OPEC September 2019 Oil Production
Data for the OPEC charts below were taken from the October OPEC Monthly Oil Market Report OPEC 14 crude oil production was down1,318,000 barrels per day in September. Most of Continue Reading
OPEC Chief Invites All 97 Oil Producers To Join OPEC+ Coalition
Increased cooperation is the best recipe for overcoming intensified uncertainties and heightened volatility on the global oil market, OPEC Secretary General Mohammad Barkindo said this week, inviting all 97 oil Continue Reading
Russia And OPEC Will Soon Face Test In Taming Oversupply Of Oil
The latest mission by OPEC and its partners to contain a crude oil glut is entering its most critical phase. Saudi Arabia, Russia and other major crude exporters have struggled Continue Reading
IEA does not expect ‘huge increase’ in crude prices: executive director
The International Energy Agency (IEA) doesn’t expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Continue Reading
OPEC’s Oil Giants Give Trading Houses A Run For Their Money
OPEC is currently restricting production to keep oil prices from tumbling in an oversupplied market fearful of faltering demand growth. But the national oil companies (NOCs) of the cartel’s largest Continue Reading
IEA: Huge Oil Glut Coming In 2020
The oil market saw a rather significant surplus in the first half of 2019, much larger than previously expected. Looking forward, supplies are set to tighten in the second half Continue Reading
OPEC Oil Production Drops In June On New Supply Outages
OPEC’s oil production dropped by another 68,000 bpd to 29.83 million bpd in June, as output from Iran and Libya—exempt from the production cut pact—and other members offset large increases Continue Reading
OPEC sees lower 2020 demand for its oil, points to surplus
OPEC on Thursday forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain Continue Reading
US EIA sees flat June OPEC output as Saudi rise offsets Iranian decline
Venezuela’s output falls to 690,000 b/d as sanctions deadline looms Iraq, UAE to be main sources of OPEC growth in 2019 EIA sees ‘generally balanced’ market in 2020 Washington — Continue Reading
OPEC+ oil deal will lower inventories and stabilize prices: Iraqi oil minister
FILE PHOTO: Iraqi Oil Minister Thamer Ghadhban speaks to the media at the ministry’s headquarters in Baghdad, Iraq October 31, 2018. REUTERS/Khalid Al-Mousily/File Photo BAGHDAD (Reuters) – The OPEC+ group’s Continue Reading
OPEC Wants Quick Resolution To Tensions Between US And Iran, Venezuela
OPEC has asked on Monday for a timely settlement to the tensions that have flared up between the United States and Iran and Venezuela, Anadolu Agency reported on Monday, citing Continue Reading
Why OPEC+ Will Outlive Shale
A form of cognitive dissonance seems to be taking over oil market watchers, a sort of a blind belief that US shale oil production is set to grow, and grow Continue Reading
OPEC Oil Production Dips To 2014 Low
OPEC’s crude oil production dropped to below 30 million bpd in June, down by 170,000 bpd from May and the lowest monthly output since April 2014, as higher Saudi oil Continue Reading
OPEC output hits new low on Trump’s sanctions, supply pact: Reuters survey
OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to U.S. sanctions and Continue Reading
Will OPEC Cuts Trigger New Wave Of US Shale Oil?
Excess inventories, weakening demand growth, and oil prices some $15 a barrel lower than this time last year left OPEC and its allies little choice but to roll over their Continue Reading
Trade Deal Could Send Oil To $75
While OPEC and its allies successfully reached a deal to extend its production cut quotas into 2020, the oil price response was markedly disappointing, leaving the market to wonder if Continue Reading
Analysis: Oil traders yawn at triumphal OPEC, ministers say trust the process
OPEC and its partners came into their meetings this week in Vienna aiming to show the oil market some muscle; they left with oil prices falling. The 24-country coalition, which Continue Reading
Is This The Beginning Of The End For OPEC?
