Oil prices dip as producers, refiners avoid worst of hurricane
Oil prices inched lower as Hurricane Laura passed the heart of the US oil industry in Louisiana and Texas without causing any widespread damage and companies began to restart operations
Category: Production
US crude stocks drop as exports soar, refining ramps up
US crude oil stockpiles fell last week as exports soared the most in 18 months and refineries boosted production to the highest rate since March before the worst of the demand hit from the coronavirus pandemic
Saudi Arabia slips to 3rd-biggest in China crude supply for July
Saudi Arabia’s crude oil exports to China fell in July, taking it out of the top two supplier slots for the first time in two years, after a historic production cut to cope with a plunge in fuel demand and prices that was by the COVID-19 pandemic.
OPEC+ presses for compliance with oil cuts
OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end
Iran says OPEC has raised and stabilised crude oil price
OPEC has managed to raise crude prices and stabilise the oil market, Iran’s oil minister said. “OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilized”
Russia’s Novak expects no hasty OPEC+ decisions this month
Russian Energy Minister Alexander Novak does not expect any hasty decisions on output cuts when an OPEC+ group monitoring committee meets next week as the oil market has been stable
IEA lowers 2020 oil demand forecast citing dismal aviation sector
The IEA cut its 2020 oil demand forecast, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day
OPEC trims 2020 oil demand, sees virus fears weighing on prices
OPEC said world oil demand will fall more steeply in 2020 due to the coronavirus pandemic and said next year’s recovery faces large uncertainties, pointing to growing headwinds for the group and its allies in supporting the market
Venezuela’s oil exports stagnant in July at below 400,000 bpd
Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as US sanctions on PDVSA continued limiting sales
OPEC July oil output surges as Gulf voluntary cuts end
OPEC oil output has risen by over 1 million barrels per day 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