A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about U.S. influence on the figures, sources close to the Continue Reading
OPEC raised its oil production by just 57,000 barrels per day (bpd) in March from February, as African members’ struggles to pump more crude partially offset increases at the core Continue Reading
OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to Continue Reading
OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today, Nigeria’s Petroleum Minister Timipre Sylva told Anadolu Agency on Friday. Continue Reading
Crude oil production by OPEC and its allies fell in March from February for the first time in more than a year, the latest S&P Global Commodity Insights survey found, Continue Reading
International Energy Agency member countries have agreed to release 120 million barrels of oil from storage, which includes 60 million barrels from the US, as part of its overall draw Continue Reading
The IEA’s Member Countries agreed to a new release of oil from emergency reserves due to market turmoil caused by Russia’s invasion of Ukraine. The International Energy Agency’s 31 Member Continue Reading
Follows US’ record 180-million-barrel SPR release move IEA’s initial stock release was for almost 62 million barrels Russian crude production shut-ins estimated at 2.8 million b/d The International Energy Agency Continue Reading
Oil prices fell on Friday ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a huge planned release Continue Reading
The International Energy Agency has called an emergency ministerial meeting on Friday at 1200 GMT to discuss the state of the oil market, a spokesperson for Australian energy minister Angus Continue Reading
The Organization of Petroleum Exporting Countries and its allies will no longer use oil data from the International Energy Agency to assess compliance with production quotas amid a deepening rift Continue Reading
OPEC’s Joint Technical Committee has revised its estimates for Q1 supply and demand. In the Committee’s estimation, the supply surplus has shrunk to 600,000 bpd, versus its previous estimate of Continue Reading
Gulf oil producers slam hypocritical attitude towards fossil fuels. The UAE and Saudi Arabia look to boost production capacity this decade. OPEC has its priorities, and it is sticking to Continue Reading
The unprecedented financial sanctions imposed on Russia after its invasion of Ukraine threaten to gradually dilute the dominance of the US dollar and result in a more fragmented international monetary Continue Reading
Oil Pares Losses After Dipping Below $100 OPEC and its allies are expected to rebuff calls this week to fill in the supply gap left by falling oil exports from Continue Reading
OPEC+ will likely stick to plans for a modest increase in oil output in May, several sources close to the group said, despite a surge in prices due to the Continue Reading
U.S. President Joe Biden said he thinks Russia should be removed from the Group of Twenty (G20) major economies and the topic was raised during his meetings with world leaders Continue Reading
OPEC: EU oil embargo on Russia to hurt consumers. OPEC+ and OPEC have not officially commented on the Russian invasion of Ukraine. Nothing is off the table about additional EU Continue Reading
Over the past 120 years, a Beirut bakery has survived civil war, Lebanon’s financial crisis and the Covid-19 pandemic. Fighting in Ukraine , disrupting food and energy supplies world-wide, may Continue Reading
Russia’s invasion of Ukraine has sent oil prices soaring and could soon deprive oil markets of more than four million barrels of Russian oil. For decades, OPEC has been looked Continue Reading
The International Energy Agency has released a 10-point plan aimed at reducing global oil consumption by as much as 2.7 million barrels daily. The focus of the measure that the Continue Reading
Compliance with OPEC+ output cuts jumps to 136% in February. For more than seven months now, OPEC+ has actually added lower volumes to the market than the projected 400,000 bpd Continue Reading
Highlights Birol urges ‘good’ response at next OPEC+ meeting March 31 Japanese PM latest to talk with Saudi crown prince on output Birol says countries need to show they are Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for March 2022 was published this week. The last month reported in each of the charts that follow is February 2022 and output Continue Reading
IEA: large-scale supply disruptions are increasingly likely as a result of sanctions on Russia. IEA: Global oil demand growth will decline due to a slowdown in economic growth. The IEA Continue Reading
The International Energy Agency has revised lower its global refinery throughput estimates for this year following Russia’s invasion of Ukraine , in its latest monthly report March 16. Not registered? Continue Reading
