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

The head of the Vienna Energy Studies Group underlines the importance of the upcoming OPEC meeting. saying: The coronavirus outbreak has ruined the demand for oil.

Saudi Arabia and some other countries are looking for a 1 million bpd output cut for Q2. 2020 amidst weakening global demand.

Crude oil imports into the world’s top oil importer and key growth driver would be weaker in March than in February.

OPEC doesn’t see the effects of the disease confined to the start of the year.

A decision to delay the meeting would leave the future of the OPEC+ 1.7 million b d production cut accord with Russia and other allies up in the air.

OPEC+ group as an effective mechanism will preserve long-term stability.

Saudi Arabia has so far been thwarted by Russia in its push to shore up oil markets against the coronavirus. But when they meet next week. the humbled kingdom may yet clinch victory.

Saudi Arabia wants to hold prices from falling. but Russia is still not agreeing.

Oil traders will remain hard to convince that producers are doing enough.

The U.S. will sell up to 12 MMbbl of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus.