Trends - OPEC - Business Recorder

World

Venezuela's Maduro calls extension of parliament 'unconstitutional'

Guaido labels Maduro a corrupt dictator who has overseen the economic collapse of the once-prosperous OPEC nation.

Published 29 Dec, 2020 09:55am

Markets

China's Nov US oil imports near record, Saudi imports up 43pc on month

China's US oil imports hit 3.61 million tonnes, about 878,839 barrels per day (bpd). That's up from 0.26 million tonnes in November last year and versus October's 1.625 million tonnes.
The November level compares to the record set in September of 3.9 million tonnes,

Published 25 Dec, 2020 05:24pm

Markets

Oil rises above $50 as vaccine optimism counters new lockdowns

The latest snapshots of U.S. oil supplies are expected to show a mixed picture, with gasoline and distillate stocks rising and crude inventories falling.

Published 15 Dec, 2020 06:27pm

Markets

OPEC cuts 2021 oil demand outlook again as pandemic impact lingers

OPEC said its output rose by 710,000 bpd to 25.11 million bpd in November, driven by a rebound in Libya, an OPEC member exempted from making cuts.

Published 14 Dec, 2020 08:10pm

World

Kuwait emir reappoints Sheikh Sabah al-Khalid as PM

Sheikh Nawaf, who took over the reins of the OPEC member state in September after the death of his brother, has asked Sheikh Sabah to nominate members of a new cabinet for approval by the emir.

Published 08 Dec, 2020 04:54pm

Markets

OPEC+ to boost output as oil market tightens

In the three months between August and October, the latest for which data is available, UAE production was down by an average of almost 20% compared with the same period a year earlier.

Published 07 Dec, 2020 09:42am

Markets

OPEC reaches consensus to extend oil cuts in Q1 if allies agree

OPEC+ officials failed to agree in Sunday's informal talks.
New coronavirus wave prompted rethink on output policy.
Saudi wants extension of existing production cuts.
Russia backs gradual output increase from January.

Published 01 Dec, 2020 12:29am

Markets

OPEC to discuss extension of output cuts beyond January

Whether all members are currently sticking to the output quotas that have already been assigned to them has also become a sensitive topic.

Published 30 Nov, 2020 05:39pm

Markets

OPEC, allies mull extending output cuts

The trend is unlikely to be reversed as victorious Democratic presidential candidate Joe Biden has committed to modest curbs on fracking.

Published 29 Nov, 2020 05:19pm

Saudi confident of 'friendly' ties with Biden: official

During his election campaign, Biden threatened to make Saudi Arabia "the pariah that they are".

Published 22 Nov, 2020 06:06pm

Markets

Oil set for third week of gains on vaccine hopes

The more active U.S. West Texas Intermediate (WTI) January crude contract gained 17 cents, or 0.4pc, to $42.07 a barrel. The WTI contract for December, which expires on Friday, was up 2 cents at $41.76.

Published 20 Nov, 2020 04:11pm

Business & Finance

OPEC expects coronavirus to curb oil demand recovery into 2021

Demand will rise by 6.25 million barrels per day(bpd) next year to 96.26 million bpd, the Organization of thePetroleum Exporting Countries said in a monthly report. Thegrowth forecast is 300,000 bpd less than expected a month ago.

Published 12 Nov, 2020 10:05am

Markets

OPEC forecasts weaker oil demand in 2020-21

Overall demand was tipped to come in slightly above 90 million bpd, the report said.

Published 11 Nov, 2020 07:10pm

Markets

OPEC would miss 'friend Trump', wary of strains under Biden, sources say

Trump was involved in talks that led to a deal in which the OPEC and Saudi Arabia worked with allied producers led by Russia.

Published 08 Nov, 2020 06:27pm

Markets

OPEC chief says rising infections may delay oil recovery

The Organization of the Petroleum Exporting Countries and allies including Russia made a record oil output cut in April as the pandemic hit demand.
We were hopeful the second half of 2020 would begin to see a recovery.

