Saudi Arabia and Russia are ready for “further coordination of actions” to ensure the stability of the global oil markets as oil prices have plunged amid concerns that the coronavirus Continue Reading
OPEC and its allies are considering a further cut in their oil output of 500,000 barrels per day (bpd) due to the impact of the coronavirus on oil demand, two Continue Reading
OPEC + will hold a technical meeting on Tuesday and Wednesday to discuss the impact of the deadly coronavirus on oil demand, OPEC sources told S&P Global Platts on Sunday, Continue Reading
Not all members convinced earlier meeting needed Mar cargoes set, so any new cuts would impact Apr Production data lag may force Saudi Arabia to decide blindly A coronavirus-triggered 10% Continue Reading
Not all members convinced earlier meeting needed Mar cargoes set, so any new cuts would impact Apr Production data lag may force Saudi Arabia to decide blindly A coronavirus-triggered 10% Continue Reading
OPEC is in discussions to bring forward its scheduled March 5-6 meeting as the oil market continues to be buffeted by the impacts of the coronavirus outbreak. Receive daily email Continue Reading
After several days of losses, oil prices stabilized on Tuesday morning after OPEC and partners announced their intent to extend output cuts till June of this year. Chart of the Continue Reading
OPEC is inclined to extend the ongoing production cuts at least through June and could discuss deeper cuts if need be, OPEC sources told Reuters on Tuesday, as oil prices Continue Reading
As leading OPEC producers downplayed fears of crippled demand growth in an attempt to calm the oil market on Monday, the cartel is said to be considering extending the ongoing Continue Reading
The oil market hinges and moves on forecasts. Whether it’s an oil demand growth forecast or a production forecast, no forecast is more closely watched and scrutinized than that provided Continue Reading
OPEC members are discussing a potential extension of the oil production cuts through the end of 2020, an OPEC source told Russian news agency TASS on Friday. Talks are at Continue Reading
U.S. efforts to rein in OPEC’s influence over global oil markets are losing momentum as the Trump administration takes a wait-and-see approach to energy prices. While supporters of a bill Continue Reading
The IMF has trimmed its forecasts for global economic growth this year, casting a shadow over the opening of the World Economic Forum in the Swiss resort of Davos. Organizers of Continue Reading
Somebody big has got their analysis of the 2020 oil market flat wrong. That’s the bottom line from a comparison of supply-and-demand forecasts provided by OPEC, the International Energy Agency Continue Reading
Saudi Arabia’s economy is expected to grow by 1.9 percent this year, the International Monetary Fund (IMF) said on Monday, revising down its forecast of 2.2-percent growth from just three Continue Reading
The International Energy Agency on Monday called on oil and gas companies to accelerate efforts to help the transition to cleaner energies, while at the same time conceding that investment Continue Reading
In classic Putin style, the Russian president is now trying to push through reforms that would weaken the future presidency at the expense of the future prime ministerial post in Continue Reading
The oil market is likely to stay well supplied in the near term with oil stocks growing in the first half of 2020 despite deeper production cuts from the OPEC Continue Reading
All OPEC data for the charts below are from the OPEC Monthly Oil Market Report https://momr.opec.org/pdf-download/ OPEC crude oil production continued to slide in December. OPEC production was down 161,000 Continue Reading
The oil market is likely to stay well supplied in the near term with oil stocks growing in the first half of 2020 despite deeper production cuts from the OPEC Continue Reading
Healthier global economic growth in 2020 is expected to lead to higher oil demand growth this year, OPEC said in its closely-watched Monthly Oil Market Report (MOMR) on Wednesday. OPEC Continue Reading
OPEC+ members will remain united in their stewardship of the oil market, whether or not their current production cuts are extended beyond their currently scheduled March expiry, OPEC Secretary General Continue Reading
OPEC not only continued to cut its crude oil production in December 2019, but it also managed to reach its deeper-cut target for Q1 2020 a month earlier than planned, Continue Reading
Global oil markets will remain well supplied this year, with a possible overhang of some 1 million bpd, the head of the International Energy Agency, Fatih Bitol, told Reuters. “Non-OPEC Continue Reading
OPEC pared its crude oil production by 100,000 b/d in December, the latest S&P Global Platts survey finds, putting the bloc under its new, more-stringent quotas a month early. OPEC Continue Reading
