Tag / Opec

Subscribe

Opec

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
Citing Resurgent Pandemic, OPEC Scales Back Oil Demand Forecast

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…

November 11, 2020
U.S. Oil Demand, Production Continue Choppy Runs, EIA Data Show

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…

October 29, 2020
Monthly Oil Supply Disruptions Surge on Coronavirus and Middle East Tumult, EIA Says

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.…

October 13, 2020