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

The global inventories particularly in the U.S. inventories are high and are still rising.

OPEC will not decide on output until late June when the group is due to meet.

OECD oil inventories as of March stood 22.8 million barrels above the five-year average.

Iraq plans to build a refinery with a capacity of 150.000 bpd near the northern city of Mosul.

The OPEC+ alliance feels that it’s still too early to assess how the end of the U.S. waivers for Iranian buyers will impact the oil market as of this month.

Saudi Arabia and the UAE had pledged to raise output to offset any outages in the market.

Investors are focusing on the US-China trade tensions.

China will increase tariffs on $60 billion of products imported from the US.

Uncertainty is expected in oil markets in the next three months due to ample supplies as well as Iran’s ability to continue to export despite sanctions by the US administration.

The dearth of information is a headache for OPEC and allies led by Russia.