Oil Prices Reverse Course After Saudi Arabia Denies Output Hike Rumors

Oil Prices Reverse Course After Saudi Arabia Denies Output Hike Rumors

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

Oil Prices Plunge As OPEC+ Considers Production Hike

Oil Prices Plunge As OPEC+ Considers Production Hike

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

Hess: OPEC’s Back In The Driver’s Seat

Hess: OPEC’s Back In The Driver’s Seat

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

Saudi Arabia Slashes Oil Exports By 430,000 Bpd As OPEC+ Cuts Output

Saudi Arabia Slashes Oil Exports By 430,000 Bpd As OPEC+ Cuts Output

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 Ready To Intervene “For The Benefit Of Oil Markets”

OPEC Ready To Intervene “For The Benefit Of Oil Markets”

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

The Growing Anti-OPEC Movement Is Disasterous For Oil Markets

The Growing Anti-OPEC Movement Is Disasterous For Oil Markets

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

Saudi Arabia: OPEC+ Must Be Cautious With Its Oil Production Policy

Saudi Arabia: OPEC+ Must Be Cautious With Its Oil Production Policy

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 To Deliver Full Oil Volumes To Asia Despite Production Cut

Saudi Arabia To Deliver Full Oil Volumes To Asia Despite Production Cut

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