Early on Tuesday, following their meeting in Vienna, the Organization of Petroleum Exporting Countries (OPEC) announced a nine-month extension to the existing agreement to limit oil production. The initial deal Continue Reading
OPEC rolls over oil cuts and finalizes a plan for its non-OPEC alliance
OPEC on Monday approved a nine-month extension of its production cut agreement after a seven-hour meeting, renewing its commitment to shoring up oil prices at the expense of its market Continue Reading
OPEC’s Future Looks Bleak As It Extends Deal
OPEC and its partners have decided to roll over the existing production cut agreement for another 9 months. After weeks of deliberations, infighting, global pressure and media hype, OPEC and Continue Reading
Putin Undermines OPEC’s Power
After so much hype and anticipation, it seems that the OPEC meeting in Vienna was all but over before it had even begun. Russia and Saudi Arabia have agreed to Continue Reading
New OPEC-Russia Pact on Oil Cuts Could Last Well Into 2020
OPEC’s 14 member nations and a group of 10 countries led by Russia are gathering Monday and Tuesday for a high-stakes meeting in Vienna to discuss ways to balance the Continue Reading
OPEC set to extend oil supply cut as Iran endorses pact
OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia Continue Reading
Russia agrees with Saudi to extend OPEC deal by 6-9 months: Putin
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production, Russian President Vladimir Putin said. Putin, speaking after talks Continue Reading
Russia supports extension of OPEC+ deal: Putin
Russian president Vladimir Putin said Saturday that Russia and Saudi Arabia have agreed to support an extension of the OPEC+ deal, which may be in force for an additional 6 Continue Reading
OPEC to Extend Cuts Amid Dual Threats to Oil Supply, Demand
As part of the plan, Saudi Arabia will apply pressure to laggard producers, including Iraq and Nigeria, which haven’t complied with their pledged output curbs under the current agreement, the Continue Reading
G20 meeting may offer more clarity for OPEC, non-OPEC: Russia’s Novak
Russian Energy Minister Alexander Novak said on Friday he hoped a meeting of G20 nations in Japan would provide clarity for OPEC and non-OPEC oil producers as they consider whether Continue Reading
OPEC set for rollover, may discuss deeper oil curbs: Iraq
OPEC is expected to roll over a deal on cutting supplies at a meeting next week and discuss deepening the curbs that have been in place since Jan. 1, Iraq’s Continue Reading
Putin says oil output deal helped stabilize world markets
A deal between OPEC and other oil producers to curb oil output has played a positive role in stabilizing oil markets, Russian President Vladimir Putin was quoted as saying in Continue Reading
OPEC and its allies grapple with murky market outlook as they prepare to meet in Vienna
Highlights Rollover of supply cut agreement likely outcome G20 talks may overshadow OPEC meeting Secretary general up for term renewal London — Three months ago, OPEC and its allies deferred Continue Reading
Trump’s sanctions cut more OPEC oil output than OPEC itself
Oil output in Iran and Venezuela, under U.S. sanctions, has fallen by more than that of other OPEC members party to a supply cut pact, suggesting President Trump’s policies have Continue Reading
The Big Unknown In OPEC’s New Deal
It’s too early to say if OPEC and its Russia-led non-OPEC allies will extend next week their pact to cut oil production through the end of the year, Russia’s Energy Continue Reading
IEA concerned about Middle East tensions, stands ready to act
The International Energy Agency (IEA) is very concerned about the impact that tensions in the Middle East may have on global energy security and will act if there is any Continue Reading
Iran, Venezuela may complicate global oil deal talks: Kazakhstan
Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies “won’t be easy” and may be complicated by the situation facing Iran Continue Reading
Gulf oil producers to maintain output within OPEC target in July: sources
Gulf OPEC producers will keep their July oil production within their OPEC target despite the current global supply cut pact expiring at end of June, OPEC sources said on Thursday, Continue Reading
OPEC Agrees To Schedule Meeting On July 1-2
After weeks of disagreements, conflicting reports, and discussions about scheduling conflicts, OPEC has finally decided when it will hold its key meeting to decide whether to extend the oil production Continue Reading
OPEC dithers on a meeting date, even with a solid consensus to continue oil cuts
With less than two weeks before OPEC’s production cuts are set to expire, the producer group and its allies appear no closer to choosing when their next meeting will be. Continue Reading
Saudis Push to Renew OPEC’s Oil-Export Curbs, Despite Tanker Attacks
Saudi Arabia will back an extension of OPEC curbs in the second half of the year, the kingdom’s energy minister, Khalid al-Falih, said Monday, according to news reports. When OPEC Continue Reading
Iran, Russia talks end without deal on OPEC+ meeting date
Iran’s oil minister met his Russian counterpart in Iran on Monday, industry sources said, raising hopes of progress in resolving an impasse over when OPEC and its allies will hold Continue Reading
Gulf of Oman Tanker Attacks Roil Mideast Oil Market
“Fewer owners are willing to take their vessels into the Middle East and those that do demand a premium for the service,” said Anoop Singh, a tanker analyst for Braemar Continue Reading
IEA cuts 2019 estimate for oil demand growth on global trade worries
The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing Continue Reading
Interview: US oil supply keeping lid on prices despite global risks: IEA chief
Growth in US oil production has kept prices at “reasonable levels” despite the recent oil tanker attacks near the Strait of Hormuz and other supply risks around the world, International Continue Reading
Oil Market Report
• Our 2018 oil demand growth estimate has been revised down by 70 kb/d to 1.2 mb/d and our 2019 forecast is reduced by 90 kb/d to 1.3 mb/d. Revisions Continue Reading
OPEC May Production Data
The below charts, unless otherwise noted, were taken from the OPEC Monthly Oil Market Report . The data is through May, 2019 and is in thousand barrels per day. OPEC Continue Reading
Russia’s Gazprom Neft urges OPEC to raise oil output quotas
OPEC and non-OPEC producers should raise oil production starting from the second half of the year in order to keep the market balance and acceptable oil prices, Alexander Dyukov, the Continue Reading
IEA cuts 2019 estimate for oil demand growth on global economy worries
The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing Continue Reading
Oil Demand Takes a Hit From Cooling Economic Growth
After grappling with supply-side concerns in recent months, the oil market’s main focus is now “on oil demand as economic sentiment weakens,” the IEA said, citing the weakest global trade Continue Reading
OPEC cuts oil demand outlook, building case to keep supply curbs
OPEC has cut its forecast for growth in global oil demand due to trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply Continue Reading
OPEC says trade disputes, geopolitics, rising non-OPEC supply make for challenging 2H19
OPEC on Thursday said it faces a challenging second half of 2019, with demand-dampening trade disputes combining with expected robust non-OPEC supply growth to complicate the producer bloc’s oil market Continue Reading
OPEC, Russia nearing accord on long term oil supply coordination: Nikkei
OPEC and other producers including Russia are in final talks for an agreement, that may be signed in early July, to cooperate on oil supplies on a long-term basis, Japan’s Continue Reading