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

16 Jul, 2021

Featured

US Output To Pick Up Pace?

Permian output is growing strongly. Other basins look close to bottoming out. But with recent gains coming from well completions, more new drilling is needed.
US Liquids Output Forecast (mn b/d)
OPEC & Global Markets

23 Jul, 2021

Top Story

Opec+ Secures Consensus On Easing And Extending Output Cuts

The UAE, Saudi Arabia, and above all Russia, are the big winners from the 18 July Opec+ deal that saw these three plus Iraq and Kuwait awarded baseline hikes. For smaller producers the risk is that recent capacity losses will be solidified in future deals.
Opec+ Agrees To Gradually Taper Cuts Until End-2022* (mn b/d)
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NEWS IN BRIEF

Abu Dhabi Crown Prince Visits Counterpart In Saudi Arabia

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Egypt: Bumper Transport Fuel Output

23 Jul, 2021

Saudi Arabia Caps Gasoline Prices Amid Rising Inflation

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Algeria Oil Project Sees Output Slump

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Iraq Touts 7GW Solar Agreements: Hot Air Or Progress?

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2022 Leviathan Drilling

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Egypt’s $7.5bn Suez Petchems Hub: Bechtel, Axens Deals

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Egypt’s Foreign Reserves ($Bn, End-Period)

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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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