Tag: OPEC

Russia’s Novak says premature to talk about OPEC+ plans beyond 2020

Russia’s energy minister said it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed

Barkindo: OPEC+ will ensure oil prices do not plunge again

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said, adding that demand has been recovering more slowly than expected

OPEC cuts 2021 oil demand forecast again as virus cases rise

World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said, adding to headwinds faced by the group and its allies in balancing the market

JP Morgan sees Saudi Arabia offering deeper oil cuts

A worsening global oil demand outlook will prompt OPEC to reverse a planned easing of oil cuts in 2021 with Saudi Arabia offering deeper cuts below its current quota, J.P. Morgan said in a research note

OPEC says oil demand to plateau in late 2030s

World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits

Saudi Arabia oil exports at 6.1 million bpd

Saudi Arabia shipped 6.1 million barrels per day (bpd) of crude oil in September, slightly above August levels, and kept output steady at 8.974 million bpd last month, an industry source familiar with the matter said

Libya’s oil output rises to 270,000 bpd as exports ramp up

Libya’s oil output has risen to 270,000 barrels per day (bpd) as the OPEC member ramps up exports following the easing of a blockade by eastern forces

Oil traders doubt OPEC will boost output as planned in 2021

OPEC is unlikely to increase oil output as planned from January next year as it could mean adding more downside pressure to the already bearish and weak market, top traders said

Barkindo sees OECD oil stocks below five-year average after first quarter of 2021

“The expected supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in Q3/2020,” Barkindo said in remarks at the G20 Energy Ministers virtual meeting

Iraq oil minister expects deal to up oil exports

Iraqi Oil Minister Ihsan Abdul Jabbar expects to reach an agreement soon with the OPEC+ group over increasing Iraq’s crude oil exports, state news agency INA stated