OPEC March 2020 Production Data
All OPEC data reflected in the charts below are from the April edition of the OPEC Monthly Oil Market Report. https://momr.opec.org/pdf-download/ The data in in thousand barrels per day and Continue Reading
Why the record Opec cut is no match for coronavirus hit to demand
The oil market has spent the past few days sniffing around an Opec deal that promised the biggest cuts to production in history – and has decided it was undercooked. Continue Reading
IEA expects 2020 global refining throughput decline on ‘sharply’ reduced demand
The International Energy Agency said Wednesday that it expects global refinery throughput to decline by 7.6 million b/d this year to 74.3 million b/d “on sharply reduced demand for fuels.” Continue Reading
Jet demand to crash by 26% in 2020 on coronavirus, gasoline by 11%: IEA
Demand for transport fuels such as jet fuel and gasoline in 2020 will dive by 26% and 11% respectively exacerbated by heavy containment measures caused by the coronavirus pandemic, the Continue Reading
Pandemic to bring Asia’s 2020 growth to halt for first time in 60 years: IMF
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented” toll on the region’s service sector Continue Reading
Oil Prices Plunge On Grim IMF Economic Forecast
As if oil prices needed any more help on their downward spiral towards the teens, The IMF just slashed global growth to the worst since the ’30s. “This crisis is Continue Reading
Oil Glut May Overwhelm Storage Despite OPEC+ Cut, IEA Says
Global oil demand will plunge by a record 9% this year due to coronavirus lockdowns, thwarting efforts by OPEC+ to contain the resulting glut of crude, the International Energy Agency said. Continue Reading
OPEC+ production cut deemed ‘insufficient’ by banks
This weekend’s emergency OPEC+ teleconference meeting that saw the 23-member alliance agree to slash production by almost 10 million b/d is regarded as insufficient by several large banks, who say Continue Reading
OPEC+ Deal Is “Too Little And Too Late”
“The historic agreement that we saw…is only 10 mb/d. But that is only half of the story,” U.S. Secretary of Energy Dan Brouillette said on Fox Business. “When you add Continue Reading
Trump Wants OPEC+ To Double Its Production Cut
Shortly after Mexico won a historic “Mexican standoff” with Saudi Arabia on Sunday afternoon, and was exempt from a historic 9.7mmb/d oil production cut by OPEC+ member states (which Mexico Continue Reading