OPEC Production Falls To Three Decade Low
OPEC’s oil production in June came in at the lowest level since May 1991 during the Gulf War, and collectively meeting its promised cut. For June, OPEC cut its production Continue Reading
OPEC Cuts Output to Lowest Since 1991 as Virus Slams Oil Demand
1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the extra curbs promised in June, Continue Reading
OPEC+ likely to roll back oil cuts in August, as market continues to recover: delegates
Oil cuts set to ease to 7.7 million b/d in August Current talks focused on ensuring compliance JMMC scheduled to meet July 15 OPEC and its allies have not discussed Continue Reading
IMF raises its forecast of Gulf economies contraction to 7.6% for 2020
The economy of the six-member Gulf Cooperation Council will shrink 7.6% in 2020, worse than April projections, due to weak oil prices and the coronavirus outbreak, an International Monetary Fund Continue Reading
OPEC Secretary General: Oil Not Out Of the Woods Just Yet
The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. Continue Reading
OPEC+ Is Still Producing Too Much Oil
OPEC further restricted its oil production in June compared to May as it aims to withhold a record volume of supply from the market together with its non-OPEC allies led Continue Reading
IEA: EU Needs To Do More To Meet Ambitious Climate Goals
The European Union (EU) has a commendable green recovery plan, but it needs more robust policies than those currently in place if it were to meet its ambitious targets to Continue Reading
The Real Reason Russia Joined OPEC+
Russia is offering Mohammed bin Salman a slew of beneficial deals in order to lure Saudi Arabia away from the U.S. and into Putin’s sphere of influence. Saudi Arabia is Continue Reading
Charting Global Economy: U.S. Sales Jump, Euro-Area Demand Lags
A record jump in U.S. retail sales offered some hope the world’s largest economy is emerging quickly from a deep recession, while demand is lagging behind an improvement in euro-area capacity. Here Continue Reading
How the Coronavirus Will Reshape World Trade
When the global economy finally gets beyond the pandemic, expect it to be less globalized than before. Governments, including many longtime advocates of global trade, are using the crisis to Continue Reading