By Charles Kennedy – Nov 21, 2022, 11:42 AM CST Saudi Arabian officials are denying the news that OPEC is considering a 500,000 bpd output hike. Crude prices crashed this morning after the WSJ reported that OPEC+ is considering an output increase. A production hike from the group would be a welcome development for the … Read more
By Julianne Geiger – Nov 21, 2022, 10:39 AM CST Crude prices hit a 10-month low on Monday morning. Saudi Arabia and other OPEC+ members are reportedly discussing a production increase for January. The group is reportedly considering an increase of up to half a million barrels a day. OPEC’s de facto leader Saudi Arabia … Read more
OPEC is “back in the driver’s seat” as the world’s most powerful swing producer, Hess Corp CEO John Hess said on Thursday at a Miami conference. According to Hess, US crude oil production will average 13 million bpd over the next few years, where it will plateau, as investors pressure US oil companies to focus … Read more
The world’s largest crude oil exporter, Saudi Arabia, has started to slash its crude exports after OPEC+ is now reducing its overall target production by 2 million barrels per day (bpd). Initial tracking and estimates suggest that so far in November, Saudi Arabia has reduced its crude oil exports by more than 400,000 bpd, while … Read more
OPEC Secretary General Haitham al-Ghais said on Wednesday that the organization is ready to “intervention for the benefit of oil markets”, Saudi-owned Al-Arabiya TV reports, citing Ghais as saying that OPEC is aware, cautious and monitoring economic developments worldwide. In early October, OPEC+ announced plans to reduce oil production by 2 mb/d in November 2022 … Read more
Earlier this year, Italy’s then-PM Mario Draghi floated the idea of large oil buyers clubbing together and standing up to OPEC+. The idea did not progress much further than the floating stage because one obvious problem could not be ignored: OPEC would retaliate. Yet it seems that some ideas tend to be so attractive that … Read more
Given the many uncertainties in the global economy, the OPEC+ group will remain cautious in its oil production policy when it meets next month, Prince Abdulaziz bin Salman, the energy minister of OPEC’s de facto leader Saudi Arabia, told Bloomberg TV on Friday. “Our theme is being cautious,” Prince Abdulaziz bin Salman told Bloomberg on … Read more
Saudi Arabia’s state oil company has assured several buyers in Asia it will deliver full contracted volumes in December despite the OPEC+ decision to cut production, Reuters has reported, citing unnamed sources. The assurance comes despite a commitment on the part of the Kingdom to reduce its production to contribute to the group-wide cut of … Read more
The US Energy Information Administration has slashed its world oil demand growth forecast for next year as President Biden lashed out at oil companies for not expanding supply, and as OPEC+ moved last month to cut production targets by 2 million bpd. The EIA has cut its 2023 world oil demand growth forecast by 320,000 … Read more
I tell people that to understand OPEC, you have to put yourself in their position. Their objective is to maximize the value of the oil they have in the ground. That objective is directly contrary to the desires of most US politicians and consumers — which is access to cheap gasoline. Oil prices have been … Read more
