OPEC

oil

OPEC+ members agree to extend voluntary production cuts of 2.2 million barrels of oil per day through 2Q2024

Link Securities| Members of the alliance between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, led by Saudi Arabia and Russia agreed on Sunday to extend their voluntary production cuts of 2.2 million barrels per day of oil during 2Q2024, giving extra support to the market, in an environment of concern about global growth, and the increase in production of countries outside this alliance. Saudi…


OPEC post mortem

OPEC oil production falls by 350,000 b/d due to 162,000 b/d less from Libya

BancaMarch| OPEC oil production has fallen by 350,000 b/d. According to the cartel’s report, crude oil production has fallen by 350,000 barrels per day between December and January to 26.3 million barrels per day. The main reduction is due to 162,000 barrels per day less from Libya, as a result of internal conflicts in the country. Kuwait and Iraq have also seen their production fall sharply by 109,000 and 98,000…


OPEC post mortem

OPEC maintains its 2024 demand growth estimate of 2.2 mbd to 104.4 mbd on strong air travel demand and healthy road mobility

Link Securities | According to OPEC’s monthly report, global oil demand will grow by 2.2 million barrels per day (mbd) in 2024, which means that the cartel’s analysts have maintained their estimates from the previous month unchanged. Thus, demand for crude oil will reach 104.4 mbd in 2024. In that year, according to OPEC, demand will be driven by strong demand for air travel and healthy road mobility, including diesel…


OPEC post mortem

Angola exits OPEC, reflecting lack of consensus among members

Bankinter: Angola is leaving OPEC. As a reference, it produces around 1.1Mbd (OPEC+ approx. 38.5Mbd). Opinion of the analysis team: Negative news for oil (Brent $79.4; -0.4%), which is positive for the market and the cycle. Once again, the lack of consensus among cartel members is evident. At the last meeting they were slow to reach an agreement precisely because the main producers refused to introduce cuts. On the other…


petroleo rusiaCM

Saudi Arabia warns OPEC+ cuts could extend beyond March

BancaMarch: Saudi Arabia’s energy minister has emphatically warned that the cuts imposed by OPEC+ on oil production could extend beyond March. Five days ago, news came out of the agreement reached by member countries on 30 November to reduce supply by 2.2 million barrels per day, with a deadline of March 2024. Saudi Arabia, which is concentrating the greatest efforts to contain supply, has accumulated almost half of the cuts…


coronavirus susto

Third Wave Of Coronavirus Jeopardises European Growth Prospects

The unstoppable spread of the pandemic is currently hitting Portugal and Spain with particular severity. And it has been worsened with possible delays in the production of vaccines, both by Pfizer and Astrazeneca, thus jeopardizing the pace of deliveries and the vaccination schedule in Europe. At the same time, the short term is being complicated on the continent by the increase in the number and depth of restrictions. These are weakening the prospects for recovery in the first part of the year.


OPEC post mortem

OPEC+ Wants Members To Fight Shoulder To Shoulder…

Analysts at BofA Global Research still expect the global oil market to move into a 4.9mn b/d deficit in 4Q20 on the back of the OPEC+ cuts, supporting crude prices. Yet diesel and jetfuel/kerosene make up by far the largest petroleum product group in the oil market. So crude oil prices cannot really rally until distillate demand, jet fuel included, recovers to more normal levels in the next few months.


David Fyfe

“OPEC+ Will Start To Recover Power In The Oil Market As Demand Slump Hits US Output”

Pablo Pardo (Washington) | One of the most exciting stories of the world economy in 2002 is the oil price collapse. David Fyfe, chief economist of one of the world’s largest suppliers of raw materials’ prices, Argus, is aware that the oil market is not going to be the same after this collapse in demand. It will take years for prices to recover – if they do – and US production will be lower.


Oil 1024x575 1

OPEC+ To Extend The 9.7 M bpd Cut By One Month; It Means 100,000 Barrels Less Than In June, And Almost 10% Of The Global Supply

OPEC+ agreed over the weekend to extend the cut in oil production until July 31. Mexico has not signed up to the new agreement. The return of 2 million barrels of crude oil to the daily supply will be postponed until that date. In addition, it was determined that Iraq and Nigeria, which have so far failed to comply with the agreed production cuts, will carry out an additional reduction in July.


Oil rigTC

OPEC+ Will Extend Supply Cuts And Continue To Monitor Their Effects

Renta 4 | Finally OPEC+ may have reached a tentative agreement to extend production cuts and the member countries could meet as soon as this weekend to sign it. Saudi Arabia and Russia wanted a firm commitment from those countries which were evading their quotas. So they have finalised an accord with Iraq to meet not only its share of the cuts, but even to compensate for past breaches.