The Energy Information Administration expects OPEC’s combined crude oil production this year to be 1 million barrels per day lower than in 2018, when the cartel produced an average 31.92 Continue Reading
Iraq’s oil production topped 4.6 million barrels per day (mb/d) in late 2018, roughly double production levels from a decade earlier. – Iraq is the second largest oil producer in Continue Reading
Crude oil production from members of OPEC is expected to fall to below 30.73 million b/d by the end of this year, the group’s lowest monthly output since February 2015, Continue Reading
The date for the next meetings of the Organization of Petroleum Export Countries and its allies has been proposed for 17 and 18 April, though this has yet to be Continue Reading
There is no need for the Organization of Petroleum Exporting Countries to schedule an extraordinary meeting before April, Saudi Arabia’s Energy Minister, Khalid al-Falih, told media, as quoted by Reuters. Continue Reading
OPEC plans to publish this week the quotas for individual countries under the new OPEC/non-OPEC production cut deal agreed upon on December 7 and in force since January 1, an Continue Reading
OPEC and US Shale have been duking it out in the oil markets for a few years now—ever since the days of $100 oil. OPEC, led by Saudi Arabia, took Continue Reading
OPEC crude cargoes leaving for the United States in December dropped to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm Kpler show. Continue Reading
When OPEC+ agreed to begin cutting crude oil production again in December, hardly anyone in the cartel thought the effect of the news on prices would be as lackluster as Continue Reading
The United States received in December the lowest volume of OPEC-derived crude oil in five years, according to market intelligence firm Kpler and data from Refinitive Eikon, cited by Reuters Continue Reading
OPEC and Russia-led non-OPEC oil producers are highly unlikely to create some kind of a formal joint organization for managing the oil market, due to the additional bureaucracy and to Continue Reading
OPEC has come through some turbulent times in the last few years as oil prices fell to decade lows. It has implemented production cuts, has rallied Russia to climb onboard Continue Reading
Russia’s budget has received an additional US$120 billion since Moscow’s cooperation deal with OPEC started two years ago, Russian Energy Minister Alexander Novak told local business daily Kommersant in a Continue Reading
This year has been a crazy ride for the oil industry, which saw the price of Brent crude seesaw from $66.87 on the first day of the year, to a Continue Reading
Just a couple of weeks after OPEC and its partners agreed to implement another round of production cuts, the cartel is ready to extend these cuts as international prices continue Continue Reading
Russia continues to be the key partner of OPEC and its largest producer Saudi Arabia in managing the oil market. For a second production cut deal in a row, Moscow Continue Reading
OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per Continue Reading
You know the old adage, it takes two to tango. In the global oil market, this means the dance between supply and demand. As analysts and commentators analyzed the recent Continue Reading
U.S. oil production will continue to grow at a rapid pace until 2025, while Venezuela’s crude output is set for further declines, Fatih Birol, the Executive Director of the International Continue Reading
Oil producer group OPEC plans to release a table detailing voluntary output cut quotas for its members and allies such as Russia in an effort to shore up prices, OPEC’s Continue Reading
Surging U.S. crude oil production will offset OPEC’s output cuts aimed at rebalancing the market as soon as the end of next year – undercutting the group’s efforts as shale Continue Reading
In recent months, it’s been difficult to hear any positive statements coming from Iran’s troubled oil sector, particularly since President Trump decided in May to reinstate tough sanctions over what Continue Reading
Oil prices plummeted further on Friday, despite a semi-bullish rig count report and the combined efforts of OPEC and its partners. . The OPEC+ deal put “a floor” beneath oil Continue Reading
The OPEC+ agreement succeeded in at least putting “a floor under prices,” according to a new report from the International Energy Agency. The global supply surplus is not resolved, and Continue Reading
The Organization of the Petroleum Exporting Countries – the oil market institution that has exerted an unyielding power over the price of crude for nearly 60 years – is now Continue Reading
The global oil market could move into deficit sooner than expected thanks to OPEC’s output agreement with Russia and to Canada’s decision to cut supply, the International Energy Agency said Continue Reading
Now nearly a week removed from the OPEC+ agreement, confidence in the efficacy of the deal is becoming shaky. Immediately after OPEC+ announced cuts of 1.2 million barrels per day Continue Reading
OPEC said on Wednesday it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group Continue Reading
OPEC on Wednesday kept its projection for an increase in world crude demand in 2019 of 1.29 million barrels per day, while it reduced its non-OPEC supply growth projection. Photo Continue Reading
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Here’s a bit of trader wisdom from the crude market for OPEC: “It takes low prices to cure low prices.” The cartel, now dubbed “OPEC+” with the significant addition of Continue Reading
The global oil market is going through a metamorphosis , and if the signs are right, a possible long-term partnership between OPEC and its former rivals, especially Russia, looks to Continue Reading
Refiners and buyers of Middle Eastern sour crudes in Asia have been largely unfazed by the OPEC-led supply cut announced in Vienna last week, market sources said on Wednesday.OPEC will Continue Reading
OPEC’s rollercoaster ride in Vienna highlights the growing divide within the oil cartel. Many oil analysts and financial gurus have fallen for the oldest media trick in the world, and Continue Reading
OPEC and its non-OPEC partners are set to officially sign a cooperation agreement in March of next year, the UAE’s energy minister Suhail al-Mazrouei said, according to Reuters. The agreement Continue Reading
Oil prices spiked on Friday on news from Vienna. OPEC+ managed to pull off an eleventh-hour agreement , checking all the boxes after a contentious set of meetings. There were Continue Reading
U.S. West Texas Intermediate Crude Oil soared on Friday as investors breathe a sigh of relief as OPEC and its partners decided to cut 1.2 million bpd. On Thursday, Saudi Continue Reading
In what some saw as a sign of OPEC’s growing irrelevance in the world of oil, Venezuela’s Oil Minister Manuel Quevedo will take the helm of the cartel beginning next Continue Reading
OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from U.S. President Donald Trump to reduce the price Continue Reading
Budget Buster Oil prices are below levels many OPEC and allied nations need to balance their budgets. Fiscal break-even oil price in U.S. dollars, 2018 BRENT $61.50 a barrel 21:07 Continue Reading
Opec and its oil-producing allies have agreed to cut production by 1.2m barrels a day, defying Donald Trump’s calls to keep output high and sending crude prices rocketing 5 percent Continue Reading
In the last possible minute, OPEC+ managed to agree upon a massive cut of 1.2 million bpd, pushing oil prices up by over 3 percent. The most vital industry information Continue Reading
Whether you call it an exemption or a special dispensation, Iran, Libya, and Venezuela have all been spared the pain of cutting production under the newest OPEC agreement forged today Continue Reading
Saudi Arabia’s energy minister Khalid Al-Falih said Friday that US oil and natural gas producers were “breathing a sigh of relief” over the planned production cut announced Friday, but analysts Continue Reading
OPEC and its allies led by Russia agreed Friday after a tension-filled week to implement 1.2 million b/d of production cuts from January 2019 to shore up flagging oil prices Continue Reading
After Russia agreed on Friday to cut its oil production as part of the non-OPEC group tasked with cutting 400,000 bpd of oil production, Energy Minister Alexander Novak said it Continue Reading
Russia may be ready to cut its oil production by 200,000 bpd as part of a deal with OPEC to reduce oil supply—a higher commitment than 150,000 bpd previously aired, Continue Reading
VIENNA (Reuters) – OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a Continue Reading
OPEC still has unfinished business in negotiating an oil production accord, with Saudi energy minister Khalid al-Falih saying Thursday after the group?s meeting ended: “I am not confident of an Continue Reading
