Barkindo calls US shale basins ‘low-hanging fruit’ for more supplies US shares responsibility to maintain market stability, he says OPEC+ alliance not yet decided on output policy after August As Continue Reading
Russia could continue its participation in the OPEC+ oil production agreement even after it officially expires at the end of this year, Russian Deputy Prime Minister Alexander Novak said on Continue Reading
IEA Warns Global Oil Supply to Struggle to Meet 2023 Demand A wave of new oil refining capacity that’s coming on stream won’t be enough to solve a global shortage Continue Reading
Fuel markets, especially those of diesel and kerosene, may continue to be very tight amid uneven global demand growth rates and limits in the refining capacity, the International Energy Agency Continue Reading
Global demand for oil will rise above prepandemic levels next year following three years of Covid-19 lockdowns and the economic shock of the Ukraine war, the International Energy Agency said. Continue Reading
IEA sees global oil demand above pre-pandemic levels in 2023 at 101.6 mil b/d IEA predicts China-led oil demand growth of 2.2 mil b/d in 2023 versus 1.8 mil b/d Continue Reading
As national average gasoline prices have surpassed the $5 per US gallon mark for the first time in history, the market is set for further tightness after ten consecutive weeks Continue Reading
OPEC on June 14 said it expects rising demand for its crude oil, forecasting robust global economic growth in the months ahead and projecting for the first time that Russia’s Continue Reading
World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on Continue Reading
Now Crude oil production from OPEC and its Russia-led allies rebounded modestly in May from a steep drop in April but remains well short of its collective quotas, according to Continue Reading
Highlights Asian oil demand to rise 2 million b/d in Q3 vs Q2: Platts Analytics Asian refiners will face increased competition from Europe for cargoes Concerns remain on how EU Continue Reading
Efforts by OPEC+ oil producers to boost output are “not encouraging”, UAE energy minister Suhail al-Mazrouei said on Wednesday, noting the group was currently 2.6 million barrels per day short Continue Reading
Europe could face energy shortages next winter after Russia’s invasion of Ukraine has deepened the region’s energy crisis, the head of the International Energy Agency (IEA), Fatih Birol, warned on Continue Reading
OPEC+ is working on making up for a drop in Russian oil output, two OPEC+ sources said on Thursday, as Russia’s production has fallen by around 1 million barrels per Continue Reading
Opec and its allies on Thursday agreed to accelerate oil production in July and August, as the cartel’s linchpin Saudi Arabia bowed to US pressure to cool a crude price Continue Reading
OPEC+ is working on making up for a drop in Russian oil output, two OPEC+ sources said on Thursday, as Russia’s production has fallen by around 1 million barrels per Continue Reading
IEA Chief Birol: The world faces a “much bigger” energy crisis than the one of the 1970s. Back in the 1970s, the crisis was just about oil. Birol: The world, Continue Reading
Some OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation’s ability to produce more, the Wall Street Journal reported Continue Reading
Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump Continue Reading
Citi’s Morse: Oil in $70 Range a Fair Value by Year End Exempting Russia from the OPEC+ alliance’s oil-production agreements is being discussed by some members of the Organization of Continue Reading
Current OPEC+ supply agreement ends in September Quotas will need renegotiating, with credibility at stake Ministers to meet June 2 to set July production targets Come September, OPEC’s oil market Continue Reading
Ministers from the Group of Seven countries on Friday called on OPEC to act responsibly to ease a global energy crunch brought on by the Russian invasion of Ukraine, even Continue Reading
OPEC+ is set to stick to an oil production deal agreed last year at its meeting on June 2 and raise July output targets by 432,000 barrels per day, six Continue Reading
The OPEC+ group is expected to rubberstamp next week its moderate monthly increases in oil production when it decides output levels for July, six sources at OPEC+ told Reuters on Continue Reading
The energy security crisis since Russia’s invasion of Ukraine must not lead to a deeper dependence on fossil fuels, International Energy (IEA) chief Fatih Birol said on Monday. The right Continue Reading
