OPEC Further Cuts Oil Demand Forecasts for 2020/21
The Organization of Petroleum Exporting Countries (OPEC) has further reduced its forecast for global oil demand amid the weaker-than-expected recovery in India and other Asian countries.
OPEC | Egypt Oil & Gas - Part 9
Jordan Set to Resume Oil Imports from Iraq
Net oil and gas importer, Jordan, is set to resume crude imports from its Middle Eastern neighbor, Iraq, later on in September after shipments were suspended due to the pandemic.
Novak: 2020 Oil Demand Could Fall by 10 mmbbl/d
Russia’s Energy Minister, Alexander Novak, has predicted that global oil demand could fall by 9-10 million barrels per day (mmbbl/d) this year due to the impact of the COVID-19 pandemic.
Iraq Asks for Exemption From OPEC+ Production Deal in 2021
Iraq, the Organization of the Petroleum Exporting Countries’ fourth-largest producer of oil, is seeking a pardoning from the existing OPEC+ deal in Q1 of 2021 but insists it will adhere to cuts over the next 3 mon ...
Norway Cuts Production by 120,000 bbl/d in July
Norway’s government has released the official production figures for the Norwegian Continental Shelf in July, showing a 120,000 barrels of oil per day (bbl/d) reduction compared to the reference production.
OPEC+ Compliance Reaches 95% in July
Compliance with the Organization of the Petroleum Exporting Countries and allies’ (OPEC+) oil cuts has been assessed to be at a range of 95%-97% in July as demand shows signs of recovery.
Six Arab Countries Reassert Compliance to OPEC+ Deal
The oil Ministers of Saudi Arabia, UAE, Kuwait, Oman, Iraq, and Bahrain reconfirmed their full support for OPEC+ agreement of cutting oil production in order to further speed up rebalance of oil markets.
OPEC+ Set to Loosen Record Cuts in August
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are set to ease the record 9.7-million barrels per day (mmbbl/d) production cuts as of August as demand has seen a continual rise, Saudi ...
Oman Warns Crude Oil Customers of 10% Cuts for September
Oman has informed its crude oil customers that it will cut around 10% in allocations for September loading and delivery
UAE Oil Output Capacity Reaches 4.2 mmbbl/d in April
The UAE, OPEC’s third largest producer, recorded a daily production of 4.2 million barrels of oil per day (bbl/d) in April before the record OPEC+ agreement.
