IEA Oil Market Report
Global oil demand growth slowed sharply in 4Q18 to 0.95 mb/d due to lower OECD demand, which declined by 0.3 mb/d year-on-year. Large falls were seen in Europe and Asia and there was slower Continue Reading
Saudi Arabia’s Delicate Baku Balancing Act
OPEC (plus Russia) is meeting in Baku this weekend, and the Saudis are playing a delicate balancing act—not only disappointed in Trump’s less aggressive tactics against Iran, but also disappointed Continue Reading
OPEC February Production Data
The following OPEC charts were created with data from the OPEC Monthly Oil Market Report . All OPEC charts are through February 2019 and is in thousand barrels per day. Continue Reading
OPEC Threatens To Kill U.S. Shale
The Organization of Petroleum Exporting Countries will once again become a nemesis for U.S. shale if the U.S. Congress passes a bill dubbed NOPEC, or No Oil Producing and Exporting Continue Reading
OPEC+ Production Cuts To Stay In Place Until June
OPEC will continue producing less crude oil than it could until at least June as April, when OPEC+ meets, would be too early to end the cuts, Saudi Arabia’s Energy Continue Reading
Exclusive: Saudi’s Falih – U.S., China driving oil demand; no April OPEC policy change
Saudi oil minister Khalid al-Falih said on Sunday that China and the U.S. would lead healthy global demand for oil this year but that it would be too early to Continue Reading
CERAWeek: With sanctions, Iran, Venezuelan oil output to fall by 1.76 mil b/d in 2019, EIA forecasts
Crude oil production capacity in Iran and Venezuela will fall by a combined 1.76 million b/d if US sanctions on these countries remain in place, the International Energy Agency said Continue Reading
CERAWeek: Spotlight on sanctions, OPEC oil cuts, record US output, and investment in Houston
The global oil market will be watching Houston this week for signals out of the CERAWeek by IHS Markit conference on the path forward on US sanctions on PDVSA, the Continue Reading
Nigeria, Iraq Exceed Cuts As OPEC Achieves 79% Compliance
Increased production by Nigeria and Iraq above the agreed quota by members of the Organisation of the Petroleum Exporting Countries (OPEC), in February, saw compliance level hitting 79 per cent Continue Reading
Goldman: OPEC To Clear Supply Glut By April
Goldman Sachs expects OPEC to succeed in clearing what it has deemed excessive oil supply by April, when the latest production cut deal will be reviewed at a meeting of Continue Reading
OPEC likely to defer output policy decision until June: sources
OPEC and its partners are unlikely to decide on their output policy in April as it would be too early to get a clear picture of the impact of their Continue Reading
Russia to speed up oil production cuts this month: Novak
Russia plans to speed up oil output cuts this month and by the end of the month it will bring the combined oil production cut level to 228,000 barrels per Continue Reading
Russia Aims To Reach OPEC+ Production Cut Quota By End-March
Russia will speed up its oil production cuts this month and plans to reach its share of the OPEC/non-OPEC output reduction by end-March or early April, Russian Energy Minister Alexander Continue Reading
Reuters Survey: OPEC Oil Production Drops To Four-Year Low
OPEC’s production dropped to a four-year low in February, helped by Saudi Arabia and its Arab Gulf allies overachieving in their shares of the cuts, the monthly Reuters survey showed Continue Reading
In rebuff to Trump, OPEC oil output drops further in February
OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter, Saudi Arabia and its Gulf allies over-delivered on the group’s supply pact while Continue Reading
U.S. energy secretary warns OPEC bill could cause oil spikes long term
The U.S. energy secretary said on Thursday the United States needs to be cautious about legislation allowing the Trump administration to sue OPEC and other oil producers oversupply cuts because Continue Reading
US energy secretary warns anti-OPEC bill could bring oil price spike
Trump ‘always concerned’ about rise in oil price US energy policy aims for stable prices: Perry IMO 2020 could raise diesel, jet fuel prices: IEA chief Washington — Receive daily Continue Reading
Will Trump Take Action Against OPEC?
