OPEC
Daily Wrap Up 23 August 2022
US recession fears are back in focus as the flash services PMI report dropped to 44.1, the lowest report since May 2020.
Barkindo: new members shall join output cuts agreement
10 Oct 2017 09:50 AM |Mohamed Barkindo, Secretary General of OPEC, made the following statement:
- Global demand in 2018 is still expected to reach 1.4 million bpd.
- Stocks stabilized at an average of 5 years at 171 million barrels in August compared with 338 million barrels at the beginning of the year and dominated by crude.
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The Secretary General of OPEC sees the need for extraordinary measures to rebalance market
9 Oct 2017 11:04 AM |Mohamed Barkindo, Secretary General of OPEC, made the following statement:
- OPEC and other oil producers may need to take extraordinary action next year to restore market equilibrium.
- There is a growing consensus that the market equilibrium process is under way.
Russia continues to work with Saudi Arabia on the production reduction agreement
4 Oct 2017 02:44 PM |Russian Foreign Minister Sergei Lavrov said that Moscow would like to continue working with Riyadh on the implementation of the agreement to reduce the world oil production. The remarks came ahead of King Salman's visit to Russia, where the Russian foreign minister praised the cooperation between the two countries in helping to reach an agreement between OPEC and non-OPEC oil producers to cut production until the end of March 2018.
Daily wrap up – 2 October
2 Oct 2017 10:54 PM |The beginning of the first week of the last quarter of 2017 was very inflammatory. Catalonia held a referendum on secession from Spain and the approval rate reached 90%, but the Spanish government rejected that referendum and considered it illegal. The European Commission supported that view, calling on all parties to sit at the dialogue table.
Joint ministerial monitoring committee for oil producers meets today
22 Sep 2017 01:32 PM |The joint ministerial monitoring committee of oil producers participating in the cut-off agreement meets today, consisting of OPEC members: Algeria / Venezuela / Kuwait and non-OPEC members: Russia / Oman. Although this committee was formed only to monitor the compliance of the countries participating in the agreement to the production reduction process, discussions are likely to dominate the possibility of extending the period of production cuts and / or deepening production cuts.
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Daily wrap up – 21 September
21 Sep 2017 06:44 PM |The markets absorbed the Fed's decisions yesterday, US stocks started to fall from historical highs and the US dollar saw some slight declines after rising overnight after the Federal Reserve kept interest rates unchanged at 1.25% and left the door open for a third raise this year.
Iraq fully complies with OPEC's cut production agreement
19 Sep 2017 10:21 AM |The statements of the Iraqi Oil Minister were as follows:
- Iraq has exceeded its share of production cuts.
- Oil production currently stands at 4.32 million barrels per day.
Barkindo: It is clear that the oil market rebalancing process is underway
12 Sep 2017 01:19 PM |Mohamed Barkindo, Secretary General of OPEC, made the following statement:
- The cut-off deal helps to rebalance world oil markets.
- The process of rebalancing markets is underway and supported by commitment
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Saudi Arabia and Russia discussed extension of reduce deal without a decision
5 Sep 2017 03:14 PM |Russia and Saudi Arabia have discussed the possibility of extending the OPEC and Non-OPEC cut-off agreement but no final decision has been taken. The current deal cuts production until March 2018 with a recommendation from a committee of participating countries to increase production cuts if needed.
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