Russia Boosts Production While OPEC+ Considers Deeper Oil Output Cuts

Russia Boosts Production While OPEC+ Considers Deeper Oil Output Cuts

With only 3 days to go until the EU ban on Russian seaborne crude imports gets implemented, Russian oil producers are going against all expectations and have actually ramped up production in recent weeks, according to some accounts. On October 5th, the group of oil producers known as OPEC+ agreed to cut production in November … Read more

India To Keep Purchasing Russian Oil After Sanctions Go Into Effect

India To Keep Purchasing Russian Oil After Sanctions Go Into Effect

India said that it would continue to purchase Russian crude oil even after the embargo and price cap go into effect on December 5, an official in the Indian Oil Ministry said on Friday. India has consistently stated its intention to continue to purchase whatever crude oil makes the most financial sense for the import-heavy … Read more

Oil Prices Could Sink Without Further OPEC+ Action

Oil Prices Could Sink Without Further OPEC+ Action

Oil prices could sink if OPEC+ acts in line with market expectations and agrees to keep production quotas stable for another month, some analysts told Reuters. The OPEC+ group meets on Sunday—although this meeting was recently determined to be a virtual one. The virtual nature of the meeting has signaled to some that the group … Read more

Reuters Survey: OPEC Cut 710.00 Bpd In November

Reuters Survey: OPEC Cut 710.00 Bpd In November

Led by Gulf member states, OPEC oil output dropped in November in line with the OPEC+ pledge to cut output by 2 million barrels per day for the month, according to a Reuters survey released on Wednesday. OPEC produced 29.01 million barrels per day in November, the survey reported, which is 710,000 bpd lower than … Read more

Reuters Survey: OPEC Cut 710.00 Bpd In November

Reuters Survey: OPEC Cut 710.00 Bpd In November

Led by Gulf member states, OPEC oil output dropped in November in line with the OPEC+ pledge to cut output by 2 million barrels per day for the month, according to a Reuters survey released on Wednesday. OPEC produced 29.01 million barrels per day in November, the survey reported, which is 710,000 bpd lower than … Read more

Chinese Manufacturing Contracted At Steeper Pace In November

Chinese Manufacturing Contracted At Steeper Pace In November

China’s National Bureau of Statistics released monthly data on Wednesday showing that factory activity contracted at a steeper pace in November versus October as lockdowns amplified to deal with rising COVID case numbers. In November, China’s manufacturing sector activity (PMI) fell to 48 on the official index, down from 49.2 in October for the second … Read more

Why 2023 Is Likely To See Much Higher Oil Prices

Why 2023 Is Likely To See Much Higher Oil Prices

Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President Xi Jinping to step down. The market’s response to this, according to Rystad Energy, was an overreaction. … Read more

Oil Shoots Up On Huge Crude Inventory Draw

Oil Shoots Up On Huge Crude Inventory Draw

Crude oil prices moved further up today after the US Energy Information Administration reported a crude oil inventory decline of 12.6 million barrels for the week to November 25. At 419.1 million barrels, oil inventories are 8 percent below the five-year average for this time of the year. Last week’s inventory move compared with a … Read more