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#Saudi energy minister dismisses calls for extra OPEC+ barrels | Reuters

Saudi energy minister dismisses calls for extra OPEC+ barrels | Reuters OPEC leader Saudi Arabia dismissed calls for speedier oil output increases on Thursday, saying its efforts with allies were enough and protecting the oil market from the wild price swings seen in natural gas and coal markets.“What we see in the oil market today is an incremental (price) increase of 29%, vis-à-vis 500% increases in (natural) gas prices, 300% increases in coal prices, 200% increases in NGLs (natural gas liqu...
Tags: Travel, Saudi Arabia, Russia, Opec, United States, Moscow, Reuters, Abdulaziz, Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey, Prince Abdulaziz Bin Salman


OPEC trims 2021 demand forecast but says gas price surge could help | Reuters

OPEC trims 2021 demand forecast but says gas price surge could help | Reuters OPEC has trimmed its world oil demand growth forecast for 2021 while maintaining its 2022 view, its monthly report showed on Wednesday, but it said surging natural gas prices could boost demand for oil products as end users switch.The Organization of the Petroleum Exporting Countries (OPEC) now expects oil demand to grow by 5.82 million barrels per day, down from 5.96 million bpd in its previous forecast, saying that...
Tags: Travel, Opec, Reuters, Reuters OPEC, Petroleum Exporting Countries OPEC, Rupert Neil Bumfrey


OPEC+ sticks to plan for gradual oil output hike, price roars higher | Reuters

OPEC+ sticks to plan for gradual oil output hike, price roars higher | Reuters OPEC+ said on Monday it would stick to an existing pact for a gradual increase in oil output, sending crude prices to three-year highs and adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic.The Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, have faced calls for from big consumers, such as the United States and I...
Tags: Travel, Russia, India, Opec, United States, Reuters, Reuters OPEC, Rupert Neil Bumfrey


OPEC+ seen keeping oil output policy unchanged, OPEC+ sources say | Reuters

OPEC+ seen keeping oil output policy unchanged, OPEC+ sources say | Reuters OPEC and its allies are likely to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, three OPEC+ sources said on Monday, despite pressure from consumers to cool a red hot market.Ministers from The Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, are due to gather online at 1300 GMT. An OPEC+ ministerial panel that monitors ...
Tags: Travel, Russia, Opec, Reuters, Reuters OPEC, Rupert Neil Bumfrey


OPEC+ considers options for releasing more oil to the market -sources | Reuters

OPEC+ considers options for releasing more oil to the market -sources | Reuters OPEC+ is considering going beyond its existing deal to boost production by 400,000 barrels per day (bpd) when it meets next week, sources said, at a time when oil pricesare near a three-year high and consumers are pressing for more supply.The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, meets on Monday to review output policy.In July, the group agreed to boost output b...
Tags: Travel, Russia, Opec, Reuters, Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey


OPEC+ considers options for releasing more oil to the market -sources | Reuters

OPEC+ considers options for releasing more oil to the market -sources | Reuters OPEC+ is considering going beyond its existing deal to boost production by 400,000 barrels per day (bpd) when it meets next week, sources said, against a backdrop of oil near a three-year high and pressure from consumers for more supply.The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed in July to boost output by 400,000 bpd a month to phase out 5.8 million bpd in...
Tags: Travel, Russia, Opec, Reuters, Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey


OPEC+ struggles to pump more oil to meet rising demand | Reuters

OPEC+ struggles to pump more oil to meet rising demand | Reuters OPEC and its allies struggled again to pump enough oil in August to meet global demand as it recovers from the coronavirus pandemic, potentially adding to upward pressures on oil prices.Several OPEC+ members such as Nigeria, Angola and Kazakhstan have struggled in recent months to raise output due to years of under-investment or large maintenance work that has been delayed by the COVID-19 pandemic.Cheating and producing above tar...
Tags: Travel, Saudi Arabia, Opec, Kazakhstan, Gulf, Reuters, Reuters OPEC, Rupert Neil Bumfrey, Nigeria Angola


