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…
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Citing Resurgent Pandemic, OPEC Scales Back Oil Demand Forecast
Surging coronavirus cases in the Americas and Europe necessitated an additional cut to the Organization of the Petroleum Exporting Countries’ (OPEC) closely watched forecasts for oil demand. OPEC said Wednesday it now expects full-year 2020 global oil demand to decline by 9.8 million b/d, or 10%, from a year earlier. That marked a downward revision…
U.S. Oil Demand, Production Continue Choppy Runs, EIA Data Show
Demand for domestic oil rebounded last week, as gasoline and jet fuel use jumped, the U.S. Energy Information Administration (EIA) said in its latest Weekly Petroleum Status Report (WPSR). EIA said for the week ending Oct. 23 demand increased 8% week/week, recovering from a decline the previous week and extending a run of choppy results…
Monthly Oil Supply Disruptions Surge on Coronavirus and Middle East Tumult, EIA Says
Political instability, sanctions, hurricanes and the coronavirus pandemic intersected and sent oil production outages soaring this year, new federal data show. Disruptions to crude oil and condensate production were up among members of both the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries through September, the U.S. Energy Information Administration (EIA) said Tuesday.…
U.S. Home-Bound Workforce Sharply Impacting Transportation Fuel Outlook, Says OPEC
Energy demand contraction triggered by Covid-19 lockdown measures has drastically reduced U.S. fuel consumption, but a cold winter could boost heating oil consumption as more people continue to work from home, the Organization of the Petroleum Exporting Countries (OPEC) said Tuesday. The oil cartel issued its global winter forecast in the latest Monthly Oil Market…
Lower 48 Tight Oil Output to Recover, but Possibly Not As Strong Pre-Covid, Says OPEC
U.S. tight oil production should recover quickly as world energy demand recovers from Covid-19, but Lower 48 output may not again hit its previous forecasts, the Organization of the Petroleum Exporting Countries said Thursday. The Saudi-led oil cartel, aka OPEC, in its flagship 14th annual World Oil Outlook (WOO), cited the “unprecedented scale and impact”…
OPEC-Plus Deal Driving Global Oil Market Rebalancing, Says EIA
A watershed agreement in April to slash oil production by the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, has begun to achieve its intended effect of rebalancing an oversupplied global crude market, the U.S. Energy Information Administration (EIA) said Wednesday. At the time of the agreement, OPEC-plus called for a cut…
OPEC Reduces Oil Demand Forecast into 2021 from Covid-19’s Lingering Impacts
The Covid-19 pandemic’s crushing impact to energy demand and prices has led the Organization of the Petroleum Exporting Countries, aka OPEC, to again reduce its forecast for oil into 2020. The International Energy Agency (IEA) on Tuesday also reduced for the second consecutive month its outlook for oil demand. IEA also warned that Covid-19 may…
OPEC, EIA Reduce Oil Supply Forecasts on Coronavirus Uncertainty
The U.S. Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries (OPEC) have reduced their outlooks for global oil production this year as Covid-19 poses the potential to further suppress demand and pricing. In the monthly Short-Term Energy Outlook (STEO) issued on Tuesday, EIA researchers estimated U.S. oil output this year would…
OPEC Sees Mexico Oil Output Falling in 2021 from Natural Decline in Legacy Fields
The Organization of the Petroleum Exporting Countries (OPEC) said last Tuesday it expects Mexico’s liquid hydrocarbons production to stay flat year/year at 1.9 million b/d in 2020 before falling to 1.8 million b/d in 2021 because of the natural decline of oilfields operated by national oil company Petróleos Mexicanos (Pemex). Although the government has pledged…