Opec-Plus

U.S. Petroleum Demand Declines for Second Week; Oil Production Ticks Up

U.S. Petroleum Demand Declines for Second Week; Oil Production Ticks Up

Demand for U.S. petroleum fell for a second consecutive week, while crude production rebounded, the U.S. Energy Information Administration (EIA) said Wednesday. Refinery utilization, however, reached a 2021 high, the agency said in its Weekly Petroleum Status Report (WPSR). Refineries operated at 91.3% of their capacity and inputs averaged 15.9 million b/d during the week…

June 9, 2021
Diamondback Sees No ‘Clear Signal’ to Boost Permian Output

Diamondback Sees No ‘Clear Signal’ to Boost Permian Output

Diamondback Energy Inc. CEO Travis Stice said until there’s a “clear signal” to increase oil output, there are no plans to expand volumes this year in the Permian Basin. Stice and his management team discussed first quarter performance and the outlook for the oil and gas market during a conference call. The CEO pointed to…

May 5, 2021
Total Reports Big Gains on 1Q Oil, Natural Gas Prices

Total Reports Big Gains on 1Q Oil, Natural Gas Prices

A considerable jump in global oil and natural gas prices during the first quarter supported a big gain in profits for French supermajor Total SE.  Commodity prices were strong during the period as the world continued recovering from Covid-19, while colder weather in the northern hemisphere helped drive natural gas demand. Total said average oil…

April 29, 2021
After Deciding to Boost Output, OPEC Lifts Forecast for Global Oil Demand

After Deciding to Boost Output, OPEC Lifts Forecast for Global Oil Demand

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday formally raised its expectations for global oil demand in 2021, citing expectations for a recovery from the pandemic and stronger economic growth. In its Monthly Oil Market Report (MOMR), the cartel projected demand would rise by 5.95 million b/d this year, a nearly 7% increase…

April 13, 2021
Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production

Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to ramp up crude production in anticipation of increased demand. The shift comes despite elevated uncertainty about the coronavirus pandemic and its still festering impacts on global travel and economic activity. Saudi Arabia-led OPEC and an allied group of leading…

April 1, 2021
Citing Vaccines, OPEC Boosts Oil Demand Outlook for 2021

Citing Vaccines, OPEC Boosts Oil Demand Outlook for 2021

A week after extending production cuts, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday raised its forecast for world oil demand in 2021, reflecting the cartel’s expectations for a stronger economic recovery in the second half of the year. OPEC, in its Monthly Oil Market Report (MOMR) released Thursday, said it now expects…

March 11, 2021
At Saudi’s Urging, OPEC-Plus Holds the Line on Oil Production

At Saudi’s Urging, OPEC-Plus Holds the Line on Oil Production

Members of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to hold the line on oil production in April. The alliance was following the lead of Saudi Arabia energy ministers who argued to keep output steady as producers gauge the success of coronavirus vaccines and the potential for…

March 4, 2021
U.S. Petroleum Inventories Drop Again; Expectations Mount for Another Pull Following Texas Freeze

U.S. Petroleum Inventories Drop Again; Expectations Mount for Another Pull Following Texas Freeze

Domestic crude oil inventories dropped substantially for a second straight week for the week ended Feb. 12, the U.S. Energy Information Administration (EIA) said Thursday, as demand increased and production declined. Analysts said the surge in frigid weather that blasted the nation’s midsection this week and upended daily life in Texas – where energy infrastructure…

February 18, 2021
Oil Demand Recovery Expected by late 2021, Production Could Follow, New Forecasts Show

Oil Demand Recovery Expected by late 2021, Production Could Follow, New Forecasts Show

The recovery in global oil demand will limp along early in 2021 but should quicken in the second half of the year, as coronavirus vaccine distribution efforts make headway and travel increases, both the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries, aka OPEC, said in new forecasts this month.  In…

February 16, 2021
Saudis Agree to Slash Oil Production, Sending WTI Above $50 For First Time Since Early 2020

Saudis Agree to Slash Oil Production, Sending WTI Above $50 For First Time Since Early 2020

Saudi Arabia on Tuesday announced it would cut oil production by a stunning 1 million b/d in February and March, sending crude prices to a 10-month high. The news came at the conclusion of the latest monthly meeting of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus. Saudi Arabia leads the…

January 5, 2021
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