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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
Oil Price Outlook Brightens Amid Expectations for Demand to Recover Faster Than Production

Oil Price Outlook Brightens Amid Expectations for Demand to Recover Faster Than Production

Oil prices rallied this week as traders absorbed new – and elevated – forecasts for 2021 amid signs that U.S. inventories could trail rising demand as the year unfolds. Key oil benchmarks traded near 13-month highs this week, with West Texas Intermediate (WTI) crude surpassing $63/bbl on Thursday and Brent crude hovering around $67. WTI…

February 25, 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
Saudi Arabia May Reverse Course, Respond to Rise in Oil Prices with Increased Production

Saudi Arabia May Reverse Course, Respond to Rise in Oil Prices with Increased Production

Saudi Arabia, which leads the Organization of the Petroleum Exporting Countries (OPEC), may quickly ramp up production this spring, following the recent momentum in oil prices and its own expectations for increased demand in the second half of 2021. It would mark a stark shift from its current stance. OPEC and its allies, aka OPEC-plus,…

February 17, 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
E&P Spending Revival Poised for North America, Overseas

E&P Spending Revival Poised for North America, Overseas

Global exploration operators are ready to get back to business in oil and natural gas onshore and offshore, with the international players likely to shell out more funds this year than their Lower 48 compadres. Energy analysts in recent weeks have begun offering their takes on the likely pace of activity and potential capital expenditures…

January 14, 2021
U.S. Midstreamers Eyeing Potential Gains in Permian, Beyond, but Need Oil Prices to Cooperate

U.S. Midstreamers Eyeing Potential Gains in Permian, Beyond, but Need Oil Prices to Cooperate

The U.S. economy’s reopening amid the Covid-19 pandemic jump-started the oil and natural gas midstream recovery in the second half of 2020. But, the recent rise in oil prices could spur renewed activity in a handful of basins, benefiting some operators in the year ahead. A Raymond James & Associates Inc. team, led by analysts…

January 12, 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
IEA, OPEC Each Lower Estimates for Global Oil Demand, Citing Weak Transportation Fuel Consumption

IEA, OPEC Each Lower Estimates for Global Oil Demand, Citing Weak Transportation Fuel Consumption

Demand for transportation fuel remains weak amid a still-raging global pandemic, forcing downward revisions to oil consumption for 2020 and next year. The International Energy Agency (IEA) said Tuesday in its Oil Markets Report for December that it lowered its demand estimate for this year by 50,000 b/d and its projection for next year by…

December 15, 2020
OPEC-Plus Agrees to Slightly Boost Global Oil Output in January

OPEC-Plus Agrees to Slightly Boost Global Oil Output in January

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, on Thursday agreed to boost production beginning in January by 500,000 b/d, ending a multi-day standoff over the timing and volume of an output increase because of concerns that new coronavirus outbreaks could dampen demand into early 2021. The cartel and affiliated countries…

December 3, 2020
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