VIENNA, AUSTRIA (By OPEC, 5.Jul.2026, Words: 268) — The 7 OPEC+ countries, which previously announced additional voluntary adjustments in Apr. and Nov. 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 Jul. 2026, to review global market conditions and outlook. In their collective commitment […]
Tag: OPEC+
8 OPEC+ countries reaffirm commitment to market stability
VIENNA, AUSTRIA (By OPEC, 5.Oct.2025, Words: 286) — The 8 OPEC+ countries, which previously announced additional voluntary adjustments in Apr. and Nov. 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 Oct. 2025, to review global market conditions and outlook In view of […]
Eight OPEC+ countries eye 547,000 b/d production adjustment [table]
VIENNA, AUSTRIA (By OPEC, 3.Aug.2025, Words: 294) — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production. The 8 OPEC+ countries, which previously announced additional voluntary adjustments in Apr. […]
![OPEC+ reaffirm commitment to market stability [table]](https://energy-analytics-institute.org/wp-content/uploads/2020/08/Aramco.jpg)
OPEC+ reaffirm commitment to market stability [table]
BATON ROUGE, LOUISIANA (By Steve Stewart, Energy Analytics Institute, 5.Jul.2025, Words: 309) — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production. The 8 OPEC+ countries, which previously announced […]
OPEC+ countries commit to market stability, 411 Mb/d adjustment
HOUSTON, TEXAS (Ian Silverman, Energy Analytics Institute, 3.May.2025) — 8 OPEC+ countries — namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — which previously announced additional voluntary adjustments in Apr. and Nov. 2023, announced plans to implement a production adjustment of 411 thousand barrels per day (Mb/d) […]
Goldman Sachs reduces price forecast, drops range amid downside risks
BATON ROUGE, LOUISIANA (Steve Stewart, Energy Analytics Institute, 3.Apr.2025) — Goldman Sachs reduced its Dec. 2025 forecasts for Brent and West Texas Intermediate (WTI) by $5 per barrel to $66/bbl and $62/bbl respectively. This, as 2 key downside risks flagged by the bank are realizing: namely tariff escalation and somewhat […]
8 OPEC+ countries reaffirm commitment to market stability
HOUSTON, TEXAS (Editors at Energy Analytics Institute, 3.Apr.2025) — 8 OPEC+ countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman — reaffirmed their commitment to stabilizing the oil market and upward production adjustments. The 8 OPEC+ countries previously announced additional voluntary adjustments in Apr. 2023 and Nov. […]
Wood Mackenzie Lowers 2025 Brent Price Estimate by $0.40/bbl to $73/bbl
HOUSTON, TEXAS (Philipp Markopulos, Energy Analytics Institute, 18.Mar.2025) — Wood Mackenzie is forecasting an average Brent crude oil price of $73 per barrel (bbl) in 2025, down $0.40/bbl from an estimate revealed in an early-Feb. 2025 monthly report. This price is $7/bbl lower compared to the average Brent price in […]
TotalEnergies Says Gas Market to Remain in Tension in 2025
HOUSTON, TEXAS (Energy Analytics Institute, 5.Feb.2025) — TotalEnergies expects the gas market to remain tense in 2025 owing to “very limited expected capacity additions related to delays of some projects.” TotalEnergies expects its liquefied natural gas (LNG) sales to exceed 40 million tonnes (Mt) in 2025, up slightly compared to […]
Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman Extend Cuts
(Opec, 5.Sep.2024) — The OPEC+ countries, which previously announced additional voluntary cuts in Apr. and Nov. 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on 5 Sep. 2024, during which the eight member countries emphasized their collective resolve to […]
What OPEC’s 2 MMbbl Cut Could Mean for US Gas Prices
(By Ben Geman, Axios, 5.Oct.2022) — OPEC+ is jolting oil markets this week with plans to cut output — and the ripples could reach all the way to the U.S. midterm elections. Driving the news: The coalition of OPEC, Russia and allied producers on Wednesday announced cuts of 2 million barrels […]
OPEC+ Deepens Support for Saudi Call to Weigh Supply Curbs
(Bloomberg, 24.Aug.2022) — OPEC’s united front on possible action grew stronger, as more nations endorsed Saudi Arabia’s view that supply curbs may be needed to stabilize world oil markets. Within 48 hours of comments from Saudi Arabian Energy Minister Prince Abdulaziz bin Salman that OPEC might have to curtail production, fellow […]
Oil Gains as Libya Shuts Its Largest Oil Field Amid Protests
(Bloomberg, 18.Apr.2022) — Oil rose as the shutdown of Libya’s biggest oil field strains an already under-supplied market, overshadowing signals that China’s drastic pandemic lockdowns are weighing on economic growth. Brent crude futures settled above $113 a barrel for the first time since late March while West Texas Intermediate oil […]
