Updated on 12/01/2021 01:27 pm The OPEC + alliance foresees a growing glut of oil supplies in 2022, with the highest rates between January and March next year, according to a document from the group’s technical committee published on Wednesday. Experts believe that the surplus will be 1.7 million barrels per day (mbd) on average […]
Tag: OPEC
OPEC + closely follows new variant of COVID-19, some worried about outlook
Updated on 11/26/2021 02:24 pm OPEC + closely monitors the information about the new variant of the coronavirus COVID-19, called “omicron” by the World Health Organization (WHO), sources said, and some countries expressed concern that the prospects for the oil market could worsen , less than a week before a meeting to establish the group’s […]
OPEC estimates release of reserves will increase global crude surplus in first quarter
Updated on 11/24/2021 07:05 pm The advisory body of the Organization of the Petroleum Exporting Countries (OPEC) expects a release of crude reserves by the United States and other consuming countries will expand a projected global surplus early next year, Bloomberg reported, citing a document it did not identify. The OPEC Economic Commission Board projects […]
Learn what Biden’s oil offensive means
by Liam Denning President Joe Biden shouldn’t wait for an invitation to Saudi Arabia so he can get his hands on a luminous orb in the near future. The announcement that the United States will release 50 million barrels from the Strategic Petroleum Reserve (SPR), as part of a broader measure coordinated with other countries, […]
Venezuelan petrochemicals arrive in the US despite Washington trade restrictions
Venezuelan petrochemicals produced by joint ventures between the state chemical company Pequiven and foreign partners have joined USA, despite Washington’s efforts to limit trade with the partner country of the OPEC. At least two shipments of methanol, a widely used industrial product whose prices have soared this year, have landed at ports near Houston since […]
US, China and others point to OPEC with possible release of oil reserves
The governments of some of the world’s largest economies said they were considering releasing oil from their strategic reserves, following an unusual request from USA for a coordinated measure to cool energy prices and before a meeting of the main producing countries. The government of the president Joe Biden has asked large oil buyers such […]
US discusses joint release of oil reserves with China, points against OPEC +
The governments of some of the world’s largest economies are studying the release of oil from their strategic reserves, following an unusual request from Washington for a coordinated move to cool energy prices ahead of a meeting of major oil producers. The Joe Biden administration has asked a wide range of countries, including China for […]
OPEC + heading for geopolitical confrontation due to Biden’s demand
OPEC + heads into a politically high-profile showdown with US President Joe Biden, as Saudi Arabia and its allies must choose whether or not to heed US demands to increase oil production. If the organization rejects the request, it is headed for a serious conflict with the White House, which is concerned that inflation caused […]
Global energy crisis leads Asia to turn to US crude
Updated on 10/18/2021 02:14 am Asian demand for Petroleum The US is rising as the energy crisis raises the prices of other crude that are traded against the global Brent futures contract. China and other Asian buyers have been buying US acid crude supertankers for November delivery and are looking for more in December, according […]