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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 third OPEC/IEA/IEF high-level technical workshop took...
- Opec, Iea, Oecd, WB Joint Report
OPEC, along with the World Bank, the OECD and the IEA was...
- Annual Report
The OPEC Annual Report features a foreword by the Secretary...
- Joint Iea-Ief-Opec Reports
5.5% in 2021 and 4.1% in 2022, unchanged from last month’s assessment. Similarly, Eurozone economic - growth remains at 5.1% for 2021 and at 3.9% for 2022. Japan’s economic growth forecast for 2021 is revised down to 2% from 2.5%, after an unexpectedly strong decline in 3Q21, but forecast for 2022 is revised up to
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Dec 14, 2023 · Oil prices have tumbled since OPEC+ members agreed to cut production late last month. One reason: The cartel has never had less leverage over the market.
Mar 31, 2024 · In depth view into OPEC Crude Oil Production including historical data from 1973 to 2024, charts and stats. ... Date Value; June 30, 2022: ... 2021: 28.86M ...
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- Overview
- OPEC solidarity ‘dissolved’
- Oil prices climb to multi-year highs
Oil producer group OPEC has been plunged into crisis, with bitter infighting between Saudi Arabia and the United Arab Emirates raising questions about the future of the energy alliance.
OPEC and non-OPEC partners, a group of some of the world’s most powerful oil producers, abruptly abandoned plans to reconvene on Monday after last week’s meetings unexpectedly failed to broker a deal on oil production policy. The group did not set a new date to resume talks.
It means no agreement has been reached on a possible increase in crude production beyond the end of July, leaving oil markets in a state of limbo just as global fuel demand recovers from the ongoing coronavirus pandemic.
“OPEC+ has been thrown its most serious crisis since last year’s ill-fated price war between Saudi Arabia and Russia,” Helima Croft, head of global commodity strategy at RBC Capital Markets, said in a research note.
“Back-channel talks reportedly are continuing, but questions about UAE’s commitment to remaining in OPEC will likely grow in the coming days.”
The UAE-Saudi dispute appeared to be about more than oil policy, Croft said, with Abu Dhabi “seemingly intent on stepping outside Saudi Arabia’s shadow and charting its own course in global affairs.”
The disarray comes after OPEC+ on Friday voted on a proposal to increase oil production by roughly 2 million barrels per day between August and the end of the year in 400,000 barrels per day monthly installments. It also proposed to extend the remaining output cuts to the end of 2022.
The plans were rejected by the UAE, however, which wants a higher baseline to its quota to allow for more domestic production.
“No agreement was reached and as we stand now the OPEC+ alliance, if it is still the right word to describe the group, will produce at the July level for the rest of the year,” Tamas Varga, oil analyst at PVM Oil Associates, said in a research note.
“The [non-] outcome of the meeting rewrites the supply-demand landscape for the near and potentially for the distant future,” he added.
The rare public stand-off between the UAE and Saudi Arabia saw energy ministers from both countries engaging in a media blitz over the weekend to outline their respective positions.
“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazrouei told CNBC. He added that while the country was willing to support a short-term increase in oil supply, it wants better terms through 2022.
The news pushed oil prices even higher. International benchmark Brent crude futures traded at $77.34 a barrel on Tuesday morning, up 0.2 percent for the session, while U.S. West Texas Intermediate futures stood at $76.36, around 1.6 percent higher.
At one point, WTI crude hit as high as $76.98, which was the highest price since November 2014.
Oil prices rallied more than 45 percent in the first half of the year, supported by the rollout of Covid-19 vaccines, a gradual easing of lockdown measures and massive production cuts from OPEC+.
Samuel Burman, assistant commodities economist at Capital Economics, said OPEC producers were likely to increase oil production above quota next month as member states “seek to take advantage” of higher oil prices.
In addition to a rift between the UAE and Saudi Arabia, he said Abu Dhabi was probably “somewhat irritated” that Russia hadn’t been complying with OPEC’s production quotas.
Burman said non-OPEC leader Russia hadn’t introduced any compensatory cuts at all and was currently overproducing by around 100,000 barrels per day. “We think that this spat involving the UAE increases the chances that the entire agreement falls apart which would clearly pose a downside risk to our near-term price forecasts.”
- Sam Meredith, CNBC
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. OPEC+ to unwind the 5.76 mb/d cut by September 2022.
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Sep 28, 2021 · Oil use will rise by 1.7 million barrels per day in 2023 to 101.6 million bpd, OPEC said its 2021 World Oil Outlook, adding to robust growth already predicted for 2021 and 2022 , and pushing ...
