Category: Production

OPEC bullish on oil market recovery but virus variants pose risk

OPEC sees a strong rebound in oil demand in the second half of 2021 with oil inventories shrinking but the producer group also sees coronavirus variants posing a risk to the recovery

OPEC bullish on oil market recovery but virus variants pose risk

OPEC sees a strong rebound in oil demand in the second half of 2021 with oil inventories shrinking but the producer group also sees coronavirus variants posing a risk to the recovery

Russia struggles to raise oil output despite price rally

Russian oil production has declined so far in June from average levels in May despite a price rally in oil market and OPEC+ output cuts easing

Oil slips after hitting highest since 2018 before OPEC+ talks

Oil prices slipped after hitting more than 2-1/2 year highs earlier in the session, as a spike in COVID-19 cases in Asia put a brake on rally before this week’s OPEC+ meeting

India again urges OPEC to phase out oil output cuts

Indian Oil Minister Dharmendra Pradhan again urged the Organisation of the Petroleum Exporting Countries (OPEC) to phase out crude output cuts as high prices are stoking inflation

Iran says U.S. to lift oil sanctions, Germany cautious on matter

Iran said the United States had agreed to remove all sanctions on Iran’s oil and shipping, although Germany cautioned that major issues remained at talks between Tehran and world powers to revive a 2015 nuclear deal

OPEC+ discusses further easing of oil cuts from August

OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, two OPEC+ sources said

China’s Saudi oil imports plunge 21%

China’s imports from Saudi Arabia fell 21 percent in May from a year earlier but retained their top ranking among suppliers for a ninth month in a row, customs data showed

OPEC told to expect limited U.S. oil output growth, for now

OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, giving it more power to manage the market in the short term

Saudi Arabia’s April crude exports slip to 10-month low

Crude exports from the world’s top exporter slipped to 5.408 million barrels per day (bpd) from 5.427 million bpd in March, while crude output edged lower to 8.134 million bpd in April