Having exited the deal, Russia will be able to overcome stagnation in oil production, which threatens to become the longest since Soviet times. Despite a 9 percent decrease, Urals spot Continue Reading
OPEC+ officials say they see no need to reverse their production cuts in the face of heightened geopolitical tensions in the Middle East, with UAE energy minister Suhail al-Mazrouei declaring Continue Reading
OPEC’s crude oil production further declined in December as the cartel’s leader Saudi Arabia continued to lead by example cutting much more than required and as the biggest laggards in Continue Reading
OPEC and its allies thought they’d be facing a potential crisis of oversupply in the oil market in the early goings of 2020, but instead the assassination of Iranian General Continue Reading
OPEC and non-OPEC allies, including Russia, might consider ending their oil output curtailment deal next year in order to preserve market share and implement projects, according to Russian energy minister Continue Reading
OPEC has its work cut out to rebalance the market in the first half of 2020 despite the International Energy Agency lowering its forecast for non-OPEC oil supply growth on Continue Reading
Despite the OPEC+ cuts, the oil market is still facing a supply surplus in 2020, according to a new report from the International Energy Agency (IEA). OPEC+ announced additional cuts Continue Reading
The OPEC data for the charts below are from the OPEC Monthly Oil Market Report . and is thousand barrels per day. OPEC 14 was down 193,000 barrels per day Continue Reading
OPEC’s crude oil production declined by 193,000 bpd in November from October, as the cartel’s leader Saudi Arabia cut production ahead of the OPEC+ meeting, Iraq tried to fall in Continue Reading
OPEC will need tight discipline with its new, more stringent production quotas in the first quarter of 2020 if it wants to keep the oil market balanced and prevent prices Continue Reading
The price of oil has been trapped in the mid-$50s because of fear: 1) Fear that OPEC+ would break ranks and flood the global market with oil. 2) Fear of Continue Reading
With global gas supplies growing faster than demand and forecasters warning of a deepening glut , it was only a matter of time before analysts began talking about a gas Continue Reading
The OPEC+ deal could push oil prices back to $70 per barrel next year, assuming all goes according to plan. The combination of raising the production cuts to 1.7 million Continue Reading
OPEC+ agreed to cut production by 500,000 bpd, sending oil prices higher on Friday. During mid-day trading, WTI was just shy of $60 per barrel, and Brent moved closer to Continue Reading
OPEC’s “whatever it takes” strategy has so far meant that Saudi Arabia would make additional production cuts where non-complying members failed. Some members are banking on OPEC employing that strategy Continue Reading
Opec and allies including Russia agreed deeper than anticipated production cuts on Friday as producer nations seek to prop up crude prices in the coming months. Opec had reached a preliminary Continue Reading
An agreement to deepen oil production cuts by 500,000 bpd has put OPEC members at odds with each other as they try to hammer out the individual production quotas. The Continue Reading
OPEC, Russia and nine other allies delivered a new production cut deal Friday, just hours after it appeared their pact was close to unravelling. Oil prices rallied on the announcement Continue Reading
OPEC kingpin Saudi Arabia and key oil ally Russia on Friday finalized their new production quotas, according to a source involved in the talks, agreeing to deeper cuts to bolster Continue Reading
OPEC is considering deepening its output cuts to stave off a market slump in the months ahead, but its November crude oil production shows that it is already significantly overcomplying Continue Reading
A ministerial committee of OPEC and its partners led by Russia recommended that the OPEC+ oil production cuts be deepened by 500,000 bpd, two sources told Reuters on the sidelines Continue Reading
Top oil producers Saudi Arabia and Russia will seek approval for deeper output cuts from OPEC and allies on Friday in an attempt to support prices and head off a Continue Reading
Russia’s condensate production averaged 833,000 b/d in November, energy minister Alexander Novak said Friday. Stripping the November figure out from Russia’s previously reported oil output data shows that crude production Continue Reading
OPEC and its allies led by Russia were moving closer on Thursday to agreeing to deeper oil supply cuts next year to support crude prices and prevent a glut, sources Continue Reading
OPEC and its allies led by Russia will discuss on Thursday deepening oil cuts by more than 400,000 barrels per day, two sources from the OPEC+ group of oil producers Continue Reading