Venezuela Briefs: Oil Tankers, OPEC+ Meeting
(Energy Analytics Institute, 10.Feb.2021) — Venezuelan briefs related to the departure of oil tankers Era and Explorer from PDVSA’s Amuay refinery in Punto Fijo and Venezuela’s participation in recent OPEC+ discussions. Oil Tankers Depart Amuay For Singapore (Energy Analytics Institute, 10.Feb.2021) — The oil tankers Era and Explorer are said […]
OPEC+, Covid-19 and Energy Transition: 3 Themes in 2021
(WoodMac, 28.Jan.2021) — Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key themes – OPEC+ production, Covid-19 developments, and the energy transition. Following 2020’s unprecedented oil demand shock amid the Covid-19 pandemic, Wood Mackenzie expects 2021 […]
UAE Eases Oil Supply Cuts To Asia After OPEC+ Deal
(Bloomberg, 7.Dec.2020) — The United Arab Emirates will provide Asian oil buyers with a little more crude next month after OPEC+ reached a compromise deal on cuts. While OPEC’s third-largest producer will still reduce supply to Asia in January, the curbs won’t be as deep as this month in percentage […]
Mexico Wins Over $2bn On Oil Hedge
(Bloomberg, 1.Dec.2020) — Mexico will cash in its oil price insurance policy this year for the fourth time only in the last two decades, receiving a payout of about $2.5 billion from its 2020 sovereign oil hedge, people familiar with the transaction said. In an ironic turn of events, Mexico […]
Agbami Key Sticking Point In OPEC+ Compliance
(Argus, 11.Aug.2020) — Nigeria’s full compliance to the OPEC+ deal hangs on a key oil grade being treated as a condensate. Since OPEC+ allowed ultra-light oil to be exempt from its production cut deal, the West African nation’s Agbami has been a bone of contention. The challenge is that nobody […]
Mexico To Sit Out Extension Of OPEC+ Oil Output Cuts
(Reuters, 6.Jun.2020) — Mexico will not join other top oil producers in extending through July output cuts aimed at propping up the price of crude, Energy Minister Rocio Nahle said on Saturday. Made up of OPEC members and allies led by Russia, the group known as OPEC+ agreed in April […]
Mexico To Remain In Opec+, No Output Cuts Planned
(Argus, 22.May.2020) — Mexico will remain within the Opec + group but has no plans for further production cuts, the energy ministry told Argus today. “Mexico will participate in the Opec + meeting in June but we do not contemplate implementing more cuts,” the ministry said. “There are no plans […]
OPEC And Non-OPEC To Cut Output By 9.7 MMb/d
(OPEC, 12.Apr.2020) — The 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting was held via videoconference, on Sunday, 12 April 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation. The Meeting reaffirmed […]
APPO Commits To Support OPEC+ Efforts
(OPEC, 11.Apr.2020) — The African Petroleum Producers’ Organization (APPO) has followed with keen interest the Meeting of the OPEC+ or Declaration of Cooperation Partners which held on Thursday 9th April 2020 and the Meeting of the G20 Energy Ministers which held yesterday Friday 10th April 2020 aimed at halting and […]
The Unexpected Holdout To A Global Oil Production Deal
(Bloomberg, 10.Apr.2020) — One of the most dramatic global oil production agreements in history has been left hanging on the approval of an unlikely character: Mexican President Andres Manuel Lopez Obrador. For weeks Russia and Saudi Arabia, two energy powerhouses, have been sparring over oil, with their dispute sending crude […]
Collapsing Demand Sets Terms In OPEC+ Battle
(WoodMac, 9.Apr.2020) — Since OPEC+’s failure to agree on production restraint on 5-6 March, the implications of the Covid-19 pandemic have become far clearer, sparking a crisis in the oil market as prices fell and supply ramped up. The problem for these producers is the scale of the fall in […]
WoodMac On OPEC+ Production Plan
(WoodMac, 9.Apr.2020) — As OPEC+ agreed at cut of 10 million b/d, WoodMac’s Ann-Louise Hittle said: “A 10 million b/d cut would be very supportive of price over the second quarter. “Even a 5 million b/d reduction would see oil prices in the low $30s. It would ease pressure on […]
Mexico To Participate In Opec+ Call
(Argus, 6.Apr.2020) — Mexico will participate in an Opec+ meeting on 9 April, the energy ministry told Argus today. “As a member of Opec+, Mexico will participate in the next meeting,” the ministry said. Mexico does not yet anticipate any cuts to production as part of a wider agreement, the […]
Maduro Highlights Need To Stabilize Oil Market
(Energy Analytics Institute, Piero Stewart, 31.Mar.2020) — Venezuela’s President Nicolás Maduro highlighted the importance of the agreements between the Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC+), as well as the need to advance in rapprochements between the organization, Russia and Saudi Arabia. “I proposed the need to […]