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

Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand …

Iraq will be forced into 100% compliance with the OPEC+ deal in August and September as the producer group loses patience with the laggard, the country’s oil minister said on Thursday. “This tolerance from OPEC won’t last long. We will be forced this month and next month to 100% compliance,” …

OPEC’s crude production rose last month as Gulf members phased out extra supply cutbacks, but the cartel largely persevered with its strategy to revive the global oil industry. Saudi Arabia, the United Arab Emirates and Kuwait restored the additional output taken offline in June, when they had amplified efforts to …

With the pandemic raging in large parts of the southern hemisphere and persisting in heavy oil consuming economies in the northern hemisphere, downside risks to the oil demand outlook are sizeable, National Bank of Kuwait (NBK) has said in an economic update. The spike in coronavirus infections in economies newly …

The average daily oil and gas condensate production in Russia from July 1 to 29 was at the level of 1.281 mln tonnes, according to the data released by the Central Dispatching Department of Fuel Energy Complex (CDU TEK) on Monday. This is 0.7% above the average daily oil production …

OPEC+ will pump about 1.5 million barrels more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output slightly last month. The increase in supply comes as virus cases accelerated in California, a lockdown is being reimposed in …

The oil industry has been hit hard by a number of things this year that have led to a decrease in demand. The biggest one, of course, is the coronavirus pandemic. People aren’t driving as much these days as they stay close to home. The airline and cruise ship industries …

Russia slightly increased its oil production in July, ahead of OPEC+ plans to start easing their record supply cuts starting this month. The nation’s producers pumped 39.63 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s an average daily of …

Iraqi Oil Ministry said on Saturday that it exported more than 85 million barrels of crude oil in July, bringing in revenues of over 3 billion U.S. dollars, Trend reports citing Xinhua. Iraq’s total exports of crude oil during 31 days of July reached 85.66 million barrels with an average …

OPEC oil output has risen by more than 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance. The 13-member Organization of the Petroleum Exporting …