Russia’s Deputy PM and top OPEC+ negotiator Alexander Novak explains in a recent interview why the group decided not to heed the U.S. call for more production Novak: Oil production Continue Reading
Highlights Omicron variant, geopolitics cloud the outlook for oil Shrinking spare capacity to impact alliance’s dynamics Prince Abdulaziz warns traders not to bet against OPEC+ After 11 meetings in 2021 Continue Reading
Sees OPEC+ raising output by 400,000 b/d at Jan meeting Expects oil price of $60-80/b throughout 2022 Russia’s second-largest crude producer Lukoil expects the OPEC+ group to continue its current Continue Reading
Oil has had a breakout year, and while some analysts remain optimistic, others are beginning to change their tune. The IEA has become the first market expert to actually issue Continue Reading
Supplies are rebounding around the world. Global oil markets have returned to surplus and face an even bigger oversupply early next year as the omicron variant impedes international travel, the Continue Reading
While the IEA believes Omicron will dent global oil demand, OPEC remains confident that demand will continue to bounce back strongly from its pandemic lows. Chart of the Week – Continue Reading
Raises first-quarter 2022 demand forecast by 1.11 mbpd Sees demand at 100 mbpd in Q3 2022, as previously forecast OPEC November output rises 220,000 bpd No further U.S. shale growth Continue Reading
The impact of the Omicron COVID variant on global oil demand will be mild and short-lived, OPEC said on Monday, leaving its 2021 and 2022 demand growth forecasts unchanged. In Continue Reading
OPEC raised its crude oil production by 285,000 barrels per day (bpd) to 27.72 million bpd in November as it continues to ease the cuts per the OPEC+ deal, but Continue Reading
The OPEC+ alliance of oil producers will continue to restore supply to meet growing demand, Russia’s Deputy Prime Minister Alexander Novak said on Friday. Volatility on the oil market is Continue Reading
