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- Global oil supply is set to tighten, intensifying concerns over soaring inflation after the OPEC+ group of nations announced its largest supply cut since 2020. The move comes ahead of European Union embargoes on Russian energy over the Ukraine war.
www.aljazeera.com/news/2022/10/6/why-is-opec-cutting-global-oil-production
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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.
- Joint Iea-Ief-Opec Reports
The IEA, IEF and OPEC jointly held their second symposium on...
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- Joint Iea-Ief-Opec Reports
promoting a sustainable oil market stability for the benefit of producers, consumers and the global economy. The success of this year’s ASB would not have been possible without the combined efforts of our Data
Nov 11, 2022 · 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.
- The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand, which is now expected to contract by 340 kb/d y-o-y in 4Q22.
- World oil supply rose by 300 kb/d in September to 101.2 mb/d, with OPEC+ providing over 85% of the gains. After a massive 2.1 mb/d boost from 2Q22 to 3Q22, growth is forecast to decelerate markedly, to 170 kb/d from 3Q22 to 4Q22, following the OPEC+ decision to cut official production targets by 2 mb/d from November – a 1 mb/d cut to actual output given the bloc’s underperformance vis-à-vis quotas.
- Global refining activity is responding to the slowdown in demand and lower refinery margins, with 3Q22 runs coming in lower than expected. Our forecasts for 4Q22 and 2023 have been revised down by 340 kb/d and 720 kb/d, respectively, following demand downgrades and OPEC+ production cuts.
- Russian oil exports fell by 230 kb/d to 7.5 mb/d in September, down 560 kb/d from pre-war levels. Shipments to the EU dropped by 390 kb/d m-o-m. With less than two months to go before a ban on Russian crude oil imports comes into effect, EU countries have yet to diversify more than half of their pre-war import levels away from Russia.
This new OIES presentation looks at the extension of the OPEC+ deal to the end of 2022 and implications on oil markets: Global oil demand has lost some momentum recently, but the fundamentals remain solid where demand is still expected to grow by 5.6 mb/d in 2021 and further 3.3 mb/d in 2022.
Jan 3, 2022 · OPEC and its allies are expected to revive more oil supplies when they meet next week, underscoring the group’s optimism in the outlook for global demand.
Jun 15, 2022 · Non-OPEC+ is set to lead world supply growth through next year, adding 1.9 mb/d in 2022 and 1.8 mb/d in 2023. As for OPEC+, total oil output in 2023 may fall as embargoes and sanctions shut in Russian volumes and producers outside the Middle East suffer further declines.
