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The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance.
- OPEC : OPEC's World Oil Outlook 2021 launched in Vienna
The 2021 OPEC World Oil Outlook (WOO) was launched today in...
- OPEC : OPEC's World Oil Outlook 2021 launched in Vienna
- Oil Price and Supply
- OPEC+ Disagreed on Pandemic Production Move
- OPEC+ Cuts Production on Recession Concerns
- The Bottom Line
As a cartel, the OPEC+ member countries collectively agree on how much oil to produce, which directly affects the ready supply of crude oil in the global market at any given time. OPEC+ subsequently exerts considerable influence over the global market price of oil and, understandably, tends to keep it relatively high to maximize profitability. If O...
In March 2020, Saudi Arabia, an original member of OPEC, the largest exporterof OPEC, and an extremely influential force in the global oil market, and Russia, the second-leading exporter and, arguably, the second most important player in the recently formed OPEC+, failed to reach an agreement about cutting production to stabilize the price of oil. ...
As pandemic restrictions eased around the world, oil prices began to recover along with demand. From lows of less than $17 per barrel in the spring of 2020, WTI prices recovered to more than $80 by October 2021. When Russia invaded Ukraine in February 2022, oil prices climbed even higher, with WTI prices jumping over $115 per barrel by June. As Rus...
The Organization of the Petroleum Exporting Countries (OPEC) and the broader coalition known as OPEC+ leverage their countries’ dominant market position to exert a strong influence over global oil prices. However, divergent long-term goals for member countries and increased production from countries outside the group may limit the capacity of OPEC+...
- Michael Bromberg
Nov 20, 2023 · In 2021, OPEC estimated that its member countries accounted for more than 80% of the world's proven oil reserves. Because of the large market share, the decisions OPEC makes can affect global oil ...
Sep 28, 2021 · The 2021 OPEC World Oil Outlook (WOO) was launched today in Vienna, Austria. The 15th edition of the WOO presents an in-depth review of the OPEC Secretariat’s ongoing analysis of the impacts of the COVID-19 pandemic, and contains medium- and long-term projections for the global oil and energy industry.
Nov 20, 2023 · OPEC member states' exports make up around 60% of global petroleum trade. In 2021, OPEC estimated that its member countries accounted for more than 80% of the world's proven oil reserves. Because of the large market share, the decisions OPEC makes can affect global oil prices. Its members meet regularly to decide how much oil to sell on global ...
Nov 11, 2022 · Another 10 major oil producing countries including Russia have aligned with the group to form an alliance known as OPEC+. OPEC produces about 40% of the world’s crude oil and its members’ exports make up around 60% of global petroleum trade. The group aims to regulate global oil prices by coordinating on reductions or increases in production.
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The publication is a means to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry. It is also a channel to encourage dialogue, cooperation and transparency between OPEC and other stakeholders within the industry.
