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

20 Jan, 2023

Featured

Oil Markets Await Embargo

Predictions of 2023’s oil balance diverge markedly with two key ‘wild cards’: China reopening, and the impact of the EU’s February embargo on Russian oil products.
Russian Oil Production Forecasts (mn b/d)
OPEC & Global Markets

20 Jan, 2023

Top Story

Adnoc Sends LNG To Germany Amid Europe’s Ongoing Gas Crunch

Oman and Abu Dhabi made rare forays into European LNG markets last year. With prices set to remain high through 2023, deliveries are set to continue.
Europe LNG Imports From The Gulf Edged Up In 2022, With Rare Volumes From Oman & UAE (mn tons)
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NEWS IN BRIEF

Opec+ JMMC: No Change Expected

27 Jan, 2023

Saudi Oil Export Revenues: $300bn And Rising

27 Jan, 2023

Subba Back To Production

27 Jan, 2023

Oman: Block 60 Oil Field Inauguration

27 Jan, 2023

QatarEnergy Joins TotalEnergies, Eni Offshore Lebanon

27 Jan, 2023

Libya’s Waha: Hess Confirms Total, Conoco Each Paid $75mn For Stakes

27 Jan, 2023

Shell Plans 3-Well Egypt Campaign

20 Jan, 2023

Genel Halts Development At KRG’s Sarta Amid Poor Results

20 Jan, 2023

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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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