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By Alex Lawler and Ahmad Ghaddar New schedule for 7 members to make compensation output cuts Plan represents monthly cuts of between 189,000 and 435,000 bpd Cuts scheduled to last until June 2026 LONDON, March 20 (Reuters) – OPEC+ on Thursday issued a new schedule for seven member nations to make further oil output cuts …
OPEC+ Issues New Plan for Oil Cuts to Compensate for Overproduction Read More »
(Reuters) – Kazakhstan’s energy minister will stand down from his role, the country’s presidential office said on Tuesday, as the government struggles to convince U.S. and European oil companies to lower production that exceeds OPEC+ targets. Almasadam Satkaliyev will become the head of the country’s newly created atomic energy agency, the presidential office said in …
Kazakhstan Removes Energy Minister Amid Tensions with OPEC+, Oil Majors Read More »
By Ahmad Ghaddar OPEC+ supply targets only cover unrefined crude Increased fuel exports means more oil reaches market than required, analyst says Economic weakness in biggest importer China has curbed demand Exporting refined products gives countries increased global reach LONDON, March 13 (Reuters) – OPEC+ has exported a record amount of refined products, blunting the …
Record OPEC+ Fuel Exports Blunt Group’s Crude Supply Cut Read More »
(Reuters) – U.S. Energy Secretary Chris Wright said on Monday that he was pleased with OPEC actions and had no specific requests of the Saudi Arabia-led oil producers group. He said he was happy OPEC was returning barrels to the marketplace and said that more energy was good for the globe. Wright, speaking to reporters …
US Energy Secretary Pleased with OPEC Actions So Far Read More »
Summary • OPEC+ has decided to hike output from April • Novak: OPEC+ may reverse the hike decision after April • Kazakhstan says it will cut oil production in next months • CPC exports to be reduced as well (Reuters) – Russia’s Deputy Prime Minister Alexander Novak said on Friday that the OPEC+ group agreed …
Russia Says OPEC+ May Reverse Oil Output After April, Kazakhstan Pledges Cuts Read More »
Is OPEC’s iron grip on the oil markets a thing of the past? Events over the last 24 hours suggest power in the oil market has shifted to Washington from Riyadh – in part because of U.S. President Donald Trump and in part because of longer-term shifts. Trump on Tuesday announced 25% tariffs on imports …
The OPEC+ group of crude oil exporters justified their decision to increase production by pointing to “the healthy market fundamentals and the positive market outlook.” They must be looking at a completely different market to the rest of us. OPEC+, which includes the Organization of the Petroleum Exporting Countries, plus Russia and other allies, said …
OPEC+’s ‘Healthy’ Crude Oil Market is an Illusion, Trump Effect Isn’t: Russell Read More »
By Grant Smith, Julian Lee, and Bill Lehane OPEC’s crude production rose to the highest level in more than a year ahead of the group’s planned supply revival, driven by gains in Iraq, Venezuela and the United Arab Emirates. Output increased by 240,000 barrels a day last month to a daily average of 27.35 million …
OPEC’s Oil Output Rises to One-Year High Before Planned Revival Read More »
(Reuters) – OPEC+ is debating whether to raise oil output in April as planned or freeze it as its members struggle to read the global supply picture because of fresh U.S. sanctions on Venezuela, Iran and Russia, eight OPEC+ sources said. OPEC+ usually confirms its supply policy one month in advance to have time to …
Sanctions, Tariffs Make OPEC+ Hesitant on April Oil Hike, Sources Say Read More »
(Reuters) – OPEC and its allies face a tricky dilemma: should they start loosening oil production caps even though the crude supply and demand picture is unlikely to improve in the near future? They may well opt to again delay the crucial moment to keep prices steady, but they increasingly risk losing control of the …
OPEC+Rrisks Losing Control With More Output Delays Read More »
