IEA: Oil Demand To Drop For First Time Since 2009
Global oil demand is set to drop this year for the first time since the financial crisis in 2009, the International Energy Agency (IEA) said on Monday, as it slashed Continue Reading
Oil Market Report – March 2020
Covid-19 (coronavirus) has spread beyond China and our 2020 base case global oil demand forecast is cut by 1.1 mb/d. For the first time since 2009, demand is expected to Continue Reading
Oil plunges as Opec output cut talks with Russia collapse
Talks between Opec and Russia over whether to cut oil production in response to the coronavirus outbreak collapsed without a deal on Friday, sending crude prices plunging more than 9 Continue Reading
OPEC Compliance Hit 136% Before Talks Failed
OPEC+ oil producers overcomplied with their collective production cut deal in January, thanks to overcompliance from OPEC members, Russia’s TASS news agency reported on Friday, quoting two sources in OPEC+ Continue Reading
OPEC Slashes Oil Demand Growth Forecast To 480,000 Bpd
The coronavirus outbreak is dealing a heavy blow to global oil demand, which is now expected to grow by just 480,000 bpd in 2020, compared to expectations of 1.1-million-bpd growth Continue Reading
OPEC unveils plan to tackle coronavirus oil market crisis but asks Russia to make the call
Saudi Arabia has put all of its eggs in Vladimir Putin’s basket, allowing the Russian president to decide the course of the OPEC+ alliance’s production policy and, indeed, whether their Continue Reading
Saudi Aramco Waits For OPEC+ Decision To Price Its April Oil
Saudi Arabia’s oil giant Aramco usually tells customers on the 5 th of each month how much they will pay for Saudi crude oil for the following month. But this Continue Reading
OPEC Meeting March 5, 2020: Effort to Bridge Saudi-Russia Divide
OPEC ministers agreed among themselves that oil production should be cut by 1.5 million barrels a day to offset the huge demand hit from the coronavirus epidemic, gambling that they can Continue Reading
OPEC Oil Production Dives To 10-Year Low
OPEC’s crude oil production fell to the lowest in more than ten years last month as a number of producers cut more deeply than they had agreed to and Libya’s Continue Reading
Oil News: OPEC+ Experts Urge More Oil-Output Curbs on Virus
Experts from OPEC+ recommended that oil ministers consider a larger production cut when they meet this week, as the havoc wrought on the world economy by the coronavirus prompted Wall Continue Reading
OPEC for now plans March 5-6 meeting, pending final decision: sources
OPEC for now is planning to hold its ministerial meeting as scheduled this week, pending a final decision Monday with a teleconference under consideration, sources told S&P Global Platts. “At Continue Reading
OECD warns coronavirus could halve global growth
The OECD sounded the alarm about coronavirus on Monday, warning that it could halve global economic growth this year from its previous forecast. The Paris-based group lowered its central growth forecast Continue Reading
OPEC+ Could Cut Up To 2.7 Million Bpd
OPEC could agree further oil production cuts at its meeting in Vienna this week, even if Russia decides not to join them, unnamed sources in the know told Reuters. In Continue Reading
A $30 Oil Price Is the Real Virus Threat to OPEC
It’s finally upon us. The week when ministers from the oil-producing countries of OPEC and their allies meet to decide on the future of their latest round of output cuts. Continue Reading
OPEC for now plans March 5-6 meeting, pending final decision: sources
OPEC for now is planning to hold its ministerial meeting as scheduled this week, pending a final decision Monday with a teleconference under consideration, sources told S&P Global Platts. Receive Continue Reading
Putin says current oil price acceptable, backs continued OPEC+ cooperation
Russian President Vladimir Putin said Sunday that current oil prices are acceptable for Russia and he backed continued cooperation through the OPEC+ agreement to ensure market stability and combat the Continue Reading
Saudi Arabia seeks bigger oil cut as coronavirus slashes demand
Saudi Arabia is pushing to make a substantial cut in oil production when Opec and its allies meet next week, as global energy producers scramble to respond to the coronavirus Continue Reading