OPEC leaves oil demand growth forecast unchanged in its latest MOMR. War in Ukraine, quickly rising inflation may have an impact on short-term crude demand. The cartel still expects world Continue Reading
Kpler’s lead Americas oil analyst shares his thoughts. According to Matt Smith, Kpler’s lead Americas oil analyst, OPEC’s meeting at the end of the month is unlikely to yield any Continue Reading
Kristalina Georgieva A Russian sovereign default is no longer improbable, though it’s unlikely to trigger a global financial crisis, International Monetary Fund Managing Director Kristalina Georgieva said. With Russia and Continue Reading
The G7 nations said they would end normal trade relations with Russia on Friday as part of a series of new measures to inflict economic punishment on Moscow for its Continue Reading
The International Monetary Fund joined a growing chorus that’s warning of a risk that Russia will default on debt obligations following its invasion of Ukraine. A Russian default is no Continue Reading
Energy prices have skyrocketed since the beginning of Russia’s assault on Ukraine, and analysts expect them to continue rising. The United States has banned all imports of Russian energy, and Continue Reading
The International Energy Agency (IEA) could release more oil from stocks to ease surging fuel prices and will draw up an action plan to swiftly reduce oil usage, the head Continue Reading
Member states of the International Energy Agency have finalized their contributions to a 60 million barrel oil release announced this week to buoy prices sent soaring by Russia’s invasion of Continue Reading
Russia is estimated to have increased its crude oil production by 0.2 percent in February compared to January, but it is still likely more than 130,000 barrels per day (bpd) Continue Reading
The IEA outlined that the move was made to send a ‘unified and strong’ message to global oil markets. The 31 member countries of the governing board of the International Continue Reading
OPEC+ will likely stick to modest oil output rises when it meets on Wednesday, officials said, as OPEC heavyweights Saudi Arabia and the United Arab Emirates (UAE) recommit to their Continue Reading
OPEC’s oil production increased last month by the most since July as conflict-torn Libya restored disrupted exports, and others delivered scheduled increases. The Organization of Petroleum Exporting Countries bolstered supplies Continue Reading
The Ukraine crisis could have an unexpected impact on the OPEC+ integrity. The Arab world has thus far not taken a position in the Ukraine crisis. Putin’s strategic moves during Continue Reading
Highlights MBS discusses Ukraine crisis’ energy impact in call with France’s Macron Saudi Arabia keen to maintain stable, balanced oil market, MBS says OPEC ministers have said no need to Continue Reading
Oil’s jump to $100 earlier this week hasn’t changed the dynamics in the OPEC+ group. A senior source with OPEC+ rejected the idea that the Russian attack on Ukraine could Continue Reading
The IEA is monitoring the potential implications for energy markets. The IEA noted this week that it is monitoring, with growing concern, Russia’s recent statements and actions, and their potential Continue Reading
OPEC+ decided to add 400,000 bpd to its production quota for March. A growing number of oil analysts think that OPEC+ may struggle to deliver on its output promises. Saudi Continue Reading
OPEC+ still expects the global oil market to be in a surplus this year, but has revised the overhang by 100,000 bpd to 1.3 million bpd, Reuters reported citing the Continue Reading
OPEC and its allies agreed to a small, planned increase in crude production amid soaring oil prices, with concerns over supply heightened due to a possible Russian invasion of Ukraine. The Continue Reading
OPEC and its allies agreeing to a modest output hike may do little to soothe Asian buyers struggling with high oil prices, as concerns loom about the group’s production target Continue Reading
OPEC+ will likely stick to existing policies of moderate output increases on Wednesday, five sources from the producers’ group said even as it expects demand to rise to new peaks Continue Reading
Bullish sentiment has taken over oil markets, with long positions outnumbering short positions by 13 to one as OPEC resists pressure to ramp up production. Chart of the Week – Continue Reading
Highlights Analysis shows 832,000 b/d shortfall to December quotas OPEC+ ministers meet Feb. 2 to decide March output levels Delegates say no discussion of potential Russia sanctions The oil market Continue Reading
OPEC+ will likely stick to existing policies of moderate output increases on Wednesday, five sources from the producers’ group said even as it expects demand to rise to new peaks Continue Reading
