Tag: OIL PRODUCTION

OPEC oil output rises in August as Iran hits 2018 high

The Organization of the Petroleum Exporting Countries has pumped 27.56 million barrels per day (bpd) this month, up 220,000 bpd from July

Washington drafts proposal for Venezuela’s oil sanction easing

Easing sanctions has been a carrot held out in the past by the U.S., but which so far has resulted in very few authorizations, including one to Chevron Corp that has allowed the firm to expand operations in Venezuela and export its oil to the United States since November

Russia remains China’s top crude supplier in July

Russia remained China’s largest crude supplier in July, Chinese government data showed, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports

Saudi Arabia oil exports hit 21-month low in June

Saudi Arabia’s crude oil exports dropped in June to the lowest level in 21 months, the latest data by the Joint Organizations Data Initiative (JODI) showed

OPEC+ panel keeps policy unchanged

An OPEC+ ministerial panel, called the Joint Ministerial Monitoring Committee, decided to maintain the group’s current oil output policy during a meeting

Saudi Arabia extends 1 million bpd oil cut, may deepen it in future

Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said, adding it could be extended beyond that or deepened

OPEC+ panel unlikely to tweak oil policy at Friday meeting

OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, as tighter supplies and resilient demand drive an oil price rally

Commerzbank cuts oil price forecasts to reflect bearish market sentiment

Commerzbank cut its 2023 and 2024 oil price forecasts, reflecting pessimism in the market over the economic outlook despite supply cuts from key producers that could contribute to a deficit

OPEC upbeat over 2024 oil demand outlook despite slowdown

OPEC’s forecast for 2024 will likely be lower than the growth it expects this year of 2.35 million barrels per day, or 2.4 percent, an abnormally high rate as the world moved out of the pandemic

Morgan Stanley cuts oil price forecasts, sees surplus in H1 2024

Morgan Stanley lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year