OPEC and its partners estimate they implemented 99% of their agreed oil-supply curbs in December, according to a delegate who asked not to be named. The 23-nation alliance known as OPEC+ Continue Reading
OPEC’s crude oil production has increased by 160,000 barrels per day (bpd) in January as the OPEC+ alliance is easing the output cuts in the first month of 2021, the Continue Reading
The Organization of Petroleum Exporting Countries withheld some 1.3 billion barrels of oil supply last year to keep prices from falling even further, the secretary-general of the cartel said. “I Continue Reading
Massive investment in renewable energy in the developing economies, which are set to produce most of the global emissions in the coming years and decades, will be necessary to achieve Continue Reading
Stability in the oil market will be critical to the energy transition, OPEC Secretary General Mohammed Barkindo said Jan. 27, arguing that volatile prices would harm the global economy and Continue Reading
The producers part of the OPEC+ alliance complied with the oil output cuts at 99 percent in December 2020, down from 101 percent compliance in November, sources at the OPEC+ Continue Reading
Global vaccination campaigns and the resumption of international air traffic will support oil prices within $55-$60/b in the near term, but OPEC will be closely watching for clearer signals from Continue Reading
The global COVID-19 vaccine roll-out is putting oil fundamentals on a stronger trajectory for the year, with both supply and demand shifting back into growth mode following 2020’s collapse, according Continue Reading
The International Energy Agency lowered forecasts for global oil demand as renewed lockdowns to contain the pandemic temper the recovery expected this year. “The global vaccine roll-out is putting fundamentals on a Continue Reading
Global oil demand will be lower in 2021 than previously expected, the International Energy Agency said on Tuesday, as renewed lockdowns to contain the coronavirus pandemic hit consumption. The IEA said Continue Reading
