IEA: Oil Demand To Drop For First Time Since 2009
Global oil demand is set to drop this year for the first time since the financial crisis in 2009, the International Energy Agency (IEA) said on Monday, as it slashed Continue Reading
Oil Market Report – March 2020
Covid-19 (coronavirus) has spread beyond China and our 2020 base case global oil demand forecast is cut by 1.1 mb/d. For the first time since 2009, demand is expected to Continue Reading
Oil plunges as Opec output cut talks with Russia collapse
Talks between Opec and Russia over whether to cut oil production in response to the coronavirus outbreak collapsed without a deal on Friday, sending crude prices plunging more than 9 Continue Reading
OPEC Compliance Hit 136% Before Talks Failed
OPEC+ oil producers overcomplied with their collective production cut deal in January, thanks to overcompliance from OPEC members, Russia’s TASS news agency reported on Friday, quoting two sources in OPEC+ Continue Reading
OPEC Slashes Oil Demand Growth Forecast To 480,000 Bpd
The coronavirus outbreak is dealing a heavy blow to global oil demand, which is now expected to grow by just 480,000 bpd in 2020, compared to expectations of 1.1-million-bpd growth Continue Reading
OPEC unveils plan to tackle coronavirus oil market crisis but asks Russia to make the call
Saudi Arabia has put all of its eggs in Vladimir Putin’s basket, allowing the Russian president to decide the course of the OPEC+ alliance’s production policy and, indeed, whether their Continue Reading
Saudi Aramco Waits For OPEC+ Decision To Price Its April Oil
Saudi Arabia’s oil giant Aramco usually tells customers on the 5 th of each month how much they will pay for Saudi crude oil for the following month. But this Continue Reading
OPEC Meeting March 5, 2020: Effort to Bridge Saudi-Russia Divide
OPEC ministers agreed among themselves that oil production should be cut by 1.5 million barrels a day to offset the huge demand hit from the coronavirus epidemic, gambling that they can Continue Reading
OPEC Oil Production Dives To 10-Year Low
OPEC’s crude oil production fell to the lowest in more than ten years last month as a number of producers cut more deeply than they had agreed to and Libya’s Continue Reading
Oil News: OPEC+ Experts Urge More Oil-Output Curbs on Virus
Experts from OPEC+ recommended that oil ministers consider a larger production cut when they meet this week, as the havoc wrought on the world economy by the coronavirus prompted Wall Continue Reading