Tag: OPEC

According to Gibson Shipbrokers' Tanker Market Report, oil markets once again are carefully watching for any comments from OPEC+ officials, with speculation building what the group will decide during their upcoming meeting on June 2nd.

According to the International Monetary Fund (IMF) maritime container traffic through the Red Sea has fallen by almost 30% year-on-year, as a result of Houthi attacks on merchant ships off Yemen.

According to IEA, rising geopolitical tensions in the Middle East, which accounts for one-third of the world’s seaborne oil trade, has markets on edge at the start of 2024.

Global oil demand is set to return to pre-pandemic levels by the end of 2022, rising 5.4 mb/d in 2021 and a further 3.1 mb/d next year, IEA said in its monthly Oil Report for June 2021.

The outbreak of the COVID-19 pandemic resulted in the sharpest downturn in energy and oil demand in living memory, according to OPEC World Oil Outlook 2020, released in Vienna, Thursday. Despite the large drop in 2020, global primary energy demand is forecast to continue growing in the medium- and long-term, increasing by a significant 25% in the period to 2045.

While economic activity in the oil market is beginning a gradual recovery, major uncertainties remain and the biggest is whether governments can ease the lockdown measures without sparking a resurgence of COVID-19 outbreaks, according to IEA's monthly Oil Market report. 

OPEC agreed to cut oil output by a record 9.7 million barrels per day, about 10% of global supply, for the months of May and June, followed by another agreement of extending the duration of the proposed 1.5 million barrel per day cut until the end of 2020, instead of 30th of June 2020.

The US Energy Information Administration (EIA) has focused on several underlying assumptions about OPEC’s posture regarding targeted production output and what effect it may have on global oil balances and prices.

ADNOC, UAE's oil giant, stated that it will boost its efforts and produce more oil, aiming to increasing the supply to over 4 million barrels per day in April 2020, following the collapse of the OPEC+ agreement and the oil price war between Saudi Arabia and Russia.

In view of the ongoing oil demand situation and the disruption brought by coronavirus, OPEC recommended extending the duration of the proposed 1.5 million barrel per day cut until the end of 2020, instead of 30th of June 2020, as previously announced.