Organization of the Petroleum Exporting Countries (OPEC)

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Organization of the Petroleum Exporting Countries (OPEC) Latest News

OPEC pushes for oil production cut of 1.5 million barrels/day, or 1.5% of global supply, from members, allies to prevent further fall in crude prices to US$30-US$40/barrel from current US$50/barrel as coronavirus disrupts global industry, reduces demand
Mar. 05, 2020, Associated Press
OPEC cuts 2020 world oil demand growth forecast to 0.99 million barrels/day, down 230,000 barrels/day from previous month's estimate, citing coronavirus outbreak; OPEC lowers Chinese oil demand estimates for H1 down 200,000 barrels/day from previous month
Feb. 12, 2020, Business Insider
OPEC and allies to consider deepening oil supply curbs by 500,000 barrels/day to 2.2 million barrels/day due to slowing oil demand amid coronavirus concerns; China's largest oil refiner Sinopec to cut output by 600,000 barrels/day, or about 12%
Feb. 04, 2020, Reuters

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Additional News

Organization of the Petroleum Exporting Countries total oil export revenues were US$711B in 2018, up 32% from 2017 revenues; net revenues expected to decline to US$604B in 2019, down 17% on a per capita basis from 2018: EIA
Aug. 20, 2019, U.S. Energy Information Administration (EIA)
OPEC cuts 2019 world oil demand forecast to 30.59 million barrels/day; OPEC oil output fell by 797,000 barrels/day on the month to 30.806 million barrels/day in January
Feb. 12, 2019, Reuters
OPEC and Russia-led allies agree to cut oil production more than expected, by 0.8 million barrels/day from January; non-OPEC allies will cut 0.4 million barrels/day, sending oil prices up about 5% to more than US$63/barrel
Dec. 07, 2018, Reuters
Crude oil futures in New York up as much as 1.8% after 10 straight losses after Saudi Arabia said OPEC and allies should reduce output; Saudi Arabia plans to cut shipments by about 500,000 barrels/day
Nov. 12, 2018, Bloomberg
World oil demand to increase by 1.36 million barrels/day next year, according to OPEC's new estimate, 50,000 barrels/day lower than previous estimate; group cites headwinds facing broader economy, particularly key consuming countries
Oct. 11, 2018, Reuters
Organization of the Petroleum Exporting Countries total oil export revenues were US$567B in 2017, up 29% over 2016 revenues; net export revenues projected to increase to US$736B in 2018, up 30% from 2017: EIA
Sep. 18, 2018, U.S. Energy Information Administration (EIA)
OPEC still pumping too much crude oil despite cutting output, according to its first assessment of world markets in 2018; oil prices have slumped in a bear market on concern that production cuts haven't been deep enough to clear a global glut
Jul. 12, 2017, Bloomberg LP
OPEC upbeat on market outlook for 2017, saying global demand for its crude would be higher than its current production, causing its excess inventory to be reduced
Jul. 12, 2016, Thomson Reuters Corp.
Oil prices fall for second day as concerns emerge that six-week rally may have stalled after OPEC dashed hopes for a speedy erosion of global oversupply
Mar. 15, 2016, Thomson Reuters Corp.
Oil prices climb above US$30/barrel on hopes that OPEC and non-OPEC producers may be closer to deal to tackle supply glut
Jan. 26, 2016, Thomson Reuters Corp.
Average price for a basket of crude oil from OPEC falls to US$25/barrel even before unrestrained exports from Iran hit the market; UN's expected confirmation that Iran has curtailed its nuclear program expected to end bans that have hurt oil exports
Jan. 15, 2016, Thomson Reuters Corp.
Global oil prices at seven-year lows will not continue, could begin rising in as little as one year, as low-price cycle leads to cuts in output from some producers , says OPEC secretary-general
Dec. 15, 2015, Thomson Reuters Corp.
Oil prices fall following OPEC's decision to keep production levels unchanged; benchmark US crude falls to near US$39/barrel as international benchmark Brent crude drops to just above US$42/barrel
Dec. 07, 2015, Associated Press
OPEC nations scrap official output ceiling, acknowledging their inability to push up prices, agree to keep producing well above that level as major producers inside cartel oppose calls to crimp output
Dec. 04, 2015, Associated Press
Surplus oil inventories at highest level in at least 10 years because of increased worldwide production, reports OPEC, adding that slowing non-OPEC supply, rising demand for winter fuels could help reduce inventory, enable prices to recover
Nov. 12, 2015, Bloomberg LP
Drop in oil prices this month likely to be short-term, will not deflect OPEC from its policy of keeping output high to defend market share, say delegates from Gulf OPEC members and other nations
Jul. 22, 2015, reuters
Global oil market should be more balanced in 2016 as China and developing world use more oil, supply of fuel from North American shale grows more slowly: OPEC
Jul. 13, 2015, Thomson Reuters Corp.
OPEC to leave its output unchanged at 30 million barrels/day even if oil prices fall as low as US$40/barrel, says UAE's energy minister, adding that group will wait at least three months before considering an emergency meeting
Dec. 15, 2014, Bloomberg LP
OPEC cuts forecast for how much crude it will need to supply in 2015 to lowest level in 12 years amid surging US shale supplies, lower expected global consumption; impact on supply and demand of 2014's 40% price collapse unclear, OPEC says
Dec. 10, 2014, Bloomberg LP
OPEC's decision to keep its output target unchanged signals 'new era' for oil prices, where market, not OPEC, will manage supply, says analyst; US fracking boom has contributed to estimated global oil surplus of 2 million barrels/day
Nov. 28, 2014, Bloomberg LP
Global demand for oil from OPEC next year will be far below its current output level because of US shale boom; group predicts 2015 demand of 29.20 million barrels/day, nearly 1 million barrels/day less than it is currently producing
Nov. 12, 2014, Thomson Reuters Corp.

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