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
Saudi, Russian ministers hold bilateral meeting JMMC meets at 11 am local time (1000 GMT) OPEC meets at 3 pm (1400 GMT) Vienna — OPEC and its allies will discuss Continue Reading
Three days after oil tumbled following a Bloomberg report that Saudi Arabia was angry at its (N)OPEC co-members for not complying with production quotas, and was no longer willing to Continue Reading
Iraq, which has consistently violated its oil production quota under the OPEC+ supply accord, is urging other members to support deepening the group’s output cuts. The current 1.2 million b/d production Continue Reading
Iran would support a majority decision by members of the Organization of the Petroleum Exporting Countries to cut oil production, the country’s OPEC envoy said on Thursday, according to Iranian Continue Reading
Russia expects a constructive meeting with OPEC producers this week, its energy minister said on Tuesday, as OPEC leader Saudi Arabia presses members and allies such as Russia to deepen Continue Reading
The Organization of the Petroleum Exporting Countries and non-OPEC partners led by Russia, are now nearly two years into their production agreement and are expected to roll-over the accord through Continue Reading
Barring additional oil production cuts by OPEC in 2020, Rystad Energy forecasts a substantial build of global crude stocks and a corresponding drop in oil prices. A showdown is taking Continue Reading
OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices Continue Reading
Iraq and some other oil-exporting nations will support deeper production cuts from the Organization of the Petroleum Exporting Countries and its allies as the cartel attempts to shore up sagging Continue Reading
A senior official at the International Energy Agency on Tuesday said that OPEC is unlikely to reach any agreement that would change the current production cut deal until such a Continue Reading
Highlights Any agreement would require unanimous consent Not all members on board with deeper cuts Minister says KRG deal to help Iraq’s quota compliance Vienna — Iraq, which has consistently Continue Reading
By OPEC’s own reckoning, the oil market was supposed to have turned the corner by now. At the producer group’s last meeting in July, officials said they were confident a rebound Continue Reading
Oil prices fell sharply on Friday on rumors that OPEC would decline to deepen the production cuts, but the rumor mill continues to churn. Over the weekend, Iraq’s oil minister Continue Reading
Pressure is on Saudi Arabia’s OPEC delegation—and it all culminates later this week. In Vienna, Saudi energy minister Abdulaziz bin Salman is expected to push for an extension of oil-production Continue Reading
Saudi Arabia will push for an extension of oil-production cuts through mid-2020 at a producers’ summit this week in an effort to prop up Saudi Aramco’s initial public offering share Continue Reading
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a Continue Reading
Saudi Arabia will push for an extension of oil-production cuts through mid-2020 at a producers’ summit this week in an effort to prop up Saudi Aramco’s initial public offering share Continue Reading
OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the Continue Reading
OPEC’s largest producer and de facto leader Saudi Arabia will likely tell fellow producers in the OPEC+ pact next week that the Kingdom would no longer tolerate and compensate for Continue Reading
Russian oil companies prefer to keep their production restriction quotas until March, when the current OPEC+ cuts expire, and discuss an extension then, signaling that Russian producers don’t want deeper Continue Reading
Around 7%-8% of current Russian oil output is condensate: Novak Moscow — Russian energy minister Alexander Novak said Friday it is too early to talk about extending the OPEC+ crude Continue Reading
For yet another month, Russia is producing above its quota under the production cut deal, potentially complicating next week’s OPEC+ meeting set to discuss how to proceed with the pact. Continue Reading
Russian energy minister Alexander Novak said Thursday that Russia is preparing calculations to exclude condensate from its OPEC+ quota, but has so far yet to take a decision. We have Continue Reading
Strong oil supply growth from non-OPEC countries puts a lot of pressure on OPEC and its Russia-led partners to act, and they will hopefully make the right decision for themselves Continue Reading
The Joint Technical Committee (JTC) at OPEC, the body that reviews oil market fundamentals before the cartel’s ministers gather to discuss cuts, will meet in Vienna on the afternoon of Continue Reading
