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
Delta Variant Has Dented 2021 Recovery in Oil Demand, IEA Says
The rapidly spreading coronavirus Delta variant and its impact on the global economy mean the world will consume less oil this year than previously thought, the International Energy Agency said Continue Reading
IEA warns oil demand recovery stalls as COVID-19 impact drags
Highlights Global demand fell 120,000 b/d in July on setbacks in Asia Lowers 2021 demand growth estimate, ‘call’ on OPEC Non-OPEC+ supply growth estimate lowered for 2021 The International Energy Continue Reading
A Major Rift Remains Within OPEC
Conflicts and major disagreements within OPEC usually go unnoticed as member states use consultation and decision-making mechanisms that prevent a public mess. The UAE’s recent decision to do the unexpected Continue Reading
U.S. calls on OPEC and its allies to pump more oil | Reuters
U.S. President Joe Biden’s administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global Continue Reading
Biden’s OPEC Plea Pits Fuel Price Fears Against Climate Push
President Joe Biden has pledged to wean the U.S. off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of Continue Reading
OPEC+ leaves Iran behind as it starts hiking crude oil production
Highlights Easing OPEC+ quotas squeeze Iran’s market share Iran’s oil hopes rest on stalled nuclear deal talks New Iranian president will be inaugurated Aug. 5 Iranian President-elect Ebrahim Raisi takes Continue Reading
OPEC July oil output hits 15-month high as demand recovers, survey shows
OPEC oil output rose in July to its highest since April 2020, a Reuters survey found, as the group further eased production curbs under a pact with its allies and Continue Reading
The Net-Zero Narrative Is Riddled With Holes
When the International Energy Agency released its Roadmap to Net Zero report, OPEC slammed it as “destabilizing.” Russia said the IEA’s plan could push oil to $200 per barrel. Even Continue Reading
OPEC, Energy Industry Should Thank Saudi Arabia For Oil Price Recovery
OPEC—as well as the entire energy industry—should be thanking Saudi Arabia for its “magnificent” job in managing their production during the Covid-19 pandemic, according to Robert Yawger, executive director of Continue Reading
Pandemic recovery to push emissions to all-time high – IEA
The global rebound from the COVID-19 pandemic is set to drive emissions of greenhouse gases that stoke climate change to all-time highs, the Paris-based International Energy Agency said in a Continue Reading
OPEC Could Double Its Control Over Oil Market
OPEC could double its control over the oil market, to between 70% and 80%, according to Lukoil’s Vice President. OPEC will win its increased share by default, Leonid Fedun, Vice Continue Reading
OPEC+ gives the market more crude, but could leave some members behind
Highlights Deal calls for monthly 400,000 b/d output increases Some members will struggle to produce at their quotas Saudi Arabia, UAE, Russia hold most spare capacity OPEC and its allies Continue Reading
More OPEC+ Crude is Needed, How Much Depends on Who You Believe
The world needs the OPEC+ group to open the taps further to balance the oil market in the coming months, on that everyone agrees. But there’s less unanimity on just Continue Reading
OPEC+ Agrees to Boost Oil Output as Demand Roars Back
OPEC and its Russia-led oil-producing allies agreed to unleash millions of barrels of bottled-up crude over the next two years, committing to restore all the cuts they made at the start Continue Reading
Here’s What Citigroup to Goldman Say About the OPEC+ Oil Deal
OPEC+ has overcome an internal dispute and salvaged a deal to add more barrels to the market, with the group set to boost output by 400,000 barrels a day each Continue Reading
OPEC Update, June 2021
The OPEC Monthly Oil Market Report for July 2021 was published this past week. The last month reported in each of the charts that follow is June 2021 and output Continue Reading
Saudi Arabia And UAE To Lead OPEC Oil Production Increase
OPEC pumped 26.03 million barrels per day (bpd) of oil in June—up by 590,000 bpd from May, the cartel said on Thursday as it predicts demand for its crude at Continue Reading
OPEC sees world oil demand reaching pre-pandemic level in 2022
OPEC forecast on Thursday that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and Continue Reading
UAE Closes In on Oil Output Deal to Resolve Standoff With OPEC+
The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and Continue Reading
The Conflict Within OPEC Is Far From Over
As expected, OPEC leaders Saudi Arabia and UAE have reached a so-called solution to the current export quota conflict. For two weeks, the global oil market was shocked by the Continue Reading