IEA: Coronavirus May Hit Oil Demand Growth More Than Expected
The coronavirus outbreak could hit global oil demand growth more than currently expected, the head of the International Energy Agency (IEA) said on Tuesday, adding that the agency could additionally Continue Reading
Oil prices under pressure due to coronavirus, excess oil supply: IEA’s Birol
Oil prices are under downward pressure and have been immune to geopolitical risk due to a market awash with crude and the impact of the coronavirus on demand, the International Continue Reading
Saudi Arabia: OPEC Should Pay Serious Attention To Coronavirus
The OPEC+ group should not be complacent about the impact of the coronavirus outbreak on oil demand, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told reporters on Tuesday, a Continue Reading
Saudi energy minister has confidence in OPEC+, Russia still engaged
Saudi energy minister Prince Abdulaziz bin Salman on Tuesday said he has confidence in OPEC+ and Russia, which is leading the non-OPEC members in the OPEC+ alliance, as Moscow is Continue Reading
Russia keeps brakes on OPEC proposal for further output cuts
Russia is in no rush to announce its position on additional cuts proposed by OPEC, as nothing urgent is happening in the oil market and there are two more weeks Continue Reading
Russia, OPEC Will Not Move Forward Their Next Meeting
Despite the uncertainty on the oil market amid the coronavirus outbreak, there is a common understanding among the OPEC+ coalition that ministers do not need to move forward their meeting Continue Reading
OPEC+ formally scraps plans for earlier meeting, confirms March 5-6 date in Vienna
OPEC and its allies will meet in Vienna on March 5-6, officials confirmed Wednesday, formally abandoning plans to hold an earlier summit to confront the coronavirus’ impact on oil markets. Continue Reading
IMF chief hopes for global policy response to mitigate coronavirus impact
The International Monetary Fund hopes governments and central banks will work on a response to the coronavirus outbreak once the economic impact becomes clear, IMF Managing Director Kristalina Georgieva said Continue Reading
OPEC Aims To Balance Oil Markets Against All Odds
As 2019 came to a close, oil prices were under pressure from the continued surge of U.S. shale oil. Although OPEC and its partners had already cut production by more Continue Reading
Global Oil Inventories Set To Soar As OPEC Fails To Take Action
The coronavirus outbreak in China will curb global oil demand growth by at least a quarter this year, and the production cuts of 600,000 barrels per day (bpd) proposed by Continue Reading
OPEC January Production Data
All OPEC data below is from the February edition of the OPEC Monthly Oil Market Report. The data thousand barrels per day and is through January 2020. OPEC Monthly Oil Continue Reading
The Coronavirus May Mark The End Of Russia-OPEC Cooperation
A week ago, at an emergency meeting of the OPEC’s Joint Technical Committee, Russia refused to agree to the cartel’s proposal to reduce production by an additional 600 000 barrels Continue Reading
IEA working on global roadmap to cut emissions by 2030
The Paris-based International Energy Agency is working on a global roadmap to bring about rapid cuts to greenhouse gas emissions by 2030, for release this summer, its executive director Fatih Continue Reading
IEA slashes 2020 oil demand forecast by 480,000 b/d on coronavirus impact
The International Energy Agency Thursday slashed its oil demand forecast for 2020 by almost 500,000 b/d and said demand will contract for the first time in a decade during the Continue Reading
OPEC Sees Oil Demand Grow By 990,000 Bpd In 2020
OPEC slashed on Wednesday its global oil demand growth forecast for 2020, expecting the coronavirus outbreak to weigh heavily on fuel demand in the world’s oil demand growth driver, China. Continue Reading
Russia deliberates on OPEC+ cuts as Novak meets with companies, Kazakh minister
Russia’s energy minister Alexander Novak held a series of meetings Wednesday, first with his new Kazakh counterpart and later with Russian oil producers, as the country moves towards a decision Continue Reading
Russia Still Elusive On Deeper OPEC+ Oil Production Cuts
