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NEWS |
OGV Energy's Middle East Energy Review – November 2020
OPEC warned of a fragile economic growth recovery in the near term and pledged to be proactive in ensuring oil market stability, while countries and companies in the Middle East announced new contract (...)
NEWS |
OPEC production cuts to go beyond December
Oil cartel OPEC may decide on extending the existing level of production cuts beyond December to keep the crude price stable next year.
NEWS |
OPEC+ meeting initial comment -Rystad Energy
It’s that time of the month again and all eyes are on the OPEC+ meetings.....
NEWS |
Iraq forecasts 2021 crude oil price at $50/b; proposes oil, gas reforms
Iraq has forecast the average price of its crude oil at $50/b in 2021, 23.4% higher than that which was proposed in the 2020 budget, as OPEC's second largest producer plans for energy reforms over the (...)
NEWS |
OPEC Expects Oil Demand Rise
Oil demand is projected to increase from nearly 100 million barrels per day (MMbpd) in 2019 to around 109 MMbpd in 2045, according to OPEC’s latest World Oil Outlook (WOO) report.
NEWS |
OGV Energy's Middle East Energy Review – October 2020
The biggest oil and gas companies in the Middle East announced reorganisations, new discoveries, and new deals while the Organisation of the Petroleum Exporting Countries (OPEC), led by the major Midd (...)
NEWS |
Opec downgrades 2020 forecast amid faltering demand
Opec has cut its forecast for the global oil market for the year, amid faltering demand and a weaker-than-expected recovery in India and other Asian countries.
NEWS |
OGV Energy's Middle East Energy Review – September 2020
Just as OPEC and its Russia-led partners in the OPEC+ group began to ease the record crude oil production cuts in August, the cartel downgraded its global oil demand outlook for 2020, citing longer-la (...)
NEWS |
Oil industry pins hopes on strong 2021 recovery
Although the global oil and gas industry is experiencing greater uncertainty than usual due to the coronavirus pandemic, experts believe a rebound in demand will likely happen in 2021, if global econo (...)
NEWS |
Oil keeps gains, but prices stay in the waiting room ahead of OPEC's meeting - Rystad Energy comments
Oil prices recorded gains in yesterday’s late session, which they are largely keeping intact this morning, as traders await for news from August’s most interesting event, tomorrow’s OPEC+ meeting.
NEWS |
OPEC sees headwinds ahead, cuts 2020, 2021 demand forecasts for its crude
OPEC's cautious optimism in July that the global economy was rebounding faster than expected from the coronavirus pandemic has dimmed, just as the oil exporting bloc and its allies are easing off thei (...)
NEWS |
OGV Energy’s Middle East Energy Review
Major oil producers in the Middle East, grouped in the OPEC+ coalition, decided in the middle of July to ease their record production cuts of 9.7 million barrels per day (bpd) starting on 1 August.
NEWS |
Oil dips near $40 with OPEC+ starting to unwind output cuts
Oil edged lower near $40 a barrel in New York as OPEC and allied producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus.
NEWS |
OPEC chief sees oil market moving closer to balance before key meeting
The oil market is getting closer to balance as demand gradually rises, OPEC’s secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs fr (...)
NEWS |
Oil gains on surprise crude draws in the US but OPEC+ is the main show of the day - Rystad Energy comments
Oil storage is a complex thing and yet again API data show that we are in for a surprising move of crude stocks, due to be announced later today from the EIA.
NEWS |
Oil drops on signs OPEC+ preparing to taper production cutbacks
Oil edged lower ahead of an OPEC+ meeting this week at which the group may announce plans to start tapering historic production cuts even as the coronavirus surges unabated in many parts of the world.
NEWS |
OGV Energy’s Middle East Energy Review – July 2020
The Middle East and its key oil and gas producers were the spotlight of media attention once again this month, after the OPEC+ group of oil producers from OPEC and about a dozen non-OPEC nations decid (...)
NEWS |
OPEC cuts production to 1991 levels in bid to revive oil demand
OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.
NEWS |
Iraq’s OPEC+ compliance doomed to fall short of target as costs too high to bear
Iraq produced more than 650,000 barrels per day (bpd) above its target output level in May and is now being asked to make up for its non-compliance in future months.
NEWS |
OPEC+ Is Still Producing Too Much Oil
OPEC further restricted its oil production in June compared to May as it aims to withhold a record volume of supply from the market together with its non-OPEC allies led by Russia, according to tanker (...)
NEWS |
Oil continues gains on prolonged OPEC+ enthusiasm - Rystad Energy comments
It’s clear, there is enthusiasm in the market that oil supply is still under control. A positive OPEC+ meeting does that and yesterday’s session helped renew confidence that members will further cut p (...)
NEWS |
Oil back to gains on road fuels and OPEC+ meeting - Rystad Energy comments
Even though the morning started on a low note, oil prices regained their ground and now swung to gains. Traders are divided between two indicators today, crude stocks building in the US – a bearish on (...)
NEWS |
Rystad Energy’s annual review of world oil resources: Recoverable oil loses 282 billion barrels as Covid-19 hastens peak oil
The 2020 release of Rystad Energy’s annual global energy outlook reveals that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as (...)
NEWS |
Brent oil price analysis for June 2020: is oil price up too high, too soon?
Oil prices started this week on a positive note. On Monday, June 15, signs of fuel demand recovery and OPEC+ agreement to prolong production cuts till August outweighed fears of the second coronavirus (...)
NEWS |
OPEC sees gradual oil demand recovery in second half of year
OPEC on Wednesday forecast a gradual recovery in oil demand that has been hammered by the coronavirus crisis and said record supply cuts by the group and other producers were already helping rebalance (...)
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