Oil

Saudi energy minister Prince Abdulaziz bin Salman delivered yet another warning to OPEC+ compliance laggards, saying at a Sept. 17 monitoring committee meeting that failing to execute pledged production cuts was undermining the alliance’s efforts to rebalance the oil market. “Repeated promises that are not carried through in a timely …

Amid growing ‘crude’ concerns, the Organisation of Petroleum Exporting Countries and its allies (OPEC+) are preferring to keep their cards to the chest. After their virtual meeting last Thursday, the Saudi energy minister Prince Abdulaziz bin Salman underlined, ‘OPEC+ would take a pro-active and pre-emptive stance in addressing oil market …

OPEC and allies, led by Russia, are scheduled to hold an online meeting on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. The key OPEC+ panel will be reviewing an internal document which warned that a …

Key OPEC+ ministers will convene online Sept. 17 in the face of stalling global oil demand, patchy compliance with output cuts, and Libya’s potential return to the market after a month-long blockade that shut down almost all of its crude production. But despite frustration among members that oil prices have …

The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency said. The IEA, which advises major economies, trimmed forecasts for fuel consumption for the rest of the year and predicted that oil inventories – which rebounded …

The International Energy Agency (IEA) trimmed its 2020 oil demand forecast on Sept. 15, citing caution about the pace of economic recovery from the pandemic. The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day (bbl/d) to 91.7 million bbl/d in its second downgrade in as many months. …

A surge in Chinese buying of blending fuels this year means oil demand in the world’s biggest importer is likely bigger than the official figures indicate, according to the trading arm of refining giant Sinopec. Chinese fuel consumption was already back at year-earlier levels in May, Fairy Wang Pei, head …

Global oil demand may have already peaked, according to BP’s latest long-term energy outlook, as the COVID-19 pandemic kicks the world economy onto a weaker growth trajectory and accelerates the shift to cleaner fuels. Demand for oil will be the biggest casualty over lower energy demand in the coming three …

Uncertainty continues to rule. The US Energy Information Administration (EIA) has cut its 2021 demand growth outlook for 2021 to 6.5 million barrels per day (bpd) – 500,000 bpd lower than projected last month. The EIA now expects the Chinese demand to grow only by 1m bpd next year, and …

Iraq is debating whether to ask to be exempted from the oil production cuts OPEC+ agreed on this April. Initially set at 9.7 million bpd, the cuts have now been eased to 7.7 million bpd but as the second-largest producer in OPEC, Iraq is shouldering quite a large chunk of …