(Bloomberg) — OPEC’s top official urged countries in the group and its allies to follow through on their pledges to cut oil production and keep global markets balanced.
Read MoreGlobal Markets: OPEC Chief Urges Producers to Meet Cut Pledges
OPEC
Global Industry: OPEC’s Next Big Crisis
OPEC is having some success in heading off another oil market downturn, but over the medium-term the cartel faces much more serious risks.
Read MoreGlobal Markets: OPEC output falls by nearly 800,000 bpd in January
OPEC production declined by 797,000 bpd in January from a month earlier, averaging just 30.81 mb/d.
Read MoreGlobal Oil & Gas: “Washington Eyes Crackdown On OPEC” – Oilprice
Legislation targeting OPEC is suddenly gaining steam in the U.S. Congress, raising alarm bells for the cartel.
Read MoreMarkets: “OPEC Production Drops To Lowest Since March 2015” – Platts Survey
OPEC’s crude oil production plummeted by nearly 1 million bpd from December to 30.86 million bpd in January, marking the lowest production for the cartel since March 2015, as Saudi Arabia over-delivered and members exempted from the reduction pact saw their output further drop, according to the S&P Global Platts survey.
Read MoreIndustry Analysis: OPEC = Success Or Stagnation?
Since the co-option of Russia at the end of 2016, OPEC has appeared resplendent, but it remains a far from perfect cartel with no real destination in sight.
Read MoreGlobal Markets: Oil prices climb on OPEC cuts, hopes of U.S-China trade deal
Oil prices rose on Friday, lifted by OPEC’s supply cuts and hopes the United States and China could soon settle their trade disputes. U.S. West Texas Intermediate (WTI) futures were at $54.10 per barrel at 0133 GMT, up 31 cents, or 0.6 percent, from their last settlement. International Brent crude oil futures were at $61.25 per barrel, up 41 cents, or 0.7 percent from their last close. “Prices supported by data showing further falls in…
Read MoreAfrica Oil & Gas: Ten developments that will shape Africa’s energy sector in 2019
After a year of rebound and recovery, Africa’s old and new hydrocarbons markets have an opportunity to further entrench the continent’s position as the world’s hottest oil and gas frontier in 2019.
Read MoreGlobal Oil & Gas: OPEC’s December production down 751,000 bpd
OPEC released its monthly Oil Market Report on Thursday, revealing a roughly 751,000 bpd decline, according to secondary sources.
Read MoreGlobal Markets: Oil Stabilizes As OPEC Implements Cuts
The oil rally of the past two weeks continues, even though in a more tempered manner, on the back of U.S. commercial crude supplies shrinking, Russia starting to implement its OPEC/OPEC+ commitments and China promising to do whatever it takes to avert an economic slowdown.
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