Fox Business
Oil & Gas Publishers Note: Key Point: “If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” said a person familiar with the Saudis’s thinking. “There’s going to be a scramble for market share,
LONDON – Global crude exporters and refiners are locked in a stand-off, as OPEC+ tries to drain excess crude stocks and lift prices and refiners face falling fuel consumption and shrinking margins.
These drops are most evident in the …
The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new …
LONDON – High-frequency data from the United States has provided the first convincing indication of global oil market rebalancing, but it also underscore the market’s vulnerability to a COVID-19 resurgence and new lockdowns.
Total stocks of crude and refined …
LONDON – OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal …
LONDON – Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up.
Brent crude fell …
OPEC is facing “the worst of both worlds” with the current oil market demand outlook, S&P Global Platts’ head of EMEA news said Wednesday ahead of the group’s Joint Ministerial Monitoring Committee (JMMC), where it will announce recommendations for …
LONDON – Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report.…
360 Feedwire
The launch was attended by Mohammad Sanusi Barkindo, OPEC Secretary …
LONDON/DUBAI – The oil market is getting closer to balance as demand gradually rises, OPEC’s secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August.
The …
Fox Business
Oil & Gas Publishers Note: Key Point: “If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” said a person familiar with the Saudis’s thinking. “There’s going to be a scramble for market share,
Saudi Aramco CEO Amin Nasser said that “the worst is behind …
LONDON – OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite …
The OPEC Fund for International Development (OFID) approved $243 million in funding to support developing countries across the globe. It also noted that it …
LONDON – Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, …
Oil & Gas 360 Publishers Note: To help understand the OPEC + members, take a look at the breakeven crude oil prices. Breakeven is is the fiscal breakeven, the minimum price that a country needs to receive per barrel …
LONDON – OPEC forecast on Wednesday a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market.
In a monthly …
LONDON – Oil prices fell on Wednesday on fears about fresh outbreaks of COVID-19 but prices drew some support from stimulus measures and positive tests of a drug that could save some critically ill patients.
Brent crude LCOc1 was …
LONDON – Iraq’s oil exports have fallen by 8% or 300,000 barrels per day (bpd) so far in June, according to shipping data and industry sources, suggesting OPEC’s second-largest producer is getting closer to meeting its pledge in an …
LONDON – Oil prices jumped around 4% on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support.
Brent crude LCOc1 prices were up $1.62, or 4.08%, to …
NEW YORK – Oil prices rose on Monday as signs fuel demand was recovering while OPEC+ members were complying with a production cut deal outweighed fears that new coronavirus infections could further slow the global economy.
U.S. West Texas …
LONDON/MOSCOW – An OPEC-led panel meeting to review the oil market next week will advise the wider OPEC+ group cooperating on a record supply cut, five OPEC+ sources said, meaning further talks would be needed on whether to extend …
The 23 member states of OPEC+, comprised of OPEC and ten of its oil-producing allies, for the most part delivered on record production cuts agreed to by the alliance through the month of May, a new report shows.
“OPEC’s …
Oil & Gas Publishers Note: Another great industry insight article from Kevin Olson at RarePetro.
Abstract
Financial markets attempted to buoy benchmark prices as oil and gas markets became volatile in Q1 2020. This created a disconnect in the …
Qatar’s Minister of State for Energy Affairs shared his thoughts on some of the major oil producers’ market moves in recent months, shedding disapproval on the March decision by Saudi Arabia and Russia to launch into a price war, …
LONDON – Oil prices fell on Tuesday, weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.
Brent crude was down 52 cents, or 1.3%, …