Opec-Plus

OPEC-Plus Vows to Boost Crude Production, Offering Potential Respite for Soaring Prices

OPEC-Plus Vows to Boost Crude Production, Offering Potential Respite for Soaring Prices

The oil-rich consortium of countries known as OPEC-plus on Thursday affirmed its intentions, first signaled earlier in June, to ramp up production in July and August. It is targeting output growth of 648,000 b/d both months.  If the cartel could meet its goals, the group’s average crude generation would climb to nearly 44 million b/d…

June 30, 2022
U.S. Crude Production, Demand Edge Lower; Storage Supplies Increase

U.S. Crude Production, Demand Edge Lower; Storage Supplies Increase

After reaching 2022 highs in April, U.S. oil producers posted a modest decline in activity last week, while demand also ticked down amid high prices, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the period ended May 6 totaled 11.8 million b/d, according to EIA’s latest Weekly Petroleum Status Report. That was down…

May 11, 2022
OPEC-Plus Keeps Production Steady Even as EU Oil Ban Looms

OPEC-Plus Keeps Production Steady Even as EU Oil Ban Looms

OPEC and an allied group of oil-producing countries on Thursday agreed to extend a measured pace of production increases through June. The cartel said in a brief statement that a modest bump next month would support a balanced global market by the end of June. Specifically, OPEC-plus said it would target a 432,000 b/d increase…

May 5, 2022
Crude Prices Seesaw as Covid Surges, Strategic Oil Releases Loom, OPEC Cuts Forecasts in War’s Wake

Crude Prices Seesaw as Covid Surges, Strategic Oil Releases Loom, OPEC Cuts Forecasts in War’s Wake

Russia’s war in Ukraine threatens global crude supplies, but a resurgence of the coronavirus in China is curbing demand as the United States and other countries prepare to release oil from strategic reserves. The result: volatile prices. Brent crude prices on Tuesday climbed more than 6% to about $104/bbl intraday following OPEC Secretary General Mohammad…

April 12, 2022
Biden Bans Russian Oil, Natural Gas Imports in ‘Powerful Blow’ Against Putin’s ‘War Machine’

Biden Bans Russian Oil, Natural Gas Imports in ‘Powerful Blow’ Against Putin’s ‘War Machine’

President Biden has banned imports of Russian oil and natural gas in a move that at once compounded already severe sanctions against the Kremlin and amplified the specter of record high energy prices amid a raging war in Ukraine. “Russian oil will no longer be acceptable at U.S. ports,” the president said in televised remarks…

March 8, 2022
To Ease Supply Pressures, OPEC-Plus Targets Further Crude Production Increase

To Ease Supply Pressures, OPEC-Plus Targets Further Crude Production Increase

Citing robust demand and fading pandemic worries, an alliance of major oil producing countries agreed on Wednesday to extend production increases into March. Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said they aim to boost output by 400,000 b/d…

February 2, 2022
OPEC-Plus Shrugs Off Omicron, Moves to Pump More Oil

OPEC-Plus Shrugs Off Omicron, Moves to Pump More Oil

A coalition of major oil producing countries agreed on Tuesday to further boost output to meet expectations for strong demand, despite concerns about the rapidly spreading Omicron variant of the coronavirus. Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said…

January 4, 2022
Surging Coronavirus Cases Expected to Slow Global Oil Demand

Surging Coronavirus Cases Expected to Slow Global Oil Demand

Rising coronavirus cases driven by the new Omicron variant are expected to curb but not derail a global recovery in oil demand, the International Energy Agency (IEA) said Tuesday in its latest Oil Market Report for December.   IEA noted that cases are climbing across many regions of the world in the wake of Omicron outbreaks…

December 14, 2021
Raymond James Looks Past Omicron, Raises Oil Price Forecast

Raymond James Looks Past Omicron, Raises Oil Price Forecast

Despite fears about the Omicron variant of the coronavirus and rising global oil output, Raymond James Financial Inc. analysts are increasingly optimistic about strong crude prices through 2023. “Our bullish oil view over the next few years not only remains firm, but we’re actually increasing our long-term price forecast,” the analysts, John Freeman and Justin…

December 7, 2021
OPEC-Plus Forges Ahead with Increased Production Despite Omicron, Demand Concerns

OPEC-Plus Forges Ahead with Increased Production Despite Omicron, Demand Concerns

Russia, Saudi Arabia and other top oil producing countries plan to keep pumping more crude into early 2022, despite worries about the coronavirus Omicron variant and the potential for easing demand. The Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, collectively known as OPEC-plus, said Thursday they would boost production by…

December 2, 2021
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