OPEC to stick to oil production deal in October, Iraq oil minister says | Reuters

OPEC to stick to oil production deal in October, Iraq oil minister says | Reuters OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq's oil minister said, adding the group is expected to stick to its current production accord when it meet in October "if prices remain stable".Iraq total oil exports, including those of the Kurdistan region in the north of the country, should stand at an average of 3.4 million barrels per day in September, the mini...
Tags: Travel, Iraq, Opec, Kurdistan, Baghdad, Reuters, Reuters OPEC, Rupert Neil Bumfrey, Ihsan Abdul Jabbar


OPEC expects Delta variant to delay oil demand growth | Reuters

OPEC expects Delta variant to delay oil demand growth | Reuters OPEC on Monday trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant, saying a further recovery would be delayed until next year when consumption will exceed pre-pandemic rates.The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report it expects oil demand to average 99.70 million barrels per day (bpd) in the fourth quarter of 2021, down 110,000 bpd from...
Tags: Travel, Opec, Delta, Reuters, Reuters OPEC, Petroleum Exporting Countries OPEC, Rupert Neil Bumfrey


OPEC set to revise down 'optimistic' oil demand outlook -sources | Reuters

OPEC set to revise down 'optimistic' oil demand outlook -sources | Reuters OPEC wil likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in doubt.On Sept. 1, separate sources said the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, increased its 2022 oil demand forecast to 4.2 million barrels per day (bpd) from 3.28 million bpd previousl...
Tags: Travel, Opec, Reuters, Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey


OPEC+ sees tighter oil market until May 2022 | Reuters

OPEC+ sees tighter oil market until May 2022 | Reuters OPEC+ expects the oil market to be in deficit at least until the end of 2021 and stocks to stay relatively low until May 2022, OPEC+ sources said on Tuesday, a day ahead of a policy meeting amid U.S. pressure to raise production.The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, meet on Wednesday at 1500 GMT to set policy.Sources told Reuters the meeting is likely to roll...
Tags: Travel, Russia, Opec, United States, Reuters, Reuters OPEC, Rupert Neil Bumfrey


OPEC+ sees no need to meet U.S. call for more supply, sources say | Reuters

OPEC+ sees no need to meet U.S. call for more supply, sources say | Reuters OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exp...
Tags: Travel, Russia, Opec, Joe Biden, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey


OPEC sticks to oil demand view despite virus, sees more U.S. shale coming | Reuters

OPEC sticks to oil demand view despite virus, sees more U.S. shale coming | Reuters OPEC on Thursday stuck to its prediction of a strong recovery in world oil demand in 2021 and further growth next year, despite concerns about the spread of the Delta coronavirus variant that has weighed on prices.The Organization of the Petroleum Exporting Countries in a monthly report also raised its forecast of supply from rivals, including U.S. shale producers, next year, a potential headwind for the effort...
Tags: Travel, Opec, Reuters, International Energy Agency, Organization of the Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey


OPEC July oil output hits 15-month high as demand recovers, survey shows | Reuters

OPEC July oil output hits 15-month high as demand recovers, survey shows | Reuters OPEC oil output rose in July to its highest since April 2020, a Reuters survey found, as the group further eased production curbs under a pact with its allies and top exporter Saudi Arabia phased out a voluntary supply cut.The Organization of the Petroleum Exporting Countries has pumped 26.72 million barrels per day (bpd), the survey found, up 610,000 bpd from June's revised estimate. Output has risen every mont...
Tags: Travel, Saudi Arabia, Opec, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Commerzbank, Rupert Neil Bumfrey, Carsten Fritsch


OPEC+ yet to make progress in resolving impasse, sources say | Reuters #SaudiArabia #UAE

OPEC+ yet to make progress in resolving impasse, sources say | Reuters OPEC+ is yet to make progress closing divisions between Saudi Arabia and the United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting this week less likely, OPEC+ sources said.Russia has been working behind the scenes to bring Riyadh and Abu Dhabi back to the table to find a path to agreement, sources told Reuters. But a Russian source said on Monday a meeting this week was not...
Tags: Travel, Vladimir Putin, Saudi Arabia, White House, Russia, Opec, Joe Biden, United States, United Arab Emirates, Oman, Kremlin, Abu Dhabi, Reuters, Riyadh, Reuters OPEC, Rupert Neil Bumfrey


