OPEC

Source: Reuters

Oil prices fall as OPEC+ members debate 2021 output policy

Reuters


LONDON  – Oil prices fell on Monday on uncertainty about whether OPEC+ would agree to extend their large output cuts at talks this week, but vaccine hopes still kept benchmark crudes on track to rise by more than a …

November 30, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
OPEC+ Calls Last Minute Talks

OPEC+ Calls Last Minute Talks

Bloomberg

Saudi Arabia and Russia summoned OPEC+ ministers who oversee their oil production cuts for last-minute talks on Saturday, as the cartel prepares for a decision on whether to delay January’s output increase.

A clear majority of OPEC+ watchers expect …

November 27, 2020 - 5:51 am Crude Oil News, International, OPEC
OPEC+ to meet for talks on continuing oil cuts, but members are growing restless – and the rest of the world is in suspense

OPEC+ to meet for talks on continuing oil cuts, but members are growing restless – and the rest of the world is in suspense

S&P Global

 What seemed to be shaping up as a smooth OPEC+ meeting, with traders largely expecting a rollover of production quotas, has hit some turbulence with an airing of grievances.

The UAE may be considering splitting from the group, …

November 26, 2020 - 7:26 am Crude Oil News, International, OPEC
Source: CNBC

Oil rises on hopes for delay to OPEC+ supply increase

CNBC


Oil prices firmed on Wednesday as hopes that producer group OPEC and its allies will delay a planned increase in oil output to offset a bigger than expected build in U.S. crude inventories.

Brent crude futures rose 50 cents, …

November 18, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Exclusive: OPEC+ sees oil cut extension curbing 2021 rise in oil stocks, document shows

Reuters


DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude …

Source: Reuters

Saudi calls on OPEC+ to be flexible as it weighs oil cut extension

Reuters


DUBAI/MOSCOW/LONDON – Saudi Arabia called on fellow OPEC+ members on Tuesday to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand amid a …

Source: Reuters

OPEC+ weighs oil cuts extension, sees weaker compliance

Reuters


DUBAI/LONDON – OPEC and allies including Russia are leaning towards postponement of a planned January increase to oil output by at least three months to support prices as the COVID-19 pandemic continues its second wave, sources told Reuters on …

Source: Reuters

Oil jumps 4% on latest COVID-19 vaccine progress

Reuters


LONDON – Oil prices jumped more than 4% on Monday, recouping the previous session’s losses after Moderna Inc MRNA.O said its experimental vaccine was 94.5% effective in preventing COVID-19.

Brent crude futures for January were up $1.79, or 4.2%, …

Aramco relies on new bonds to meet dividend obligations to stakeholders and social programs

Aramco relies on new bonds to meet dividend obligations to stakeholders and social programs

Bloomberg

Oil & Gas 360 Publishers Note: The 360 team covered this on the Energy News Beat last week. Important story for the country of Saudi Arabia, as Saudi Aramco has one of the lowest cost to produce oil costs

Source:Rreuters

OPEC says oil demand in 2020 down by almost 10M barrels per day

Nov. 11 (UPI) — OPEC on Wednesday revised down its global oil forecast for 2020, sayin…

November 11, 2020 - 11:55 am OPEC, Press Releases
Source:Rreuters

OPEC expects coronavirus to curb oil demand recovery into 2021

Reuters


LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market.

Demand will rise by

Source: Reuters

Hedge funds dump oil, prompting OPEC to signal ‘tweak’: John Kemp

Reuters


LONDON  – Hedge funds dumped many of their remaining petroleum positions last week as the surging number of coronavirus cases and fresh lockdowns fuelled fears of a second recession in the United States and Europe.

In response, Saudi Arabia’s …

Source: Reuters

Oil jumps on vaccine hopes and OPEC+ supply signals

Reuters


LONDON  – Oil jumped by almost 10% on Monday for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could …

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