Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised production cuts. Just under 20 million barrels a day will be needed on average from the Organization of Petroleum Exporting Countries in …

Brazil has suspended its 17th licensing round which would have seen the state oil regulator ANP offering 128 offshore exploration blocks throughout the country, fearing that the plummeting oil prices and unprecedented declines in global crude demand entailing double-digit-percent CAPEX cuts will set the stage for another fiasco. With two …

The physical oil market, where millions of barrels of real cargoes are traded each day, needed OPEC+’s historic cuts to global crude production months ago. On Sunday, producer nations pledged to limit output by an unprecedented 10% of global supply. While there’s skepticism the cuts will prove deep enough — …

Global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency (IEA) said Wednesday, April 15. For 2020 overall, demand will fall by 9.3 million barrels per day (mbd), with …

The global oil demand is expected to plummet by 6.8 mln barrels per day (mb/d) in 2020, the Organization of the Petroleum Exporting Countries (OPEC) says in its April report. “For 2020, the world oil demand growth forecast is revised lower by 6.9 mb/d, to a historical drop of around …

Global oil prices have been hit with a double whammy by the spat between Russia and Saudi Arabia in mid-March over output cuts and the coronavirus (COVID-19) pandemic.

Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a historic yet insufficient deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.

Saudi Arabia’s energy minister said on April 13 that effective global oil supply cuts would amount to around 19.5 MMbbl/d, taking into account the reduction pact agreed by OPEC+, pledges by other G-20 nations and oil purchases into reserves. OPEC and allies led by Russia, a group known as OPEC+, …

Oil output cuts by OPEC and its allies, together with pledges from other G20 nations and purchases by strategic reserves, could remove 19.5 million barrels per day from the market, the Saudi energy minister said. US President Donald Trump said Monday that the actual output cuts may be deeper than …

Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the prized Asian market. That perhaps explains why the de-facto leader of OPEC slashed its official selling prices …