OPEC brought its oil production down to 29.876 million barrels per day in May according to the latest edition of OPEC’s Monthly Oil Market Report (MOMR) released on Thursday—a five-year Continue Reading
For all the geopolitical acrimony between the two countries, on the matter of OPEC oil production policy Saudi Arabia and Iran would appear aligned. Slumping prices and persistent builds in Continue Reading
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran Continue Reading
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran Continue Reading
Russia is not ready to commit to further production cuts under an OPEC/non-OPEC supply accord, with the oil market facing many uncertainties in the months ahead, the country?s energy minister Continue Reading
After a prolonged oil price plunge, pushing price levels down to around $59 Brent per barrel, signs are showing that the market believes the downward trend has overshot its target. Continue Reading
Saudi Energy Minister Khalid al-Falih said Russia was the only remaining oil exporter still undecided on the need to extend the global output deal between OPEC and its allies until Continue Reading
The fact that Russia and most OPEC members are happy at different oil price levels has never been a secret. Now, President Putin has said it as bluntly as possible: Continue Reading
OPEC is ready to commit to an extension of its oil production cuts beyond their June expiry, Saudi energy minister Khalid al-Falih said Friday, but non-OPEC partners, led by Russia, Continue Reading
OPEC is close to reaching an agreement to extend the production cut deal beyond its current expiry date at the end of June, Khalid al-Falih, the energy minister of OPEC’s Continue Reading
Saudi Arabia said on Friday that OPEC and its allies should extend oil production cuts at around current levels as the kingdom did not want a fight for market share Continue Reading
Many oil exporting countries have confirmed they are prepared to hold a policy meeting with OPEC in Vienna over July 2-4, instead of the scheduled date later this month, Russian Continue Reading
Saudi Arabia and Russia—the world’s top crude exporters—disagree about how to respond to a free fall in oil prices, and their energy ministers are set to meet in Russia in Continue Reading
Russian President Vladimir Putin on Thursday laid the onus on Saudi Arabia to make the case for continuing a supply cut agreement set to expire at month’s end, saying he Continue Reading
Lukoil CEO Vagit Alekperov said Thursday he saw no need for the OPEC/non-OPEC producer coalition to raise crude output, given the recent fall in oil prices, and indicated he would Continue Reading
Russia and OPEC have divergent views on a “fair price” for oil, but the two sides will continue to cooperate on managing the market, Russian President Vladimir Putin said Thursday. Continue Reading
Russia and Saudi Arabia’s energy ministers, Alexander Novak and Khalid al-Falih, will chair a trade and economy commission in Moscow on June 10, the Russian energy ministry said on Wednesday. Continue Reading
Three weeks before the OPEC meeting currently scheduled for June 25-26, it looks like the cartel is at odds even about whether this meeting should be held in that particular Continue Reading
Russia’s largest oil producer Rosneft is in talks with the government for possible compensation for losses in case OPEC and its Russia-led non-OPEC partners decide to extend the production cut Continue Reading
The amount of crude oil making its way from OPEC member countries to the North America dropped in 2018 to an average of 2.813 million barrels per day—a drop of Continue Reading
The meltdown for oil prices came to a halt, at least temporarily, after Saudi Arabia signaled that the OPEC+ production cuts would be sticking around for a little while longer. Continue Reading
Highlights OPEC oil production declined 1.3% year on year in 2018 Group’s oil exports to North America declined 12.6% US oil output surged 17.2% over same period London — OPEC Continue Reading
After oil prices booked in May their worst decline in six months amid fears that trade wars would slow down global economic and oil demand growth, the price of oil Continue Reading
OPEC’s oil production dropped to a 2015 low of 30.17 million bpd in May, as a major 200,000-bpd increase in Saudi Arabia’s production was unable to offset an even larger Continue Reading
Top oil exporter Saudi Arabia has raised production in May, a Reuters survey found, but not by enough to compensate for lower Iranian exports which collapsed after the United States Continue Reading