The world’s CO2 emissions are set to continue rising for decades unless there is greater ambition on climate change, despite the “profound shifts” already underway in the global energy system. Continue Reading
OPEC and its Russia-led non-OPEC partners in the production cut deal may roll over in early December the current cuts into June 2020, as Russia will likely support the cartel’s Continue Reading
Russia needs to discuss with its OPEC partners the exclusion of gas condensate from its cap under the OPEC+ production cut pact, as condensate isn’t exported, while it is included Continue Reading
Russian President Vladimir Putin said Wednesday his country will continue to work with OPEC on stabilizing oil markets despite “minor disagreements.” The current OPEC+ output cut agreement is in place Continue Reading
Highlights Reiterates 2019 output forecast of 556-560 mil mt Russia committed to November output target Moscow — Russian energy minister Alexander Novak said Wednesday he wants new volumes of gas Continue Reading
Crude oil demand headed for 2019 decline, first time since 2009 IEA drops ‘call on OPEC’ estimate for 2020 to 28.9 million b/d Saudi Oct exports to China hit record Continue Reading
OPEC+ is facing a steep challenge as it prepares to gather in Vienna next month. Global oil supply could continue to rise at a rapid pace in 2020, surpassing the Continue Reading
All OPEC charts below were taken from the OPEC Oil Market Report . The data is in thousand barrels per day and is through October 2019 OPEC 14 bounced back Continue Reading
OPEC admitted that demand for its oil over the next few years could be drastically weaker than it previously thought, due to a combination of a weakening economy, rising supply Continue Reading
OPEC World Oil Outlook sees US tight oil peak in 2029 OPEC supplies needed to meet global demand: Barkindo 2040 demand forecast revised downward Vienna — OPEC’s share of the Continue Reading
Vienna — OPEC on Tuesday said it expects 2.1 million b/d of refining capacity to be shuttered through 2025 due to overcapacity, and another 5 million b/d of further closures Continue Reading
OPEC’s World Oil Outlook projects 12% demand rise by 2040 Fossil fuel bans would exacerbate energy poverty, OPEC says Renewables growing, but oil and gas to remain dominant fuels Vienna Continue Reading
OPEC’s crude oil production rebounded in October from multi-year-lows in September after top producer Saudi Arabia managed to recover supply lost in the mid-September attacks, more than offsetting unexpected production Continue Reading
OPEC’s top producer and de facto leader Saudi Arabia has informally asked Brazil to join the organization, Brazilian President Jair Bolsonaro said on Wednesday, adding that he would personally like Continue Reading
OPEC+ will, at the very least, extend production curbs beyond the March 2020 deadline. That’s according to Stephen Brennock, an oil analyst at PVM Oil Associates, who said failure to Continue Reading
Russia and its OPEC partners in the production cut deal will take into account the slowing U.S. shale production growth at their December meeting to discuss the agreement, Russia’s Deputy Continue Reading
Oil prices showed some signs of life this week after reports suggested that OPEC+ might consider deeper production cuts at the December meeting in Vienna. Sources told Reuters that the Continue Reading
Lukoil’s chief executive Vagit Alekperov has joined Rosneft’s Igor Sechin in voicing his opposition to another extension of the OPEC+ oil production cut agreement, Reuters reports , citing Russian news Continue Reading
OPEC will consider at its December meeting instituting even deeper production cuts, OPEC sources told Reuters today, even though not everyone in the group is complying to the existing production Continue Reading
Global growth is set to fall to its slowest rate since the financial crisis this year, the IMF said on Tuesday, as it warned that the self inflicted wounds of Continue Reading
“At 3% growth, there is no room for policy mistakes and an urgent need for policy makers to cooperatively de-escalate trade and geopolitical tensions,” Gita Gopinath, the IMF’s chief economist, Continue Reading
The International Monetary Fund slashed its global growth forecast once again, predicting economic growth will fall to its weakest rate since the financial crisis a decade ago. The IMF said Continue Reading
The International Energy Agency cut forecasts for growth in global oil demand, noting that fears of an economic slowdown are overshadowing the loss of supply during last month’s attack on Continue Reading
OPEC and its Russia-led non-OPEC partners in the production cut pact are currently not discussing changing the terms of their agreement, Russian Energy Minister Alexander Novak said on Monday. The Continue Reading
