OPEC Raises Oil Production To Highest Since April 2020
OPEC has been pumping in August the highest volume of crude oil since April 2020, after the OPEC+ alliance agreed to ease the production cuts by 400,000 barrels per day Continue Reading
OPEC+ seen sticking to policy despite higher oil demand
OPEC and its allies will likely stick to their existing policy of gradual oil output increases despite revising up the 2022 demand outlook and facing U.S. pressure to raise production Continue Reading
Oil Could Rise Further As OPEC Suggests Keeping Output Cuts In Place
Crude oil prices could rise further if OPEC+ stops adding barrels to global supply, which is a possibility after the cartel’s next meeting, according to the Kuwaiti oil minister. “The Continue Reading
OPEC+ likely to keep oil output policy from September unchanged, sources say
OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, three OPEC+ sources told Reuters. The Continue Reading
OPEC+ sees no need to meet U.S. call for more supply, sources say
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to Continue Reading
OPEC Update, August 2021
The OPEC Monthly Oil Market Report for August 2021 was published this past week. The last month reported in each of the charts that follow is July 2021 and output Continue Reading
Why The Market Doesn’t Need Much More OPEC+ Oil
While the Biden Administration calls on OPEC+ to boost production more than planned, the major oil forecasters scaled back their outlook on how much OPEC+ crude the market would need. Continue Reading
OPEC+ supply boost unlikely despite call from U.S. for more oil, says Goldman
U.S. investment bank Goldman Sachs said a recent call by the United States to OPEC+ to boost oil output is unlikely to result in higher production over the short-term given Continue Reading
Spread of COVID-19 Delta variant knocks oil demand outlook
Rising demand for oil abruptly reversed course in July and is set to proceed more slowly for the rest of the year due to the spread of the COVID-19 Delta Continue Reading
IEA Cuts Oil Demand Outlook on Virus, Sees New Surplus in 2022
The International Energy Agency cut forecasts for global oil demand “sharply” for the rest of this year as the resurgent pandemic hits major consumers, and predicted a new surplus in Continue Reading