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

22 Jan, 2021

Featured

IEA Slashes Demand Outlook

The IEA has cut 280,000 b/d from its forecast of 2021 global demand. Lower demand will make it more difficult for Opec+ to stick to planned output increases.
Both Opec And The IEA Have Repeatedly Cut 2021 Demand Forecasts (Mn B/D)
OPEC & Global Markets

5 Feb, 2021

Top Story

Iraq Oil Export Revenues Surge With First Basrah Medium

Iraq’s federal oil export revenues hit a 12-month high in January amid higher global oil prices. Shipments included 920,000 b/d of the new Basrah Medium grade.
Iraq's Crude Export Revenues* Hit A 12-Month High $4.74bn For January
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NEWS IN BRIEF

Iraq Freezes Oil Prepayment Deal With Zhenhua

26 Feb, 2021

Total Plans Solar-Powered Oman LNG Bunkering

26 Feb, 2021

Qatar: Saipem $1.7bn Offshore Award

26 Feb, 2021

Qatar-Bangladesh LNG Deal

26 Feb, 2021

Lamprell: First Saudi LTA Award

26 Feb, 2021

Oman: Masirah Targets 30,000 B/D By End-March

26 Feb, 2021

Israel: Technip Bags Karish North EPC

26 Feb, 2021

KRG Fields Hit New Output Peaks

19 Feb, 2021

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SELECTED DATA

The Us Oil Rig Count Has Risen For Each Of The Past Six Weeks, With The End-October Figure Of 221 Up Almost 50 On The Mid-August Nadir...

...But Current Numbers Remain Tiny By Any Sort Of Historical Comparison, With Only The Permian With 142 Rigs (64% Of The Us Total) Seeing Significant Activity

US Crude Imports Fell To A 28-Year Low Of 5.25mn B/D For September With Gulf And Opec Volumes At Record Lows Of 397,000 B/D And 442,000 B/D, And Saudi Just Up From August’s Record Low 267,000 B/D, Just 4.9% Of Total Imports

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