Russia is still reviewing the recommendation of the OPEC+ technical panel for additional cuts of 600,000 bpd in response to the slump in oil demand over the coronavirus outbreak, Russian Continue Reading
OPEC Panel Wants Cuts Extended, Russia Undecided
The technical panel of the OPEC+ group recommended extending the oil production cuts agreed last December to the end of 2020, the current president of OPEC, Algeria’s oil minister, told Continue Reading
OPEC in waiting game with Russia for output response to Wuhan virus
OPEC remains hostage to Russia’s reluctance, with plans still in limbo on instituting deeper production cuts to ward off the Wuhan coronavirus’ impact on oil prices. Receive daily email alerts, Continue Reading
OPEC’s Oil Production Plunges, But It May Not Be Enough
OPEC saw its crude oil production dip by nearly 500,000 bpd in January from December, overcomplying with the collective cut, the monthly S&P Global Platts survey showed on Friday, but Continue Reading
OPEC+ Cuts Fail To Boost Oil Prices
After deliberations, Russia appears set to support Saudi Arabia in the push for deeper production cuts. OPEC’s Joint Technical Committee met on Tuesday, and it was only supposed to be Continue Reading
Azerbaijan says early OPEC+ meeting unlikely; Iran backs more output cuts
Azerbaijan energy minister Parviz Shahbazov said it’s unlikely the OPEC+ coalition of oil producers will move up their meeting that’s scheduled for early March. Receive daily email alerts, subscriber notes Continue Reading
Oil Under Pressure As Russia Refuses To Cut Production. NFP In Focus
US equities recorded timid gains on Thursday, while stocks in Asia edged lower on renewed anxieties about the spreading coronavirus as a Chinese doctor in Wuhan was reported dead and Continue Reading
Russia Supports Deeper OPEC+ Output Cuts
Russia will support deeper oil production cuts across OPEC and its partners, Foreign Minister Sergey Lavrov told media at an event in Mexico. “We support this idea,” the top diplomat Continue Reading
OPEC overdelivers on oil cuts but coronavirus fears complicate outlook
OPEC’s crude production plunged by 470,000 b/d in January, according to the latest S&P Global Platts survey, with Saudi discipline and a Libyan blockade bringing the group’s output down to Continue Reading
Russia Still A Holdout On Deeper OPEC+ Oil Production Cuts
While a technical panel of the OPEC+ coalition is recommending an additional cut of 600,000 bpd in response to the lower oil demand due to the coronavirus outbreak, OPEC’s key Continue Reading
OPEC+ committee recommends 600,000 b/d in new oil cuts, but Russia wants to wait
Saudi-led efforts to implement deeper oil cuts to tackle the coronavirus’ impact on the market remained in limbo Thursday, with key ally Russia not yet on board with a proposal Continue Reading
OPEC+ committee to recommend Q2 deeper cuts of 600,000 b/d: delegate
Key oil producing countries led by Saudi Arabia and Russia appear set to implement 600,000 b/d of new production cuts for three months starting in March to counter the demand Continue Reading
OPEC+ delegates weigh new oil cuts as they analyze coronavirus impact
OPEC and its allies ended the first half of a two-day technical committee meeting Tuesday with no pronouncements on new production cuts, but heard from a Chinese official who said Continue Reading
Factbox: OPEC experts weigh coronavirus impact and oil cuts
OPEC and its coalition partners are discussing deeper cuts to oil output in the wake of the global coronavirus outbreak and slowing Chinese demand. The technical committee of the 23-member Continue Reading
OPEC+ delegates to resume coronavirus talks on possible new oil cuts
OPEC analysis estimates 200,000-400,000 b/d demand fall Analysts see OPEC+ agreeing on cuts of at least 500,000 b/d Ministerial meeting would need to be scheduled for vote Officials from OPEC Continue Reading
Can OPEC+ Rescue Oil Markets Once Again?
If you haven’t received our latest Global Energy Alert report , I strongly recommend you to sign up and read it immediately. From the latest breaking news on the Coronavirus Continue Reading
OPEC+ Considers 500,000 Bpd Cut In Emergency Meeting
OPEC and its key ally in the OPEC+ coalition, Russia, are set to convene an extraordinary meeting of a joint technical committee on Tuesday or Wednesday this week, to discuss Continue Reading