The OPEC+ Stalemate Isn’t Over Just Yet
The battle over oil production quotas within OPEC+ is not yet resolved, according to an official statement from the UAE, although some earlier reports suggested that this was so. But Continue Reading
UAE Closes In on Oil Output Deal to Resolve Standoff With OPEC+
The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and Continue Reading
The IEA Warns Of Another Oil Price War
The oil market has been on edge for a week now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said on Continue Reading
OPEC Spat Spotlights Saudi Arabia’s Struggle to Kick Oil Dependency – WSJ
Saudi Arabia’s crown prince pledged five years ago to unshackle the economy from oil by 2020. But as the world’s top crude exporter seeks to maintain growth and generate jobs, Continue Reading
OPEC+ Uncertainty, Virus Variant Worries Linger in Oil Market, IEA Says
The recent failure of OPEC and its allies to agree on a plan to ease production cuts in August means oil-market investors face the contradictory worries of both undersupply and Continue Reading
Why Saudi Arabia Is Likely To Win The OPEC+ Standoff
OPEC+ could take until August to decide whether to adjust production baselines, Arab News reported , citing JP Morgan analyst Christian Malek. According to Malek, the oil cartel could take Continue Reading
OPEC+ Still Far From Resolving UAE-Saudi Spat
The odds of an OPEC+ meeting this week look increasingly unlikely as the group has failed to make progress in resolving the differences between key OPEC members Saudi Arabia and Continue Reading
OPEC+ impasse risks price war as demand surges, says IEA
Stalled talks by top oil producers over releasing more supply could deteriorate into a price war just as COVID-19 vaccines are sending demand for oil surging, the International Energy Agency Continue Reading
OPEC+ yet to make progress in resolving impasse, sources say
OPEC+ is yet to make progress closing divisions between Saudi Arabia and the United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting Continue Reading
IEA Warns of Much Tighter Oil Market Unless OPEC+ Boosts Supply
Global oil markets are set to “tighten significantly” unless the OPEC+ alliance resolves its standoff and agrees to increase production, the International Energy Agency warned. Deadlocked by a dispute between Continue Reading
OPEC+ Uncertainty, Virus Variant Worries Linger in Oil Market, IEA Says
The recent failure of OPEC and its allies to agree on a plan to ease production cuts in August means oil-market investors face the contradictory worries of both undersupply and Continue Reading
The IEA’s Climate Warnings Grow Louder, But Is Anyone Listening?
Earlier this month the International Energy Agency had yet another dire warning for those concerned about the welfare of the planet. Natural gas demand, the IEA said, was improving faster Continue Reading
OPEC’s Spat Isn’t Even About Oil
The UAE took oil market watchers by surprise this month when it dug its heels in and refused to agree to an extension of the current OPEC+ production control deal Continue Reading
OPEC+ hikes June output by 540,000 b/d amid higher demand for crude
Saudi pumps at a five-month high of 8.97 mil b/d Russian output flat at 9.51 mil b/d OPEC+ quota compliance dips to 110% Iraq, Nigeria improve their compliance OPEC and Continue Reading
OPEC Agreement At Risk As UAE Prepares To Open The Taps
In a relatively rare example of disagreement — or, at least, such public disagreement — usually close allies Saudi Arabia and the United Arab Emirates (UAE) have failed to reach Continue Reading
Opec ‘gets a pass to lift oil prices’ as hedging losses hobble US shale
Some of America’s biggest oil groups are racking up tens of billions of dollars in hedging losses despite soaring crude prices, as contracts signed during last year’s crash left them Continue Reading
The Real Reason OPEC Talks Broke Down
Major cracks appear to be forming in the OPEC+ alliance. After several years of unprecedented cooperation between OPEC members and non-OPEC producers, the growing regional economic and power conflict between Continue Reading
Saudi-UAE still at impasse as Russia steps in to rescue OPEC+ deal
Russia is leading efforts to close divisions between Saudi Arabia and the United Arab Emirates to help strike a deal to raise oil output in coming months, three OPEC+ sources Continue Reading
U.A.E. Pushes to Produce More Crude, Creating OPEC Deadlock
The pandemic stalled factories and shut down businesses around the world, causing a historic drop in oil demand just as production was reaching new highs. (Originally published April 16, 2020) Continue Reading
A UAE spat to ‘one of the worst meetings’: a history of OPEC and others at odds
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina LONDON, July Continue Reading