OPEC+ to resume oil policy talks on Monday after #UAE roadblock | Reuters

OPEC+ to resume oil policy talks on Monday after UAE roadblock | Reuters OPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact.The standoff could delay plans to pump more oil through to the end of the year to cool oil prices that have soared to 2-1/2 year highs.Without a deal, the OPEC+ alliance could keep tighter restraints on output with oil prices now trading a...
Tags: Travel, Opec, United Arab Emirates, Uae, Reuters, Reuters OPEC, Rupert Neil Bumfrey


Despite uncertainties, OPEC sticks to forecast of oil demand surge in second half | Reuters

Despite uncertainties, OPEC sticks to forecast of oil demand surge in second half | Reuters OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group.In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said demand would rise by 6.6% or 5.95 million barrels per day (bpd) this year. The forecast was unchan...
Tags: Travel, China, Global, Opec, United States, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey, Eurozone Japan, India OPEC


OPEC chief, in upbeat oil outlook, sees oil stocks falling further | Reuters

OPEC chief, in upbeat oil outlook, sees oil stocks falling further | Reuters OPEC and its allies expect oil inventories to fall further in the coming months, OPEC's secretary general said on Monday, suggesting efforts by the producers to support the market are succeeding.Oil stocks in the developed world nations fell by 6.9 million barrels in April, Mohammad Barkindo said in a virtual appearance at the Nigeria International Petroleum Summit, 160 million barrels lower than the same time one yea...
Tags: Travel, Nigeria, Opec, Reuters, Reuters OPEC, Rupert Neil Bumfrey, Mohammad Barkindo


OPEC+ debates whether to raise or freeze oil output as price recovers | Reuters

OPEC+ debates whether to raise or freeze oil output as price recovers | Reuters OPEC and its allies in will decide on Thursday whether to freeze oil output or raise it slightly from April as a recent price rally is clouded by concern over the fragility of economic recovery during the COVID-19 pandemic.The market has been expecting the OPEC+ group of producers to ease supply cuts by about 500,000 barrels per day (bpd) from April. OPEC’s de facto leader Saudi Arabia has also been expected to parti...
Tags: Travel, Saudi Arabia, Opec, Reuters, Reuters OPEC, Rupert Neil Bumfrey


OPEC+ to weigh modest oil output boost at meeting - sources | Reuters

OPEC+ to weigh modest oil output boost at meeting - sources | Reuters OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic. As of February, it ...
Tags: Travel, Saudi Arabia, Opec, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey


Oil price rally points to more OPEC+ easing from April -sources | Reuters

Oil price rally points to more OPEC+ easing from April -sources | Reuters OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, OPEC+ sources said, although any increase in output will be modest as producers are wary of fresh setbacks in the battle against the pandemic. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, slowed the pace of a planned output increase in January to match weaker-than-expected fuel demand due to c...
Tags: Travel, Saudi Arabia, Opec, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey


OPEC 'cautiously optimistic' oil market will recover in 2021 | Reuters

OPEC 'cautiously optimistic' oil market will recover in 2021 | Reuters OPEC’s secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought on by the coronavirus pandemic.Monthly meetings of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia - a group known as OPEC+ - are there to stop an imbalance from re-emerging, OPEC’s Mohammad Barkindo told a virtual forum.“We all agree that the recov...
Tags: Travel, Saudi Arabia, Russia, Opec, Reuters, Reuters OPEC, Rupert Neil Bumfrey, Barkindo, Mohammad Barkindo, Atlantic Council Global Energy Forum Oil


