OPEC

Source: Reuters

Oil inventories to edge up, impact from Biden policies to take time – Mercuria

Reuters


LONDON – Global oil inventories may see a small rise in November due to new coronavirus-related restrictions but could return to pre-COVID-19 levels as soon as the second quarter of 2021, the chief executive of Mercuria Energy Trading said …

November 9, 2020 - 10:30 am Closing Bell Story‎, Commodity Pricing, Crude Oil News, OPEC
Source: Reuters

Oil falls as coronavirus cases rise and U.S. vote count continues

Reuters


LONDON – Oil fell towards $40 a barrel on Friday as new lockdowns in Europe to halt surging COVID-19 infections sparked concern over the demand outlook while drawn-out vote counting in the U.S. election kept markets on edge.

Italy …

Iraq exceeded its Opec+ crude output ceiling last month – Again?

Iraq exceeded its Opec+ crude output ceiling last month – Again?

Argus

Oil & Gas 360 Publishers Note: You have to realize that the leadership of Opec+ and Opec have a tough job keeping countries within quotas. I don’t know that I could do any better on such a tough job.

Source: Reuters

OPEC’s Algeria backs, Russia ponders extended oil output cuts

Reuters


LONDON – OPEC member Algeria on Tuesday came out in support of deferring a planned increase in OPEC+ oil output from January, a day after Russia’s energy minister raised the possibility with the country’s oil companies.

Algeria, which holds …

India could cut oil import bill further as Saudi looks at crude discounts

India could cut oil import bill further as Saudi looks at crude discounts

Energyworld

Oil & Gas 360 Publishers Note: Energyworld has a nice update on India, and it’s import demands. This will be effecting world pricing as India is one of the largest customers of Saudi Arabia. 

Analysts tracking the development said …

November 2, 2020 - 2:00 pm Crude Oil News, International, OPEC, Popular 3
Libya’s oil production surges to 800,000 barrels per day – on the way to 1.2m bpd in 2020

Libya’s oil production surges to 800,000 barrels per day – on the way to 1.2m bpd in 2020

Bloomberg

Oil & Gas 360 Publishers Note: Working on sources from other news agencies, and government reports, we are seeing that the extra production to the 1.2m bpd has the potential to be  on-line before the end of 2020. We

Source: Reuters

Oil faces bumpy road to recovery as second virus wave accelerates: Reuters poll

Reuters


Oil prices will be hemmed in the $40-45 per barrel range for the rest of the year, a Reuters poll showed on Friday, with analysts expecting a rough road to recovery into 2021 as an accelerating coronavirus outbreak fans …

Source: Reuters

OPEC oil output rises more on Libya restart, Iraq – Reuters survey

Reuters


LONDON – OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut …

October 30, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Gulf OPEC, Iraq question whether to keep deep oil cuts into 2021 – sources

Reuters


DUBAI/BAGHDAD/LONDON – Gulf OPEC producers the United Arab Emirates and Kuwait, as well as Iraq, are debating whether they should roll over existing oil supply cuts into 2021, as they struggle to stick to their agreed reductions, OPEC and …

Source: Reuters

Column: OPEC+ set for a three-month output rollover – John Kemp

Reuters


LONDON – Saudi Arabia and Russia will probably agree to extend their oil production cuts and postpone planned increases when they meet for talks with their OPEC+ partners at the end of November.

For tactical reasons, both countries are …

Source: Reuters

OPEC chief says rising infections may delay oil recovery

Reuters


LONDON – OPEC’s secretary general said on Monday an oil market recovery may take longer than hoped as coronavirus inflections rise around the world, and OPEC and its allies would “stay the course” in balancing the market.

The Organization …

October 26, 2020 - 3:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Libya’s ramped-up oil output throws another wrench at prices and OPEC’s plans

CNBC


A truce in Libya has busted open a renewed source of oil supply, further threatening the commodity’s faltering recovery from its historic drop earlier this year.

Libya’s main warring factions signed a purportedly permanent truce last week, a month …

Source: CNBC

Libya lifts force majeure on El Feel oil field on way to 1 mil b/d output

S&P

Dubai — Libya’s state-owned National Oil Corp. said Oct. 26 it lifted force majeure on the 70,000 b/d El Feel, or Elephant, oil field as the OPEC producer seeks to almost double output to over 1 million b/d within …

October 26, 2020 - 12:45 pm Crude Oil News, International, OPEC, Popular 2
Source: Reuters

Column: Funds buy crude on expected delay to OPEC+ output increase – Kemp

Reuters


LONDON – Hedge funds purchased crude futures and options at the fastest rate for six months as portfolio managers became increasingly confident OPEC+ will postpone scheduled output increases until demand is stronger.

The equivalent of 55 million barrels was …

October 26, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
China’s PE imports from Iran surge in September – one of the OPEC problems of quota control

China’s PE imports from Iran surge in September – one of the OPEC problems of quota control

Argus

Oil & Gas 360 Publishers Note: This is an example of some of the over quota oil production, and what is causing such havoc on oil price stabilization.

