Oil supply cuts by key producers could have negative implications for markets, the head of the International Energy Agency said on Monday, appealing to market players to use “common sense”. Continue Reading
While OPEC is considering cutting oil production again, the executive director of the International Energy Agency (IEA), Fatih Birol, called on Monday for ‘common sense’ because fresh cuts could have Continue Reading
The International Energy Agency published its World Energy Outlook this week, its annual effort at revising assessments of future demand for and supply of fuels and electricity. 1 There’s a Continue Reading
PEC and its allies have all but decided to cut oil production in 2019 to shore up what they see as a weak market ahead. Now comes the hard part: Continue Reading
What a difference one month makes. One month ago, the International Energy Agency (IEA) warned that the world was “straining parts of the system to the limit,” noting that “recent Continue Reading
Russia wants to stay out of any oil-production cuts being touted by some of its partners in an OPEC-led supply pact, two high-ranking Russian sources told Reuters. Worried by a Continue Reading
OPEC and the non-OPEC partners in the deal are discussing potentially cutting oil production by as much as 1.4 million bpd to try to lift oil prices out of the Continue Reading
OPEC didn’t surprise anyone when it said in its World Oil Outlook (WOO) 2018 that the world’s primary energy demand will surge by 33 percent from 2015 levels to 365 Continue Reading
Gains mostly came from the UAE and Saudi Arabia, and were supported by OPEC ally Russia’s 50,000 barrels-a-day increase last month, to average 11.6 million barrels a day—a post-Soviet record. Continue Reading
Venezuelan and Iranian oil production fell in October from September, resulting in a combined decrease of about 196,000 barrels per day, but higher output just in the United Arab Emirates Continue Reading
OPEC expects global oil demand to grow at a daily rate of 1.5 million bpd this year, further slowing down to 1.29 million bpd in 2019, the organization said in Continue Reading
OPEC built a case on Tuesday for cutting oil output when it meets next month, warning that a supply glut could emerge in 2019 as the world economy slows and Continue Reading
Saudi Arabia’s top government-funded think-tank is studying the possible effects on oil markets of a breakup of OPEC, the Wall Street Journal reported on Thursday, citing people familiar with the Continue Reading
The research project doesn’t reflect an active debate inside the government over whether to leave the Organization of the Petroleum Exporting Countries in the near term, according to people familiar Continue Reading
A return to oil production cuts by OPEC and its allies next year cannot be ruled out, two OPEC sources said on Wednesday, to avert a possible supply glut that Continue Reading
Saudi Arabia and Russia have started bilateral consultations on whether they should start cutting oil production again in 2019, Russian news agency TASS reported on Wednesday, citing an OPEC source Continue Reading
Saudi Arabia and Russia, both of whom have boosted their crude output in recent months, were responsible for a $15/b drop in the price of oil and “should cut at Continue Reading
The U.S. sanctions on Iran are not biting yet, as global oil markets are well supplied. In the coming weeks, Iranian crude volumes should show a decline. At the same Continue Reading
Major oil producers like Saudi Arabia and Russia need to sustain strong production levels in order to offset supply risks, the International Energy Agency’s executive director Fatih Birol said Tuesday, Continue Reading
Iran is calling on OPEC to have its two committees set up to monitor compliance with the OPEC+ deal and review the state of the oil market stop working immediately, Continue Reading
Iran falls 210,000 b/d ahead of sanctions Saudi Arabia produces 10.67 mil b/d Libya pumps most since June 2013 London — Sanctions-hit Iran’s accelerating production decline nudged down OPEC’s October Continue Reading
A changing energy system is posing “critical questions” for many of the world’s largest oil and gas producing countries, the International Energy Agency (IEA) says. The rise of shale gas Continue Reading
OPEC and the U.S. are together adding enormous volumes of new supply, which together have softened the oil market. In October, OPEC hiked oil production to the highest level since Continue Reading
A changing energy system is posing “critical questions” for many of the world’s largest oil and gas producing countries, the International Energy Agency (IEA) says. The rise of shale gas Continue Reading
