Tag: OIL PRODUCTION

OPEC sees US shale output recovering further on oil rally

The outlook for US shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said, in a sign its policy of cutting output is helping rivals pump more

Saudi voluntary oil cut to help with low demand in first quarter

Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event

EIA: US crude output to decline less than previously forecast in 2021

U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said, a smaller decline than its previous forecast for a drop of 240,000 bpd

Saudi offers extra cut as OPEC+ agrees oil output rollover

The rest of OPEC+ will hold output steady, meaning the group’s overall cuts would amount to around 7.05 million bpd by March, excluding the planned voluntary additional cuts from Saudi Arabia

OPEC sees oil outlook for first half of 2021 full of downside risks

OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said, a day before meeting allies led by Russia to discuss output levels for February

Iraq aims to boost southern ports crude export capacity

Iraq aims to increase crude oil export capacity from its southern ports to 6 million barrels per day from the current 3.5 million barrels a day capacity

Russia backs OPEC+ 500,000 bpd oil output hike from February

Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day from February at next month’s summit of the leading global oil producers

IEA: Vaccine impact on moribund oil demand is several months away

The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned

IEA: Vaccine impact on moribund oil demand is several months away

The Paris-based watchdog revised down its estimates for oil demand this year by 50,000 barrels per day (bpd) and for next year by 170,000 bpd, citing scarce jet fuel use as fewer people travel by air

Oil prices rise on vaccine hopes, tanker blast at Saudi Arabia

Oil prices rose, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market