Top oil exporter Saudi Arabia has raised production in May, a Reuters survey found, but not by enough to compensate for lower Iranian exports which collapsed after the United States Continue Reading
Russia’s Finance Minister Anton Siluanov speaks during a session of the VTB Capital Investment Forum “Russia Calling!” in Moscow, Russia, November 28, 2018. REUTERS/Maxim Shemetov NUR-SULTAN (Reuters) – Russia will Continue Reading
Energy ministers from OPEC and its allies met to discuss prices and production cuts, in Jiddah, Saudi Arabia, Sunday, May 19, 2019. The meeting took place as tensions flare in Continue Reading
Oil was flat at the start of trading on Tuesday, still caught between U.S.-Iran tensions on the one hand, and the downside risk of the U.S.-China trade war. – Venezuela’s Continue Reading
OPEC+ is considering increasing production in the second half of 2019, as the oil market tightens following a series of major outages. OPEC+ met in Jeddah over the weekend to Continue Reading
OPEC and its partners may decide to keep the oil production cuts until the end of the year as the cartel fears a steep price drop if cuts were to Continue Reading
Supply risks abound from Iran to Venezuela to Libya and the peak summer oil demand season is just around the corner, but Saudi energy minister Khalid al-Falih still sees a Continue Reading
Saudi Energy Minister Khalid al-Falih said on Sunday there was a consensus among OPEC and allied oil producers to drive down crude inventories “gently” but his country would remain responsive Continue Reading
Supply risks abound from Iran to Venezuela to Libya and the peak summer oil demand season is just around the corner, but Saudi energy minister Khalid al-Falih still sees a Continue Reading
In November 2018, Donald Trump tweeted : “Oil prices getting lower … a tax cut for America and the world! Enjoy! $54 … Thank you to Saudi Arabia.” Five months Continue Reading
Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market’s needs, but that he was not sure there is an oil shortage Continue Reading
A month before OPEC and allies are set to discuss the future of their production cut deal, the leader of the non-OPEC group, Russia, appears to have finally fallen in Continue Reading
As a panel of OPEC and Russian ministers is meeting this weekend in Saudi Arabian city of Jeddah to assess oil market conditions ahead of the full OPEC+ meeting in Continue Reading
OPEC’s key ally in all production cut agreements since 2017—Russia—appears to have somewhat reluctantly agreed to cut output in each of the OPEC/non-OPEC pacts over the past two years. Now Continue Reading
The data below was taken from the OPEC Monthly Oil Market Report . All data is through April 2019 and is in thousand barrels per day. The data is crude Continue Reading
OPEC said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including U.S. shale producers slows, pointing to a Continue Reading
Crude oil production in the Organisation of Petroleum Exporting Countries fell by just 45,000 bpd in April, according to the cartel’s latest Monthly Oil Market Report , despite continued deep Continue Reading
Oil production capacity could fall to under one percent of global oil demand by the end of the year if OPEC compensates falling production from Iran and Venezuela, leaving oil Continue Reading
A month and a half before OPEC and its allies are set to sit down and discuss how to proceed with their production cut pact, the leader of the non-OPEC Continue Reading
Crude oil production in OPEC inched up by a modest 30,000 bpd to 30.26 million bpd last month, a survey by S&P Global Platts suggested, after four months of steady Continue Reading
OPEC is in the dark on the oil supply outlook for the second half of this year, with Iranian and Russian outages looking increasingly significant but Saudi Arabia reluctant to Continue Reading
Mounting uncertainty over oil supply disruptions are clouding OPEC’s outlook on global supply for the rest of this year, a month and a half before the cartel is set to Continue Reading
After four months of decline, tightening the oil market considerably, OPEC’s collective crude oil production in April held relatively steady from March, rising just 30,000 b/d to 30.26 million b/d, Continue Reading
The world’s major oil producers can offset any potential supply disruption as tougher US sanctions remove more Iranian barrels from the market, the US Department of Energy said Thursday. Energy Continue Reading
OPEC production estimates from a couple of surveys are in and they suggest the cartel, despite its best efforts, has not been completely successful in its efforts to drive prices Continue Reading
