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

Prior to the pandemic, Russia was producing 560 million tonnes of oil, a rate of around 11.3 million bpd, hitting record levels in 2019, Polprice anaylsed. However, in 2020, production levels decreased for the 1st time in over a decade as Russia agreed to cut production alongside OPEC+ countries to …

U.S. shale producers risk another oil-price war with OPEC and its allies if they resume the breakneck production growth of the last decade, according to Pioneer Natural Resources Co. Shale, and not the pandemic, was responsible for the initial oil-market crash of 2020, CEO Scott Sheffield said at BloombergNEF’s annual …

The world’s largest oil company and biggest oil exporter, Saudi Aramco, has resumed tendering and development work on major offshore oil expansion projects that would give Saudi Arabia another 1.15 million barrels per day (bpd) of production capacity by 2024, Argus reported on Friday, citing a contractor with knowledge of …

Russia’s revised oil strategy will focus on maximizing monetization from crude exports before hitting peak production in 2027-2029 and seeing world demand drop, according to a draft document on the development of the sector up to 2035 being reviewed by the State Duma and set to be approved by the …

Oil prices rose on Thursday to the highest level in nearly a month, after jumping 5% in the previous session, driven by increased demand forecasts from the International Energy Agency (IEA) and OPEC as major economies recover from the pandemic. Brent crude was up by 16 cents at $66.74 a …

OPEC on April 13 raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market. Demand will rise by 5.95 million bbl/d in 2021, or 6.6%, OPEC forecast in …

Oil extended gains in early Asian trading after an industry report pointed to another decline in U.S. crude stockpiles that followed an upbeat assessment of the demand outlook from OPEC. Futures in New York rose 0.6% in New York after advancing 0.8% on Tuesday. The American Petroleum Institute reported crude …

India has emerged as the top buyer of US crude in the first quarter of calendar year 2021 from second-biggest buyer last year as the world’s third largest oil consumer looks at alternate sources of crude amidst a spat with Saudi Arabia, the world’s largest producer, to lift output curbs, …

Saudi Arabia remains confident that the OPEC+ agreement to increase output over the next three months was the right move, said its energy minister. “It’s still a good decision,” Prince Abdulaziz bin Salman said in an interview in Riyadh on Thursday. “I don’t see anything yet that disturbs us, me …

The recent decision by the Organisation of the Petroleum Exporting Countries and its allies to increase their oil production quotas and the prospect of higher Iranian output point to a smaller global oil market deficit this year than previously envisaged, Capital Economics has said. The London-based economic research company said …