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

Recent attacks on Saudi oil facility would have short-term impacts on oil market.

There is enough oil in global stockpiles to replace barrels Saudi Arabia had temporary lost due to the attacks.

A sharp rise in oil prices also comes at a delicate time for the global economy.

Long-term oil demand is expected to rise to almost 112 mb d by 2040.

The demonstration of the oil sector’s vulnerability hasn’t come at a good time for the Saudis.

OPEC’s own researchers forecast a demand slump ahead.

Demand for OPEC crude will average 29.40 million bpd in 2020. down 1.2 million bpd from this year.

Iran'.s crude exports and production have plummeted because of the sanctions.

The 24-member OPEC and non-OPEC alliance decided last year to cut production by 1.2 million barrels per day (bpd) from January 2019.

Oil demand growth will be ``significantly higher`` helped by a comparatively low base in the second half of 2018.