OPEC+ Fails To Reach Production Targets In January
OPEC has again failed to meet its own production targets again in January as the group lifted production only 210,000 additional barrels per day for the month. Looking at this Continue Reading
OPEC’s Shrinking Capacity Could Send Oil Above $100
The oil market is quickly realizing that many OPEC producers may not have the capacity to boost output much further. OPEC+ has been undershooting its collective production targets for months Continue Reading
OPEC Update, January 22, 2022
The OPEC Monthly Oil Market Report (MOMR) for January 2022 was published this past week. The last month reported in each of the charts that follow is December 2021 and Continue Reading
IEA ”Loses” 200 Million Barrels Of Crude Oil
There is a 200-million-barrel gap between the agency’s own global inventory calculations and what it observed in the global oil supply Wrong assumptions about demand were clearly one cause for Continue Reading
OPEC+ compliance rises to 122% in December, sources say
OPEC+ compliance with oil production cuts rose to about 122% in December, two sources from the producer group told Reuters, indicating that some members continue to struggle to raise their Continue Reading
IEA Sees Tighter Oil Market
Global oil markets look tighter than previously thought. Global oil markets look tighter than previously thought as demand suffers surprisingly little impact from the latest coronavirus strain while supplies are Continue Reading
Dwindling OPEC+ Spare Capacity Sets Oil Up for Sizzling Summer
As they strain to restore oil production, OPEC and its allies are being left with a diminishing buffer of spare supplies — potentially setting up crude prices for a sizzling Continue Reading
OPEC oil output boost in December again undershoots target
The increase in OPEC’s oil output in December has again undershot the rise planned under a deal with allies, a Reuters survey found on Thursday, highlighting capacity constraints that are Continue Reading
IEA Will Soon Free All Its Energy Data
If you’ve unlocked some recent International Energy Agency (IEA) data for a few thousand dollars, it could be the last time you are required to do so. The IEA is Continue Reading
OPEC Output Boost Severely Limited
The Organization of Petroleum Exporting Countries added just 90,000 barrels a day in December. OPEC made only part of its planned production increase last month, with supplies hampered by disruptions Continue Reading
OPEC+ Continues To Struggle To Produce As Much As Quotas Allow
OPEC+ group continues to deliver lower supply increases than the monthly production quotas In November 2021, the members of the OPEC+ agreement complied with the production cuts at 117 percent Continue Reading
Shrugging off omicron, OPEC+ approves another 400,000 b/d oil production boost
Highlights Alliance sees improved outlook for oil market Next OPEC+ meeting scheduled for Feb. 2 Shrinking capacity could make actual increase smaller OPEC and its Russia-led partners have approved another Continue Reading
OPEC+ Agrees to Revive More Output
The group is sticking to its plan to gradually restore output halted during the pandemic. OPEC and its allies agreed to revive more halted production as the outlook for global Continue Reading
OPEC’s new secretary general says demand to return to pre-pandemic levels by end-2022 – Al Arabiya
CAIRO, Jan 3 (Reuters) – OPEC’s secretary general-elect said on Monday that global oil demand should return to its pre-pandemic levels by the end of 2022, Al Arabiya news channel Continue Reading
OPEC+ Expects Mild Impact From Omicron On Oil Markets
OPEC+: impact Omicron on oil prices temporary OPEC + is meeting this week to discuss output plans Bloomberg polled analysts: group may decide to keep outcut cut plans unchanged OPEC+ Continue Reading
OPEC+ Sees Smaller Oil Market Surplus In Q1
OPEC+ sees smaller oil market surplus at the beginning of 2022 Lower expected oil supply from non-OPEC+ producing nations was the key reason for a downgrade in the surplus estimate Continue Reading
OPEC to meet on Monday to discuss new top official
OPEC ministers are due to hold a meeting on Monday to discuss the appointment of a new secretary-general, two OPEC sources said, with Kuwait’s candidate for the job holding widespread Continue Reading
OPEC+ Seen Reviving Output in Sign of Confidence for 2022 Demand
OPEC and its allies are expected to revive more oil supplies when they meet next week, underscoring the group’s optimism in the outlook for global demand. The 23-nation alliance led Continue Reading
2022 Could Be A Great Year For OPEC+ Producers
2021 was a challenging year for OPEC+ as prices began to recover, presenting a temptation that has always been difficult to resist. OPEC+ exercised restraint, however, refusing to open the Continue Reading
OPEC+ Set To Stay The Course On Oil Supply Policy
The OPEC+ group will likely proceed with its oil production policy of the past few months by deciding next week to add another 400,000 barrels per day (bpd) to its Continue Reading
Here’s Why OPEC+ Didn’t Respond To U.S. Calls For More Oil
Russia’s Deputy PM and top OPEC+ negotiator Alexander Novak explains in a recent interview why the group decided not to heed the U.S. call for more production Novak: Oil production Continue Reading
FEATURE: No rest for weary OPEC+ in nursing the oil market back to full health
Highlights Omicron variant, geopolitics cloud the outlook for oil Shrinking spare capacity to impact alliance’s dynamics Prince Abdulaziz warns traders not to bet against OPEC+ After 11 meetings in 2021 Continue Reading
Lukoil sees OPEC+ continuing current production policy
Sees OPEC+ raising output by 400,000 b/d at Jan meeting Expects oil price of $60-80/b throughout 2022 Russia’s second-largest crude producer Lukoil expects the OPEC+ group to continue its current Continue Reading
Was OPEC Right About Oil Markets?
Oil has had a breakout year, and while some analysts remain optimistic, others are beginning to change their tune. The IEA has become the first market expert to actually issue Continue Reading
IEA Says Oil Surplus Returns
Supplies are rebounding around the world. Global oil markets have returned to surplus and face an even bigger oversupply early next year as the omicron variant impedes international travel, the Continue Reading
OPEC Confident About Oil Demand Despite Omicron Cases
While the IEA believes Omicron will dent global oil demand, OPEC remains confident that demand will continue to bounce back strongly from its pandemic lows. Chart of the Week – Continue Reading
OPEC upbeat on 2022 oil demand, says Omicron impact to be mild
Raises first-quarter 2022 demand forecast by 1.11 mbpd Sees demand at 100 mbpd in Q3 2022, as previously forecast OPEC November output rises 220,000 bpd No further U.S. shale growth Continue Reading
OPEC Sees ‘Mild And Short-Lived’ Omicron Impact On Oil Demand
The impact of the Omicron COVID variant on global oil demand will be mild and short-lived, OPEC said on Monday, leaving its 2021 and 2022 demand growth forecasts unchanged. In Continue Reading
OPEC’s November Oil Production Still Below Target
OPEC raised its crude oil production by 285,000 barrels per day (bpd) to 27.72 million bpd in November as it continues to ease the cuts per the OPEC+ deal, but Continue Reading
OPEC+ to continue to restore oil supply to meet growing demand -Novak
The OPEC+ alliance of oil producers will continue to restore supply to meet growing demand, Russia’s Deputy Prime Minister Alexander Novak said on Friday. Volatility on the oil market is Continue Reading
Russia’s Gazprom Neft supports OPEC+ deal after 2022
Alexander Dyukov, the head of Russian oil producer Gazprom Neft, said on Friday it would be “logical” to keep the current OPEC+ agreement to manage oil output after 2022. In Continue Reading
OPEC+ lifts crude output by 500,000 b/d in November amid omicron uncertainty
Highlights OPEC boosts output by 300,000 b/d Non-OPEC allies lift production by 200,000 b/d Saudi Arabia, Kazakhstan, Iraq, Nigeria post steady gains OPEC+ quota compliance dips to 112.31% OPEC and Continue Reading
COVID cases spike even as US hits 200M vaccine milestone
The number of Americans fully vaccinated against COVID-19 reached 200 million Wednesday amid a dispiriting holiday-season spike in cases and hospitalizations that has hit even New England, one of the Continue Reading
OPEC official hits at ‘misguided’ efforts to pare oil and gas