Shanghai, 26 October (Argus) — Chinese polyethylene (PE) imports from Iran …

Source: Reuters

Putin leaves door open for Opec+ cuts extension

Argus

Moscow, 23 October (Argus) — Russian president Vladimir Putin says that Opec+ could maintain or even deepen its existing crude production cuts next year, the first time Russia has acknowledged such a possibility. But he said he sees no …

October 23, 2020 - 1:39 pm International, OPEC, Politics
Iraq plans for 7 million bpd crude capacity by 2027 – Interesting twist for the market

Iraq plans for 7 million bpd crude capacity by 2027 – Interesting twist for the market

Oil & Gas

Oil & Gas 360 Publishers Note: With the oil majors turning to Green Energy, and reducing oil production, this will leave Iraq having more influence on world oil prices and supply. Not necessarily a good thing, especially

Source: Reuters

Russia’s Novak says premature to talk about OPEC+ plans beyond 2020

Reuters


MOSCOW – Russia’s energy minister said on Tuesday it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed.

OPEC and …

October 20, 2020 - 12:07 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Iraqenergy.org

Iraq to revive national oil company by 1Q22

argus

London, 20 October (Argus) — Iraq’s reconstituted national oil company Inoc will be operational by early 2022, more than 30 years after it was broken up under Saddam Hussein’s regime, according to oil minister Ihsan Ismael.

“By the third …

October 20, 2020 - 9:33 am Crude Oil News, International, OPEC
Source: Reuters

Saudi crude exports rise to 5.97 million bpd in August: JODI

Reuters


Saudi Arabia’s crude oil exports rose for a second consecutive month to 5.97 million barrels per day (bpd) in August, from 5.73 million bpd in July, official data showed on Monday.

The country’s crude output rose by 500,000 bpd …

October 19, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Kremlin says new OPEC+ oil talks to tackle weak demand outlook

Reuters


LONDON/MOSCOW/DUBAI – The world’s two largest oil exporters, Russia and Saudi Arabia, are in talks on how to support volatile oil markets, the Kremlin said on Monday as rising coronavirus infections worldwide curb fuel demand.

An OPEC+ ministerial monitoring …

Oil steady on new lockdowns, vaccine hopes

Oil steady on new lockdowns, vaccine hopes

Reuters


LONDON – Oil steadied on Monday, pressured by concerns over surging coronavirus cases globally and by Libya’s plan to boost output, however, prices found some support by hopes of a U.S. fiscal package and expectations of a vaccine by …

October 19, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Libyan oil output reaches 500,000 barrels per day following industry restart

Libyan oil output reaches 500,000 barrels per day following industry restart

Energy Mix

Libya’s daily oil production has risen to around 500,000 barrels, according to people familiar with the situation, as the war-battered nation restarts its energy industry after a truce.

Sharara, the country’s biggest oil field, is pumping roughly 110,000 …

October 18, 2020 - 2:57 pm Crude Oil News, International, OPEC, Popular 2
Source: Reuters

Exclusive: OPEC+ fears second virus wave could lead to oil surplus in 2021

Reuters


MOSCOW – OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a …

Source: Reuters

OPEC+ will ensure oil prices do not plunge again, says OPEC chief

Reuters


LONDON – The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said on Thursday, adding that demand has been recovering more slowly …

Source: Reuters

OPEC+ to stick with plans to ease output cuts, says Russia’s Novak

Reuters


MOSCOW – Russian Energy Minister Alexander Novak on Wednesday said that the OPEC+ group of leading oil producers will start easing output curbs as planned despite a global spike in coronavirus cases.

“Despite the start of the second wave …

Saudi Arabia, Russia talk Opec+ ahead of JTC: Will compliance be the elephant in the room?

Saudi Arabia, Russia talk Opec+ ahead of JTC: Will compliance be the elephant in the room?

argus

Oil & Gas 360 Publishers Note: Compliance will be the elephant in the room. How they handle it will effect world pricing. 

London, 14 October (Argus) — The two de facto leading members of Opec+ have made a public …

October 14, 2020 - 6:19 am Crude Oil News, International, OPEC
Source: Reuters

OPEC cuts 2021 oil demand forecast again as virus cases rise

Reuters


LONDON – World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said on Tuesday, adding to headwinds faced by the group and its allies in balancing the market.

Demand will rise …

Source: Reuters

OPEC cuts long-term forecast for oil demand growth, sees ‘continued disparity’ in climate policy

CNBC


LONDON — OPEC on Thursday said it had downwardly revised its forecast for global oil demand growth over the long term, given the industry faced “an existential threat” this year in the wake of the coronavirus pandemic and as

Source: CNBC

Oil prices likely to continue to struggle in the fourth quarter as demand lags

CNBC


Oil prices are expected to rise just slightly in the final quarter of the year, held back from further gains by a deep chill in global travel and a still healing economy.

Analysts forecast the prices of Brent and 

October 2, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC