OPEC Oil Revenues Could Slump To 18-Year Low
OPEC’s crude oil export revenues for 2020 could decline to $323 billion, the U.S. Energy Information Administration said in a new report, noting that this would be the lowest revenue Continue Reading
OPEC Update, January 15, 2020
OPEC Monthly Oil Market Report for December 2020 was published this week. The last month reported in each of the charts that follow is December 2020 and the output reported Continue Reading
OPEC keeps oil demand forecast little changed as it takes aim at shrinking stocks
Global oil stockpiles fell to a seven-month low in November but OPEC, which kept its 2021 demand outlook little changed from last month’s forecast, has signaled it is still trying Continue Reading
IEA: Pandemic Poses Huge Uncertainty About Oil Market Balance
The pandemic and the pace of economic and oil demand recovery from the coronavirus-inflicted crisis are posing a major challenge to oil producers in rebalancing the market, according to Tim Continue Reading
Energy Transition Threatens Oil Producers: IEA
Countries dependent on oil revenues for much of their budgets will become increasingly vulnerable to problems caused by the global energy transition, the head of the International Energy Agency, Fatih Continue Reading
OPEC+ Compliance With Production Cuts Slips To 75%
OPEC+ group’s compliance with the oil production cuts fell to 75 percent in December 2020—one of the lowest levels since the pact was enacted in May 2020, tanker tracking firm Continue Reading
Libyan surge, slipping compliance push OPEC+ output up sharply in Dec: Platts survey
OPEC and its allies raised their crude oil production by 280,000 b/d in December to a seven-month high, as Libya pumped its most since mid-2013 and several other countries posted Continue Reading
OPEC crude output cuts should help U.S. shale profits in 2021
A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in Continue Reading
OPEC Production Rose Last Month as Libya Continued Comeback
OPEC’s production rose for a third month in December as a continued cease-fire in crisis-torn Libya enabled it to restore more supplies. While the group’s dominant producer, Saudi Arabia, startled oil markets Continue Reading
OPEC+ Near Consensus on Holding Oil Output Steady Next Month
OPEC+ was nearing a consensus that would hold its oil output steady next month, after the group rejected Russia’s proposal for a production increase. Negotiations were ongoing and not all Continue Reading