OPEC+ panel stays the course as Saudis extend oil supply cuts
OPEC+ signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets.
oil supply
OPEC Sees Oil Market a Bit Tighter on More Demand, Less Supply
OPEC expects a slightly tighter global oil market than previously forecast as the group nudged up its demand estimate and trimmed its supply outlook.
‘Make sure the intern who posted this registers for Econ 101’ – US oil and gas trade body bites back at Biden
Trade body the US Oil and Gas Association (USOGA) has jibed back at Joe Biden after he went after “the companies running gas stations”.
OPEC+ sticks to small supply hike as EU eyes Russia oil ban
OPEC and its allies once again ratified a small monthly increase in production, even as global markets look set to tighten because the European Union is considering banning supplies from Russia.
OPEC+ agrees on another gradual oil-output hike for March
OPEC and its allies agreed to revive more halted oil production, yet the group’s increasingly obvious struggles to fulfill its supply pledges left markets fearful of a potential shortfall.
IEA cuts oil demand outlook on virus, sees surplus in 2022
The International Energy Agency cut forecasts for global oil demand “sharply” for the rest of this year as the resurgent pandemic hits major consumers, and predicted a new surplus in 2022.
A key oil spread points to price war erupting as supply expands
A price war may be looming in the global oil market as rising output from OPEC+ and the Middle East boosts the competitiveness of the region’s shipments, potentially forcing other suppliers to discount their barrels.
Non-OPEC oil supply unlikely to bounce back to pre-pandemic levels in short term, predict analysts
Analysts have warned that non-OPEC oil and gas supply is unlikely to renege on its 2020 losses in the short-term.
Saudis curb oil supply to some buyers after vow to pump less
Saudi Arabia reduced crude oil supplies to at least 11 refiners in Asia and most buyers in Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March.
‘Window of opportunity’ could emerge next year as oil supply deficits emerge, Rystad says
A “window of opportunity” could present itself for oil producers next year as analysts predict supply deficits may reach their highest level in years.
OPEC+ makes headway on oil-output deal after days of talks
OPEC+ has made headway toward a deal on oil-output cuts, the first sign of progress after failed talks earlier this week.
Oil rises despite OPEC+ struggle for consensus on output, second day of meeting postponed until tomorrow
Oil erased earlier losses with OPEC+ seeking more time to reach a deal on production policy after a meeting broke down without an agreement.
OPEC+ inaction could lead to 200 million barrel surplus next year, Rystad says
Oil markets could be saturated with millions of surplus barrels if OPEC+ fails to agree an extension to current production cuts, according to analysis from Rystad Energy.
OPEC+ meets to seek compromise on plan to delay output hike
OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.
OPEC+ heads to crucial talks seeking compromise on oil cuts
OPEC and its allies headed into a two-day meeting with ministers still seeking a compromise on proposals to delay a production boost, after failing to reach consensus in talks on Sunday night.
Oil rises on weaker dollar and storm supply disruptions
Oil accelerated gains in the wake of a weakening dollar and as Tropical Storm Zeta leads U.S. Gulf crude producers to shut output.
Here’s the latest on the resurgence of Libya’s oil industry
Libya’s oil industry reached a milestone over the past week with the reopening of the last of its oil fields and ports following a truce in a years-long civil war.
OPEC pursues oil supply war – who has the firepower?
With the shackles of OPEC’s output limits thrown off and a price war under way, the group’s biggest oil producers are preparing to churn out more barrels to protect market share.
OPEC suggests oil supply freeze could continue ‘for months to come’
Saudi Arabia and other key producers in OPEC signaled their intention to keep oil supplies constrained for the rest of the year, while pledging to prevent any genuine shortages.
Oil to see monthly gain as supply risks escalate
Oil headed for a monthly gain as expectations that American sanctions on Iranian crude will tighten global markets outweighed the risk to demand from the ongoing U.S.-China trade dispute.
Saudi Arabia oil shipments to Egypt stopped ‘indefinitely’
Egypt has said oil shipments from Saudi Arabia to the North African country have been suspended indefinitely, according to a news report.
Oil pares biggest weekly drop since April
Oil pared the biggest weekly decline in more than two months as the dollar extended its retreat, increasing the appeal of commodities priced in the U.S. currency.
IEA sees a smaller global oil surplus than anticipated
The global oil surplus in the first half of this year will probably be smaller than previously estimated because of robust demand in India and other emerging nations, the International Energy Agency said.
Global oil demand easing says IEA
Growth in global oil demand will ease to around 1.2 million barrels per day (mb/d) in 2016, below the 1.8 mb/d expansion of last year, according to the International Energy Agency.
Oil explorers return to parking rigs as supplies build
Explorers once again idled drilling rigs in US. oilfields as crude inventories continue climbing, boosted by a surge in imports.