Brent is creeping back up towards the high-$60s per barrel, prompting a scolding of OPEC by President Trump via tweet earlier this week. Trump’s irritability with high oil prices is Continue Reading
With OPEC likely to ignore Trump, oil prices edge up
Oil futures inched up on Tuesday after news that OPEC would continue production cuts despite comments from U.S. President Donald Trump, who criticized the producer group for rising crude prices Continue Reading
Nigeria: Can OPEC Hold Its Ranks? Implications for Nigeria
Eleven members of the Organisation of the Petroleum Exporting Countries (OPEC), and 10 other nations are collectively trying to remove about 1.2 million barrels of daily production to stabilize the Continue Reading
OPEC+ technical committee sees Jan oil supply cuts compliance at 83 percent: delegates
A monitoring committee for an OPEC and non-OPEC oil supply reduction deal found compliance with the cuts at 83 percent, four delegates from the group told Reuters on Wednesday. The Continue Reading
It’s All Going Wrong Again for OPEC
Even as oil-producing states in OPEC and beyond begin implementing the output cuts they agreed in December, the world’s need for their crude is shrinking further, suggesting that they will Continue Reading
Oil market’s ‘shock and awe’ isn’t coming from Saudi Arabia
Goldman Sachs thinks Saudi Arabia is leading oil cartel Opec in a policy of “shock and awe,” making bigger than expected supply cuts in an effort to lift pnces. Khalid Continue Reading
Emerging ‘Quality’ Problem To Haunt Oil Markets
Quality matters, not quantity. That was the message from the International Energy Agency (IEA) in its latest Oil Market Report. The world has plenty of oil, but perhaps not the Continue Reading
Russia’s Novak says no proposals to alter oil pact despite Venezuela
Russian Energy Minister Alexander Novak said on Thursday that there are risks for global oil markets from the political crisis in Venezuela, yet there are no proposals to reverse the Continue Reading
OPEC’s Next Big Crisis
OPEC is having some success in heading off another oil market downturn, but over the medium-term the cartel faces much more serious risks. “OPEC’s production growth outlook over the medium Continue Reading
Venezuela’s Maduro seeks OPEC help against U.S. sanctions
Venezuela’s Nicolas Maduro has sought OPEC support against U.S. sanctions imposed on his country’s oil industry, citing their impact on oil prices and potential risks for other members of the Continue Reading
Kremlin: no talks are underway to create new Russia-OPEC alliance
The Kremlin said on Tuesday there were no substantial talks currently taking place to establish an alliance between Russia and OPEC. Energy Minister Alexander Novak said in December it was Continue Reading
Rosneft Boss Wants Russia Out Of OPEC Deal
Rosneft’s chief executive Igor Sechin wants Russia to quit its production control deal with OPEC, Reuters reported last week, citing sources that have seen a letter Sechin wrote to President Continue Reading
Washington Eyes Crackdown On OPEC
Legislation targeting OPEC is suddenly gaining steam in the U.S. Congress, raising alarm bells for the cartel. On Thursday, the House Judiciary Committee passed a bill that would allow the Continue Reading
Trump official slams cartels as U.S. lawmakers push anti-OPEC bill
A senior administration official said on Friday that U.S. national security depends on affordable energy, and slammed cartels when asked if President Donald Trump would support a bill targeting the Continue Reading
Exclusive: Russia’s Sechin raises pressure on Putin to end OPEC deal
Igor Sechin, head of Russian oil giant Rosneft and one of Vladimir Putin’s closest allies, has written to the Russian president saying Moscow’s deal with OPEC to cut oil output Continue Reading
How Washington Could Spoil The OPEC+ Alliance
OPEC and Russia are officially working to establish a formal alliance that would allow for the indefinite management of the oil market. The OPEC/non-OPEC coalition, often referred to as “OPEC+”, Continue Reading
