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 Sep, 2021

Featured

Opec Sticks To Plan

This week’s Opec+ meeting rubber stamped a planned 400,000 b/d October output hike. Forecasts of only a modest global surplus for 2022 may prove optimistic.
IEA & Opec Global Supply/Demand Balance Forecasts (mn b/d)
OPEC & Global Markets

3 Sep, 2021

Top Story

India Steps Up Crude Buying Diversification

India’s crude imports from Saudi Arabia fell to a 10-year low for 1H 2021 with a sub-15% market share. Diversification means record volumes from Russia and the US.
India Crude Imports, Top 8 Suppliers*: Saudi Slumps To 10-Year Low For 1H 2021 Amid Record US, Russia, 'Oman' Volumes ('000 b/d)
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NEWS IN BRIEF

Lebanon Eyes ‘Egypt’ Gas

10 Sep, 2021

China’s Crude Imports (mn b/d)

10 Sep, 2021

Baghdad-KRG Payments To Continue After Elections

10 Sep, 2021

Morocco: End-Year Offshore Well

10 Sep, 2021

Iraq: WQ-2 Hits 400,000 b/d, Lukoil Confirms Expansion Plans

3 Sep, 2021

Libya Output Sheds 40,000 b/d

3 Sep, 2021

Algeria: Medgaz Pipeline Expansion In November

3 Sep, 2021

Cyprus Readies Q4 Drilling

3 Sep, 2021

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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