The United States should embargo oil from Russia and Organization of the Petroleum Exporting Countries (OPEC) nations in response to their efforts “to distort energy markets,” according to Sen. Kevin Cramer (R-ND).
Articles from Opec
Energy industry guru Daniel Yergin, the vice chairman of IHS Markit who annually leads CERAWeek in Houston, said Wednesday the world oil market has become a “free-for-all” after an oil production alliance between the Saudi-led cartel and Russia collapsed last week.
A modest uptick in the oil patch, and in the Permian Basin in particular, drove a three-rig increase in the U.S. rig count for the week ended Friday (March 6), according to the latest data from Baker Hughes Co. (BKR).
In another sign of the impact on energy demand from the worldwide coronavirus, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday recommended that members reduce global crude output through the end of the year, with an additional adjustment through June.
The global oil cartel and its allies earlier this month agreed to increase their oil production cuts beginning with the new year, but those reductions are unlikely to resolve a massive oversupply, according to Rystad Energy.
The Organization of the Petroleum Exporting Countries, aka OPEC, and its Russian-led allies on Friday agreed to further reduce global oil output in an attempt to balance an overflowing market and stem falling prices.
Qatar announced Monday that it would withdraw from the Organization of the Petroleum Exporting Countries (OPEC) to keep its focus on liquefied natural gas (LNG), its main export product.
Even with global disruptions and increased demand, global oil supply in 2019 beyond the Organization of the Petroleum Exporting Countries (OPEC) is expected to be broadly unchanged from this year, mostly because of an expected uptick in North American output and project startups in Brazil.
Unconventional drilling drew unexpected praise Tuesday from a surprise source — the Organization of the Petroleum Exporting Countries (OPEC).