OPEC

OPEC+ Agrees to Cut Another 500,000 Barrels of Production

As expected, OPEC and its non-member partners (OPEC+) announced Friday that the group will reduce its production target by an additional 500,000 barrels a day, bringing total cuts down by ...
Read Full Story »

Saudi Arabia, Russia to Propose Slashing Oil Production Cuts by Another 42% 

The Wall Street Journal reported Thursday morning that a select committee of OPEC members, including representatives of Saudi Arabia and Russia, will recommend that the cartel and its partners, collectively ...
Read Full Story »

What to Expect From Thursday’s OPEC Ministers Meeting

When oil ministers from OPEC oil producers begin their meeting on Thursday, analysts and traders will be looking for an extension of the cartel's current production cuts, or even better, ...
Read Full Story »

OPEC Maintains Forecasts as Crude Prices Remain Subdued

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components fall by 3.9% in October to $59.91 a barrel, following a ...
Read Full Story »

OPEC Forecasts Higher Demand for Renewable Energy, Lower Demand for Oil

Between 2018 and 2040, global oil demand is expected to rise from 98.7 million barrels a day to 110.6 million. Oil and natural gas are forecast to continue to meet ...
Read Full Story »

OPEC Cuts 2019 Supply, Demand Forecasts

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components rise by 4.6% in September to $62.36 a barrel, following an ...
Read Full Story »

10 Unbelievable Oil and Gas Movers After Saudi Drone Attack

Crude oil prices spiked by around 20% over the weekend following the drone attack on Saudi Arabia's Abqaiq crude processing plant. It could have been worse. High global crude oil ...
Read Full Story »

OPEC Had a Very Bad August

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components drop by 7.9% in August to $59.62 a barrel, more than ...
Read Full Story »

Why Saudi Arabia Is Changing Its Top Oil Industry Executives

The initial public offering (IPO) of a rumored 5% stake in Saudi Arabia's national oil company, Saudi Aramco, heated up last month, and more fuel was added over the weekend ...
Read Full Story »

Who Cares About OPEC’s Monthly Oil Market Report Anymore?

There was a time when any pronouncement on the oil market from Vienna, home of the Organization of the Petroleum Exporting Countries (OPEC), was parsed with nearly the same care ...
Read Full Story »

OPEC Cuts Will Fail to Raise Demand for Oil: IEA

The world's supply of oil is returning — slowly — to balance. In the first half of 2019, supply exceeded demand by 900,000 barrels a day, but the second-quarter excess ...
Read Full Story »

Why Does OPEC Even Hold Meetings?

The Organization of the Petroleum Exporting Countries (OPEC) has officially agreed to extend its production cuts for an additional nine months. And the sun rose in the east. The agreement ...
Read Full Story »

The Russian Tail Wags the OPEC Dog

This past Saturday at the G-20 meeting in Osaka, Russian President Vladimir Putin announced that Russia and Saudi Arabia had struck a deal to maintain their current output cuts at ...
Read Full Story »

Can OPEC and Russia Combined Stop Falling Oil Prices?

Monitoring the price of oil in a macroeconomic situation with volatile financial markets can get a bit tricky. Now that oil officially has entered into a bear market by falling ...
Read Full Story »

OPEC Crude Production Slipped in February on Saudi, Venezuelan Reductions

In its Monthly Oil Market Report for March, released Thursday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's month-over-month average price for its reference basket ...
Read Full Story »