Attempts to cut investment in oil and gas to combat climate change are “misguided,” OPEC Secretary-General Mohammad Barkindo told an energy conference on Wednesday, arguing that producers have a critical Continue Reading
How OPEC+ Regained Control Of Oil Markets
The combination of strategic petroleum releases from major oil importers and the discovery of a new Covid variant sent oil prices crashing last week There was plenty of pressure on Continue Reading
OPEC+ Confidence And Caveats Calm A Crazed Oil Market
OPEC+ managed to stabilize oil prices after what had been an incredibly volatile week, with the cartel adding plenty of caveats to its decision to stick to its plan vis-a-vis Continue Reading
OPEC+ To Add 400,000 Bpd In January Despite Oil Price Plunge
OPEC+ agreed to ease production cuts in January by 400,000 bpd OPEC+: There will also be an extension of the compensation cuts Saudi Arabia and Russia had already signaled that Continue Reading
OPEC+ weighs output policy amid oil price slide, Omicron fears
OPEC and its allies will decide on Thursday whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a U.S. release from oil Continue Reading
IEA Head: Gas Producers Are To Blame For Energy Crisis In Europe
IEA’s Birol: The recent price spikes in natural gas did not get good marks from millions of consumers around the world Strikes at energy exporters—and Russia—have become something of a Continue Reading
Russia, OPEC+ seen moving closer on fiscal breakeven oil prices
Highlights Increase in oil output would require drilling investment Russia has pushed for increase to output quota in past Gap narrows between Russian, Saudi Arabian breakeven oil prices Lower fiscal Continue Reading
Rising sun: renewables to dominate new power capacity through 2026 -IEA
Renewable energy should account for nearly 95% of the increase in power capacity in the world through 2026, a report by the International Energy Agency (IEA) showed on Wednesday, with Continue Reading
OPEC Misses Its Oil Production Target Once Again
OPEC has once again failed to hit its target production level, falling 34,000 bpd short Both Saudi Arabia and Iraq saw production increases in line with the target OPEC+ meets Continue Reading
OPEC+ begins two days of talks amid oil rout
OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid an oil price rout and Continue Reading
OPEC+ Expects Global Oil Inventories To Surge
Global oil stocks are set to rise faster than previously expected, according to an internal report prepared for the technical committee meeting of the OPEC+ group seen by Energy Intelligence Continue Reading
Oil rebounds on speculation OPEC+ may pause output increase
Omicron variant detected in more countries OPEC delays technical meetings to assess Omicron impact-sources Talks on reviving 2015 Iran nuclear deal will resume on Monday TOKYO, Nov 29 (Reuters) – Continue Reading
$70 Oil Won’t Keep OPEC Happy
Oil prices plunged on Friday on renewed fears of a COVID-19-fueled drop in demand. OPEC has been slow to open the taps despite soaring oil prices over the past several Continue Reading
OPEC postponses technical meetings to evaluate Omicron impact -sources
OPEC meetings moved to Wednesday/Thursday Policy decision likely on Thursday at OPEC+ meeting Oil plunged on Friday on new virus variant fears Fall was exacerbated by low market liquidity OPEC Continue Reading
No need for hasty decisions in oil market over Omicron, Russia’s Novak says
Russia sees no need for urgent action on the oil market over the new Omicron coronavirus variant, Deputy Prime Minister Alexander Novak was quoted as saying on Monday, downplaying possibility Continue Reading
OPEC+ monitoring new virus variant, some concerned over outlook – sources
OPEC+ is monitoring developments around the new coronavirus variant, sources said on Friday, with some expressing concern that it may worsen the oil market outlook less than a week before Continue Reading
OPEC+ Leans Toward Ditching Output Hike as Oil Sinks on Virus
Oil Market Overreacting to Covid News, Analyst Sen Says OPEC and its allies are increasingly inclined to ditch their plan to raise output next week, as a new virus variant Continue Reading