OPEC - Today in Oil and Gas

Russia’s Novak Says No Friction with OPEC+ Over Exceeding Production Quotas

CDN and International News, Energy Topics & Technology, Latest, OPEC / By mark

(Reuters) Russian President Vladimir Putin’s oil point man said on Thursday that there was no friction with OPEC+ due to Russia exceeding crude production quotas and that the world’s second largest oil exporter would compensate for its overpumping. Russia said on Wednesday that its crude oil production in June exceeded quotas set by the OPEC+ …

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U.S. Democrats Launch Bill Holding Oil Firms Accountable for Any Work with OPEC

Energy Topics & Technology, Latest, OPEC, Tri-Pinned, US News / By mark

(Reuters) Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices. The bill, introduced by Senator Edward Markey and Representative Nanette Barragan, says that if any energy company is found by …

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US Democrats Launch Bill Holding Oil Firms Accountable for Any Work with OPEC

Energy Topics & Technology, Latest, OPEC, US News / By mark

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Oil Investors Regain Poise After Post-OPEC Swoon – John Kemp

CDN and International News, Energy Topics & Technology, Latest, Oil, OPEC / By mark

(Reuters) – Portfolio investors had reverted to a broadly neutral position in petroleum last week after heavy selling triggered by the OPEC+ meeting at the start of June waned and buying took over. Hedge funds and other money managers purchased the equivalent of 56 million barrels in the six most important futures and options and …

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Hedge Funds Rebuild Oil Position After OPEC⁺ Round Trip

CDN and International News, Energy Topics & Technology, Latest, Oil, OPEC / By mark

By John Kemp (Reuters) – Portfolio investors have rebuilt their position in crude oil after reassurance from Saudi Arabia and its OPEC⁺ allies that any planned future increases in production would be contingent on market conditions. Last week hedge funds and other money managers turned their attention to boosting Brent positions, after a large jump in …

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OPEC Sees No Peak Oil Demand Long Term, Secretary General Says

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC, Tri-Pinned / By mark

(Reuters) – OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday. The International Energy Agency said in a report on Wednesday it sees oil demand peaking by 2029, levelling off …

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OPEC Sticks to 2024 Oil Demand Growth Forecast, but Trims Q1 View

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC, Tri-Pinned / By mark

(Reuters) – OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower than expected use in the first quarter, saying travel and tourism would support consumption in the second half of the year. The Organization of the Petroleum Exporting Countries, in a monthly report, said world …

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COMMENTARY: OPEC⁺ Surprise Triggered Record Hedge Fund Oil Sales – John Kemp

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By mark

Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024. Hedge funds and other money managers sold the equivalent of 194 million barrels in the six most important futures and options contracts over the seven days ending on …

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OPEC+ Could Tweak Oil Pact if Needed, Ministers Say

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By mark

Summary Russia defends OPEC+ oil pact, but ready to react UAE minister calls countries making voluntary cuts the ‘Great 8’ OPEC head rejects criticism over oil deal, says demand is good (Reuters) – OPEC+ could tweak its latest oil output agreement which calls for some output cuts to be reversed later this year if needed …

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OPEC+ Switches Strategy to Defend Market Share: Kemp

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By mark

Oil futures prices have fallen to the lowest level for four months and calendar spreads have slumped after OPEC+ ministers signalled their intention to start increasing production from the fourth quarter of 2024. Front-month Brent futures closed at $78 per barrel on June 3, the first day of trading following the OPEC+ ministerial meeting on …

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