Published 26 Oct, 2020 07:18pm

Markets

Worried about weak oil demand, OPEC pledges action

Saudi energy minister says OPEC+ has flexibility to adapt.
Russian energy minister says demand recovery slowing.
Weak demand may prompt OPEC to cancel easing of cuts – sources.

Published 20 Oct, 2020 12:57am

Business & Finance

Oil traders doubt OPEC will boost output as planned in 2021, citing bearish signals

OPEC is due to taper their production cuts by 2 million barrels per day in January.
I don't think OPEC will increase production in January...If they do, the market will test them to the downside.

Published 30 Sep, 2020 01:38am

Markets

OPEC+ may hold extraordinary October meeting if oil market worsens

OPEC+ worried about second wave of pandemic.
Compensation for overproduction could be extended.
UAE emerges as laggard alongside Iraq, Nigeria.

Updated 17 Sep, 2020 08:47pm

Markets

Saudi Arabia, Russia insist oil production cuts be respected

The coronavirus pandemic slammed the global economy earlier this year, plunging oil prices into unprecedented negative territory.

Published 20 Aug, 2020 02:29am

Markets

OPEC+ meets to review compliance with oil cuts

"The meeting will be mostly a focus on conformity and compensation," said an OPEC source, rather than any major tweaks to the OPEC+ supply cut deal.

Published 19 Aug, 2020 04:03pm

Business & Finance

Iran says OPEC has raised and stabilised crude oil price

In 2018, US President Donald Trump pulled the United States out of Iran's 2015 nuclear deal with six powers and reimposed sanctions that have sharply cut Iran's oil exports.

Published 17 Aug, 2020 06:14pm

Markets

Saudi Arabia, Iraq stress full commitment to OPEC+ deal

The two ministers discussed the latest developments in oil markets, continued recovery in global demand and progress made towards implementing the OPEC+ agreement.

Published 07 Aug, 2020 10:20am

Markets

Egyptian shares fall while Saudi index holds steady

Egyptian index drops to six-week low
Dubai's Emaar Properties snaps four sessions of losses

Published 16 Jul, 2020 06:50pm

Markets

OPEC fears second virus wave to prolong oil inventory overhang

OPEC, Russia and their allies, a group known as OPEC+, said they would ease record oil curbs from Aug. 1 citing a gradual recovery in demand as global lockdowns loosen up.
The group expects oil demand to climb by 7 million barrels per day (bpd) in 2021 after falling 9 million bpd this year.

Published 16 Jul, 2020 05:08pm

Markets

Oil prices ease after OPEC+ agrees to ease output curbs

OPEC+ to ease output cuts to 7.7 mln bpd from Aug.
Economic recovery puts demand above supply –analyst.

Published 16 Jul, 2020 04:54pm

Markets

OPEC+ eases record oil cuts as economy recovers from pandemic

Producers set to ease cuts to 8.54 mln bpd from Aug.
New cuts to include compensations by Iraq and others.
Second virus wave could deepen demand hit.
Oil trades above $40/bbl, US output slowly recovering.

Published 15 Jul, 2020 09:03pm

Markets

OPEC chief sees oil market moving closer to balance before key meeting

OPEC+ panel meets Wednesday to review supply cut.
Producers not expected to extend supply cuts at same level.
Saudi oil exports in Aug to stay at July level.

Published 13 Jul, 2020 08:42pm

Markets

Saudi oil exports in Aug to stay at July level –sources

Saudi Arabia often burns more oil - estimated at about 550,000 barrels per day (bpd) - during the hot summer months for power generation.
This summer the demand for oil burning is set to rise more than last year due to COVID-19 movement restrictions which have forced millions of people to stay home.

Published 13 Jul, 2020 06:26pm

Markets

Oil steady as coronavirus fears offset gasoline recovery signs

Mixed evidence on gasoline demand revival.
Concerns over record surge in US COVID-19 cases.
OPEC+ monitoring panel meets next week.

Published 09 Jul, 2020 05:27pm

Markets

Angola agrees to comply fully with oil cuts after OPEC pressure

The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+.
The record cuts are now due to run to the end of July, before tapering to 7.7 million bpd until December.

Published 07 Jul, 2020 05:27pm