short extension of the current production cuts as the most likely outcome. Originally scheduled to take place on Continue Reading
OPEC+’s landmark production cut deal along with a pickup in demand in the east of Suez may prove effective in raising the official selling prices for the Middle East crude Continue Reading
The COVID-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year—from fossil fuels to Continue Reading
OPEC+ ministers are considering moving up their meeting to June 4 instead of the previously scheduled June 9-10, so that July nominations can factor in any changes to oil production Continue Reading
OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria Continue Reading
Global oil consumption hasn’t peaked, the head of the International Energy Agency warned, throwing cold water on hopes the coronavirus will cap demand and reduce climate-changing emissions. “In the absence Continue Reading
Investors worldwide are underestimating the financial risks from climate change, and companies need to start disclosing their exposure, according to the International Monetary Fund. As global temperatures rise, severe climate events Continue Reading
Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production Continue Reading
The International Energy Agency marginalizes key climate goals in its research, according to an open letter from dozens of investors, business leaders, researchers and climate policy advocates. The Paris-based organization is largely funded Continue Reading
Two conflicting reports about OPEC’s plans for oil production surfaced earlier this week–both citing unnamed sources. One set of sources claimed that Russia was considering an extension of the current Continue Reading
Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group. The talks between President Vladimir Putin and Continue Reading
The world hasn’t seen peak oil demand yet, the head of the International Energy Agency (IEA) told Bloomberg News on Monday, expecting that sooner or later, oil consumption would return Continue Reading
OPEC will regain its position as a dominant force on international oil markets after the world emerges from the current crisis, Goldman Sachs analysts have forecast in a report titled Continue Reading
It’s “back to the future” for oil, says Goldman Sachs, as low prices reshape the industry into how it looked in the 1990s, including a dominant position for the Organization Continue Reading
1. Rig count hits record low – The U.S. rig count has fallen to record lows, plunging to 339 rigs on May 12. Since record-keeping began by Baker Hughes back Continue Reading
Oh, it could get very bad. In 2015, a study in the Journal of Mathematical Biology pointed out that if the world’s oceans kept warming, by 2100 they might become Continue Reading
The OPEC+ coalition appears determined to ease the global oil glut and lift the oil prices that had cratered in April because of OPEC+ wrangling and crashing global demand in Continue Reading
Swift and bold output cuts by OPEC and its allies are boosting prices of physical oil barrels in Asia as supply tightens. Premiums for a wide-ranging variety of crude from Continue Reading
OPEC+ is responding to the oil market’s collapse with an urgency never seen before. The alliance’s program of production cutbacks this month is well on the way to trimming 9.7 million Continue Reading
All OPEC data in the charts below are from the OPEC Monthly Oil Market Report. The data is through April and is in thousand barrels per day. OPEC 13 crude Continue Reading
The outlook for global oil markets has “improved somewhat,” with demand a little stronger than expected and supply reined in by a brutal price crash, the International Energy Agency said. Continue Reading
The oil market may start to rebalance quicker than originally anticipated, with the International Energy Agency Thursday pointing to deeper crude production cuts from OPEC+, US output falling faster than Continue Reading
Better than expected mobility in OECD countries and the gradual easing of lockdown measures led to an upward adjustment of 3.2 mb/d to our global 2Q20 demand number; but it Continue Reading
OPEC would have to nearly halve its crude oil production in the second quarter to balance the market, according to the organization’s latest analysis, as the COVID-19 outbreak continues to Continue Reading
Oil producers may need to exert more efforts to lessen the coronavirus impact on the oil market because demand is not expected to recover quickly, given the amount of surplus Continue Reading
Oil prices rose on Tuesday after OPEC’s de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want Continue Reading
If you want to know where OPEC’s production is heading, one needs only to look at their next month’s OSP, particularly to its largest market, Asia. This week, Saudi Arabia Continue Reading
Highlights Bloc pumped 30.79 million b/d in April Saudi Arabia, UAE, Kuwait hit record highs OPEC+ deal imposes tough quotas in May London — OPEC turned up the taps in Continue Reading
Crude supplies from OPEC’s Middle East exporters, excluding Iran, soared in April to their highest level since at least January 2017. The surge came as Saudi Arabia and the United Continue Reading
After the collapse of the previous OPEC+ deal in early March, OPEC opened the taps in April, pumping at its highest level in 13 months. Top producer Saudi Arabia and Continue Reading
Global oil demand could fall much less than expected in 2020 as a result of the coronavirus pandemic if lockdowns ease quickly and the world rebounds from the worst-hit to Continue Reading
Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have Continue Reading
Oil prices are set to recover with the OPEC+ production cuts and gradual lifting of lockdowns around the world in the second half of 2020, when oil prices “will be Continue Reading
A British Petroleum-led project in Azerbaijan will have to cut production in May for the first time as Azerbaijan will need to take drastic measures to meet its new quota Continue Reading
Oil ministers from the OPEC+ coalition held an unscheduled conference call on Tuesday to discuss the collapse in crude prices, though a closing statement signaled they didn’t settle on any new Continue Reading
As oil prices continue to wilt before a much-hyped global supply accord takes effect in May, OPEC is keeping an eye on US President Donald Trump, awaiting cues that he Continue Reading
The sharp contraction in global oil demand amid lockdowns and stalled industrial activity will lead to the lowest demand for OPEC crude in more than thirty years this quarter. Global Continue Reading
2020 oil demand to fall by 6.8 mil b/d, more downside likely Call on OPEC crude to average 24.52 mil b/d this year Demand for OPEC crude to fall to Continue Reading
All OPEC data reflected in the charts below are from the April edition of the OPEC Monthly Oil Market Report. https://momr.opec.org/pdf-download/ The data in in thousand barrels per day and Continue Reading
The oil market has spent the past few days sniffing around an Opec deal that promised the biggest cuts to production in history – and has decided it was undercooked. Continue Reading
The International Energy Agency said Wednesday that it expects global refinery throughput to decline by 7.6 million b/d this year to 74.3 million b/d “on sharply reduced demand for fuels.” Continue Reading
Demand for transport fuels such as jet fuel and gasoline in 2020 will dive by 26% and 11% respectively exacerbated by heavy containment measures caused by the coronavirus pandemic, the Continue Reading
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented” toll on the region’s service sector Continue Reading
As if oil prices needed any more help on their downward spiral towards the teens, The IMF just slashed global growth to the worst since the ’30s. “This crisis is Continue Reading
Global oil demand will plunge by a record 9% this year due to coronavirus lockdowns, thwarting efforts by OPEC+ to contain the resulting glut of crude, the International Energy Agency said. Continue Reading
This weekend’s emergency OPEC+ teleconference meeting that saw the 23-member alliance agree to slash production by almost 10 million b/d is regarded as insufficient by several large banks, who say Continue Reading
“The historic agreement that we saw…is only 10 mb/d. But that is only half of the story,” U.S. Secretary of Energy Dan Brouillette said on Fox Business. “When you add Continue Reading
Shortly after Mexico won a historic “Mexican standoff” with Saudi Arabia on Sunday afternoon, and was exempt from a historic 9.7mmb/d oil production cut by OPEC+ member states (which Mexico Continue Reading