OPEC+ producers split over oil output increase -sources | Reuters

OPEC+ producers split over oil output increase -sources | Reuters OPEC+ oil producers were split on Monday over increasing output from February as some feared a hit from new coronavirus lockdowns while Russia and Kazakhstan said demand recovery justified higher production, five OPEC+ sources said.OPEC+, which groups OPEC and other producers including Russia, began meeting at around 1500 GMT on Monday.Two OPEC+ sources told Reuters that in the meeting Russia and Kazakhstan backing raising product...
Tags: Travel, Russia, Opec, United Arab Emirates, Kazakhstan, Reuters, Reuters OPEC, Rupert Neil Bumfrey, Mohammad Barkindo, Iraq Nigeria


Column: OPEC+ to boost output as oil market tightens - John Kemp | Reuters

Column: OPEC+ to boost output as oil market tightens - John Kemp | Reuters OPEC and its partners have agreed to raise their collective production by 0.5 million barrels per day (bpd) in January, with output to be reviewed and adjusted at monthly intervals thereafter.The increase is much smaller than the 2 million bpd scheduled last April, but marks a significant shift from the start of November, when the group seemed poised to leave output unchanged for another three months.The shift responds to...
Tags: Travel, Opec, Reuters, Reuters OPEC, John Kemp, Rupert Neil Bumfrey


OPEC+ agrees slight easing of oil cuts from January | Reuters

OPEC+ agrees slight easing of oil cuts from January | Reuters OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year.The increase means the Organization of the Petroleum Exporting Countries and Russia, a group known as OPEC+, would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts...
Tags: Travel, Saudi Arabia, Russia, Opec, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey


OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows | Reuters

OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows | Reuters OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal.The 13-member Organization of the Petroleum Exporting Countries has pumped 25.31 million barrels per day (bpd) in November, the survey found, up 750,000 bpd from October and a further increase from the three-decade low re...
Tags: Travel, Russia, Opec, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Commerzbank, Rupert Neil Bumfrey, Eugen Weinberg


OPEC+ to discuss extending oil cuts or gradually raising output, sources say | Reuters

OPEC+ to discuss extending oil cuts or gradually raising output, sources say | Reuters OPEC+ members will consider whether to extend existing oil cuts for three to four months or to increase output gradually from January during their two days of talks that start on Monday, OPEC+ sources told Reuters. Officials from the Organization of the Petroleum Exporting Countries, Russia and others, a group known as OPEC+, held an initial round of talks on Sunday before formal discussions began but failed t...
Tags: Travel, Saudi Arabia, Opec, Reuters, Reuters OPEC, Rupert Neil Bumfrey


OPEC+ weighs further steps to support market, sees weaker compliance | Reuters

OPEC+ weighs further steps to support market, sees weaker compliance | Reuters OPEC and its allies discussed weaker compliance with pledged oil output cuts on Monday and weighed further action to support the market as the second wave of coronavirus hits demand.The Organization of Petroleum Exporting Countries, Russia and others, known as OPEC+, were due to raise output by 2 million barrels per day (bpd) in January as part of a steady easing of record supply cuts implemented earlier this year.But...
Tags: Travel, Opec, Reuters, Reuters OPEC, Rupert Neil Bumfrey


OPEC oil output rises more on Libya restart, Iraq - Reuters survey | Reuters

OPEC oil output rises more on Libya restart, Iraq - Reuters survey | Reuters OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal.The 13-member Organization of the Petroleum Exporting Countries has pumped 24.59 million barrels per day (bpd) on average in October, the survey found, up 210,000 bpd from September and a further boost fro...
Tags: Travel, Iraq, Opec, Libya, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey, Stephen Brennock


Exclusive: #Saudi's Falih says sees no oil shortage, but OPEC to act if needed - Reuters

Exclusive: Saudi's Falih says sees no oil shortage, but OPEC to act if needed - Reuters:Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that he saw no oil supply shortage as global oil inventories are still rising, particularly from the United States, but OPEC will be responsive to the oil market’s needs.Speaking in Jeddah ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC producers, including Saudi Arabia and Russia, Falih told Reuters OPEC will not decide...
Tags: Travel, Saudi Arabia, Russia, Opec, United States, Jeddah, Reuters, Reuters OPEC, Khalid al Falih, Rupert Neil Bumfrey, Falih



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