(Oil Price) – Saudi Arabia’s crude oil exports surged by 413,000 barrels per day (bpd) in August, to the highest level in six months, as the world’s top crude exporter and the OPEC+ group accelerated the reversal of the production cuts. Saudi Arabia’s crude oil production also soared in August, by 521,000 bpd from July, the latest data by the Joint
(Oil Price) – This week, the OPEC+ group is meeting to discuss when and how to begin easing the ongoing production cuts. The alliance looks to have dug itself deeper into a position between a rock and a hard place, again. Although they are not publicly admitting it, OPEC and its allies want to keep oil prices fairly high, as many
(World Oil) – (Bloomberg) – OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the U.S. shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the U.S.,” Iranian OPEC governor Afshin Javan
Oil Price Oil bulls have a narrow window for bullish bets as driving season and weather disruptions create a prime opportunity for a market rally. With the driving season in full swing and weather-related production disruptions upon us, now may be the best chance for a market rally this year. It is a pivotal moment for bulls, with the tide
World Oil (Bloomberg) – OPEC+ chose to stick with oil production cuts for the first half of the year, keeping global markets tight and potentially sending prices higher. A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Wednesday, according to a statement posted on the group’s website. That means roughly
World Oil (Bloomberg) – OPEC+ will need to maintain its latest oil production cuts throughout next year in order to keep the global market in balance, according to Citigroup Inc. OPEC and its allies have announced that it will cut production by a further 900,000 bpd during the first quarter, and may prolong the measures if necessary. The 23-nation group led
World Oil (Bloomberg) – OPEC+ still has a positive outlook for growth in oil demand, despite the headwinds faced by the global economy, as it prepares for its next ministerial meeting. “The economy, despite the challenges, is still doing quite well,” OPEC Secretary-General Haitham Al-Ghais said at the Argus European Crude Conference in London on Tuesday. “We are positive on demand,
World Oil (Bloomberg) – Saudi Arabia may be getting closer to declaring its oil-market mission accomplished than traders realize, according to Rapidan Energy Group. Riyadh has propelled Brent crude toward $100 a bbl by slashing oil production just as global fuel demand hit record levels. That may soon be enough for the kingdom to start reviving production again, rather than risk
CNBC A historic drop occurred on April 20, when the price of West Texas Intermediate crude dropped by almost 300%, trading at around negative $37 per barrel. The price of oil has steadily recovered, jumping by nearly 90% in May and registered the best month on record for WTI. However, the petroleum industry is still reeling from the effects of the coronavirus pandemic. Major companies like
Reuters 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 agreement further. OPEC, Russia and allies, known as OPEC+, agreed on Saturday to keep production cuts of 9.7 million
Reuters LONDON – Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand. Brent LCOc1 was up 27 cents, or 0.7%, at $38.82 a barrel by 1204 GMT, having lost more than $1 earlier in the session. After
CNBC OPEC kingpin Saudi Arabia and non-OPEC leader Russia said Monday that the success of the energy alliance’s latest production cuts relies on all members complying with the terms of the deal. The statement comes shortly after OPEC and non-OPEC allies, known as OPEC+, agreed to extend its deepest round of production cuts in history to take roughly 10% of oil supplies