The financial leaders of the Group of Seven nations are expected to unveil a major new economic aid package as soon as Wednesday to help the Ukrainian government offset losses Continue Reading
Oil Tumbles as Virus Lockdowns in China Pummel Economy Saudi Arabia’s energy minister said a dearth of refining capacity meant that gasoline and other oil products would remain expensive even Continue Reading
IEA: slowing demand growth and rising production from other major oil economies will help weather the effect of sanctions on Russia. IEA revises demand growth figures for 2022. Accelerating inflation Continue Reading
Group of Seven finance chiefs are set to make their biggest appraisal yet of how the world has changed since the start of Russia’s war in Ukraine some 80 days Continue Reading
OPEC cuts world economic growth estimate to 3.5% from 3.9% last month. OPEC now sees growth of 3.36 million bpd in 2022 compared to 2021. OPEC: Demand in 2022 is Continue Reading
Crude oil production by OPEC and its partners fell to a six-month low of 41.58 million b/d in April as Russian production took a battering from Western sanctions, the latest Continue Reading
Ministers warn that energy investment at crisis levels No current shortage in the oil market, Mazrouei says OPEC+ blamed unfairly for high prices, Prince Abdulaziz says Targeted by so-called NOPEC Continue Reading
Leaders of the G-7 countries pledged to ban the import of Russian oil in response to Putin’s war in Ukraine. Tony Czuczka reports. Leaders of the Group of Seven most Continue Reading
OPEC+ concludes Ministerial meeting with very small additional production increase. OPEC leaves EU ban of Russian crude undiscussed. EU sanction drive against Russia has proved to be a boon for Continue Reading
U.S. Senate Judicial Committee passed the NOPEC bill on Thursday. Washington ups the ante on former Middle East allies. The NOPEC bill could have serious consequences for OPEC as a Continue Reading
Almost half the shortfall in planned oil supply by OPEC and its allies is down to Nigeria and Angola, data seen by Reuters shows, reflecting a number of factors including Continue Reading
OPEC+ will likely stick to modest oil output increases on Thursday arguing it is not responsible for geopolitics and supply disruptions while stressing its worries over the demand outlook due Continue Reading
OPEC+ sees a surplus of 1.9 million barrels per day (bpd) in 2022, 600,000 bpd higher from a previous forecast, amid expectations of slower demand growth this year, a report Continue Reading
U.S. President Joe Biden on Wednesday said he would speak with other leaders from the Group of Seven advanced economies this week about potential additional sanctions against Russia over its Continue Reading
OPEC+ sees a surplus of 1.9 million barrels per day (bpd) in 2022, 600,000 bpd higher from a previous forecast, amid expectations of slower demand growth this year, a report Continue Reading
Force majeure in Libya and under-production in Nigeria have led to a much lower increase in OPEC production for the month of April than was called for by the cartel’s Continue Reading
OPEC+ expected to boost production by 400,000 in June. Many group members have consistently failed to deliver the agreed production increases. The total production of OPEC+ for March was 1.45 Continue Reading
World bank: Russian invasion of Ukraine will alter energy trade flows for years to come. Elevated commodity prices will worsen inflationary pressures globally. The World Bank expects crude prices to Continue Reading
The last time Russia invaded Ukraine, in 2014, outraged world leaders booted Russia out of the Group of Eight industrialized nations, which quickly rebranded itself the Group of Seven. Eight Continue Reading
The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices Continue Reading
OPEC+ produced 1.45 mln barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the West, a report from the Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for April 2022 was published last week. The last month reported in each of the charts that follow is March 2022 and output Continue Reading
The IEA and OPEC have both revised their oil demand projections, hinting that prices could see a meaningful decline in the coming months. China’s latest COVID lockdowns are also adding Continue Reading
China consumption estimate reduced by 925,000 b/d in April Global market now seen in balance for much of the year The International Energy Agency cut its forecast for global oil Continue Reading
The International Energy Agency has lowered its global oil demand forecast because of surging coronavirus cases in China and weaker than expected demand in the US and other developed countries. Continue Reading