OPEC has boosted oil production in October to the highest since 2016, a Reuters survey found, as higher output led by the United Arab Emirates and Libya more than offset Continue Reading
High oil prices are hurting consumers and could also have adverse implications for producers, the executive director of the International Energy Agency (IEA) said on Tuesday. Major emerging Asian economies Continue Reading
Russian Energy Minister Alexander Novak said on Saturday there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil Continue Reading
As a succession of international business and political leaders withdrew from Saudi Arabia’s Future Investment Initiative conference over the death of US-resident journalist Jamal Khashoggi, there was speculation that the event Continue Reading
OPEC signaled on Thursday it may have to return to oil production cuts as global inventories rise, in a statement that may further sour relations with U.S. President Donald Trump. Continue Reading
In disconcerting news for major oil producing countries, particularly production heavyweights Saudi Arabia and Russia, the Paris-based International Energy Agency (IEA) said on Thursday that the world’s largest oil producing Continue Reading
OPEC and its Russia-led non-OPEC partners in the production cut deal may have to change course in the current relaxing of the cuts, due to increased inventories in recent weeks Continue Reading
OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was Continue Reading
The Khashoggi case is far from over, as current harsh statements coming from Washington are showing. Not only is there a long line of U.S. Senators calling for an in-depth Continue Reading
OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of Continue Reading
OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide. FILE PHOTO: Mohammed Sanusi Continue Reading
Saudi Arabia’s veiled threat to weaponize its oil exports for the first time in a generation may prove to be a windfall for US oil producers, but could also undermine Continue Reading
This was one of the key messages in the speech that OPEC’s Secretary General Mohammad Barkindo delivered at the Oil & Money Conference in London this week. The oil market Continue Reading
The demand revisions come as oil prices surged to four-year highs in early October, with Brent crude—the global benchmark—temporarily breaching the $85-a-barrel threshold. Prices have been bolstered by declining Iranian Continue Reading
Expensive energy is back and it is threatening global economic growth, the International Energy Agency (IEA) said in its Oil Market Report on Friday, joining other organizations like the International Continue Reading
The International Energy Agency Friday cut its estimates of global oil demand growth this year and next by 100,000 b/d each, while raising its estimate of this year’s growth in Continue Reading
Oil markets look “adequately supplied for now” after a big production increase in the last six months, but the industry is coming under strain, the West’s energy watchdog said on Continue Reading
The demand revisions come as oil prices surged to four-year highs in early October, with Brent crude—the global benchmark—temporarily breaching the $85-a-barrel threshold. Prices have been bolstered by declining Iranian Continue Reading
Highlights (12 October 2018) The forecast for demand growth in 2018 and 2019 has been reduced for both years by 110 kb/d to 1.3 mb/d and 1.4 mb/d, respectively. This is due to a weaker economic outlook, Continue Reading
OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to Continue Reading
Oil production in Venezuela, a country with the world’s biggest reserves, reached a new low in September as it goes through political and economic instability, declining 3.4 percent in September Continue Reading
Iran’s crude oil production dropped by 371,000 bpd between the second quarter of this year—when the U.S. announced the return of the sanctions—and September, according to the secondary sources in Continue Reading
OPEC has revised down its oil demand growth estimates for this year and next—a third downward revision in as many months—citing potential headwinds to global economic growth ranging from trade Continue Reading
The below charts were created with data from the OPEC Monthly Oil Market Report and the data through September 2018 . OPEC crude only was up 132,000 barrels per day Continue Reading
The head of International Energy Agency warned Tuesday that oil prices are set to enter the “red zone” during the fourth quarter of 2018, threatening to hit demand growth as Continue Reading
Russia’s Energy Minister Alexander Novak considers unnecessary for the country to join the Organization of Petroleum Exporting Countries, or OPEC, as the current relationship makes it possible to reach accords Continue Reading
