OPEC & Global Markets

The Opec+ production agreement was dealt a devastating blow in March 2020 when Opec producers were unable to sign Russia up to deeper cuts. The process has shown that while Opec is unable to bring about substantial price gains, its strength lies in the ability of its core members to flood the market and undercut prices.

OPEC & Global Markets

3 Jan, 2025

Featured

US Extends Lead LNG Trade

The US was again top global LNG exporter for 2024. It is set to strengthen its lead over Australia and Qatar this year with 30mn t/y of start-ups.
Global LNG Exports - Top Three Suppliers (mn tons)
OPEC & Global Markets

10 Jan, 2025

Top Story

Opec Output At Three-Year Low For 2024 Amid Voluntary Cuts

Opec production dropped by 460,000 b/d last year as the group’s core members implemented tighter ‘voluntary’ output cuts. These voluntary cuts more than offset a resurgent Iran, which boosted output by 410,000 b/d. Looking into 2025, ongoing voluntary production cuts will keep the group’s overall output restrained, and Iran will be the main wildcard as the US seeks to tighten sanctions on its oil sector.
The UAE’s Monthly Quota Is Set To Break Above 3.05mn b/d From September This Year
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NEWS IN BRIEF

BP-Kirkuk: Not Quite There

17 Jan, 2025

Total Cuts Iraq Flaring

17 Jan, 2025

Petro Rabigh Eyes Enhanced Crude-To-Chemicals

17 Jan, 2025

Iran Gasoline Consumption Up

17 Jan, 2025

Adnoc Gas Targets Graphene

17 Jan, 2025

Taiwan Crude Imports ('000 b/d): Us Closes Gap To Top Supplier Saudi Arabia In 2024

17 Jan, 2025

Adnoc Gas Awards $2.1bn Contracts For Ruwais LNG

10 Jan, 2025

Adnoc Completes $1bn Shipping Takeover

10 Jan, 2025

Read more

SELECTED DATA

Gulf Rig Count* Remains Only Slightly Up On 10-Year Lows Seen In Late 2020

China Has Soared Ahead As Saudi Arabia's Key Market ('000 b/d), Though Booming Overall Chinese Imports Mean Saudi's Market Share Has Remained Steady

As A Share Of Imports (%) Saudi Is Far More Dominant In Japan Where Its Share Has Risen Even As Overall Imports Have Fallen To 40-Year Lows

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