It’s official. The S&P 500 plunged into bear market territory last week, joining Nasdaq which had been there since March. The Dow isn’t there yet, but close. (A bear market is defined as a drop of 20 per cent or more from the previous high.) The TSX has fared better than its US counterparts. It’s … Read more
Delegates from OPEC+ are trying to decide what to do when the oil production pact ends in August, Bloomberg reported on Friday. The pact is faced with numerous uncertainties and difficult situations—not the least of which is its relationship with one of the top members of the group—Russia. Saudi Arabia has stressed that Russia is … Read more
Reader Update: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week. Chart of the Week – As national … Read more
The US national average for gasoline hit $5 per gallon last week, the highest ever. Brent crude is trading at $120 per barrel and is unlikely to subsidize much further as China comes back in full force. And according to the UAE’s Energy Minister, we haven’t even reached the peak—or anywhere near it. “I’ve never … Read more
OPEC+ once again fell short of its oil production targets in May on continued production declines in many OPEC members, a survey by S&P Platts found, as cited by OPEC and Middle East managing editor Herman Wang. In April, OPEC alone missed its target by 2.7 million barrels daily, and while there was a slight … Read more
Attendees to the Global Energy Show explore the trade fair in Calgary, on June 7.Jeff McIntosh/The Canadian Press Cenovus Energy Inc. CVE-T boss Alex Pourbaix sure hopes oil doesn’t get to $200 per barrel. He thinks the fact that current prices are hovering around $120 per barrel is bad enough for Canada’s energy sector. And … Read more
Russian Foreign Minister, Sergei Lavrov, and his Saudi counterpart, Prince Faisal bin Farhan, met at length last week in Riyadh after which they released statements highlighting: “The level of cooperation in the OPEC+ format.” The two ministers underlined the: “Stabilising effect that tight coordination between Russia and Saudi Arabia in this strategically-important area has on … Read more
Politics, Geopolitics & Conflict The rumors this week that OPEC could suspend Russia’ from its production quota agreement were likely just a testing of the waters. These rumors were complicated by the media’s confusing use of the term “suspended”. On Tuesday, unnamed OPEC delegates suggested to media that the group could suspend Russia. On Wednesday, … Read more
The group has finally bowed to months of pressure from major consumers to help ease the pain of high energy prices. By Salma El Wardany and Ben Bartenstein and Grant SmithBloomberg Published On Jun 2, 2022Jun 2, 2022 OPEC+ will increase the size of its oil-supply hikes by about 50%, bowing to months of pressure … Read more
The OPEC Joint Ministerial Monitoring Committee is recommending an increase in production by 648,000 barrels per day—higher than what was originally agreed, according to Tweets from Amena Bakr, Chief OPEC Correspondent at Energy Intelligence. The proposed 648,000 bpd output increase would be for July, and another 648,000 bpd increase in August. All members of the … Read more
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