Platts Survey: OPEC Production Drops To Lowest Since March 2015
OPEC’s crude oil production plummeted by nearly 1 million bpd from December to 30.86 million bpd in January, marking the lowest production for the cartel since March 2015, as Saudi Continue Reading
Russia says open-ended OPEC cooperation may be discussed in April: TASS
OPEC and non-OPEC countries could discuss a charter outlining open-ended cooperation in April, TASS news agency cited Russian Energy Minister Alexander Novak as saying on Thursday. Novak said in December Continue Reading
OPEC Pursues Formal Pact With Russia
Saudi Arabia and its Persian Gulf allies are backing a formal partnership with a 10-nation group led by Russia to try to manage the global oil market, according to OPEC Continue Reading
OPEC’s Oil Princes Are Fighting For Survival
The already strained relationship between U.S. lawmakers and two of President Trump’s staunchest supporters, Saudi Crown Prince Mohammed bin Salman and Abu Dhabi’s Sheikh Mohammed bin Zayed, seems to be Continue Reading
Political Crisis In Venezuela To Reshape OPEC
The political power struggle in Venezuela is heating up, and there seems to be no real solution on the horizon yet. The surprise move by Venezuela’s opposition leader Juan Guaido Continue Reading
OPEC focused on averting new oil glut before April meeting: Barkindo
OPEC and its allies do not rule out taking further action at their next meeting in April should oil inventories build up in the first quarter, OPEC’s secretary general told Continue Reading
OPEC to Trump: Production cuts also helping US oil companies
OPEC highlights engagement with US producers Barkindo says Trump scoldings just ‘miscommunication’ Hess Corporation CEO thanks OPEC for oil cuts London — The head of a US shale oil company Continue Reading
U.S. oil firms tell OPEC their growth will slow
U.S. oil producers sought on Wednesday to soothe OPEC’s worries about losing market share, telling the group that investors in the U.S. firms wanted a reduction in growth and higher Continue Reading
IMF cuts 2019, 2020 oil price forecasts on global demand concerns
The International Monetary Fund Monday cut its forecast for average oil prices to just below $60/b in 2019 from close to $70/b in its last World Economic Outlook in October Continue Reading
Why OPEC+ Output Cuts Take So Long To Materialize
The oil production cuts that OPEC and its partners led by Russia agreed at the end of last year are proving slower to materialize than most observers expected, with Russia Continue Reading
IMF Slashes Saudi Growth Outlook On Lower Oil Prices, Production
The International Monetary Fund (IMF) cut on Monday its forecast for Saudi Arabia’s economic growth this year to 1.8 percent, down by 0.6 percentage point from the previous economic outlook Continue Reading
IEA: OPEC+ Cuts Put Floor Under Oil Prices
The “journey to a balanced market will take time, and is more likely to be a marathon than a sprint.” The International Energy Agency (IEA) said that the OPEC+ cuts Continue Reading
IEA Sees Oil Demand Growth Defying Slowing Economy
Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the International Energy Continue Reading
This Is How Much Each OPEC+ Member Needs To Cut
OPEC published on Friday the long-awaited list of oil production quotas for each country in the OPEC+ deal, as it seeks to shore up market confidence that the cartel and Continue Reading
IEA lowers Q2, Q3 ‘call’ on OPEC crude oil estimates
The International Energy Agency on Friday raised its estimate of the increase in non-OPEC oil supply this year on the back of supply surges from Russia and the US and Continue Reading
OPEC December Production Data
Qatar has left OPEC and is not included in this months report. All Qatar historical data has been removed from all OPEC charts. OPEC 14 production was down by 751,000 Continue Reading
OPEC+ To Hold Extraordinary Meeting On April 17-18 In Vienna
OPEC has decided to hold an extraordinary full ministerial meeting on April 17 in Vienna to discuss the state of the oil market and the production cut deal, while the Continue Reading