OPEC news
Oil rises again on renewed OPEC+ meeting hopes
Oil prices rose this morning on indications that an OPEC+ meeting is coming soon, with an agreement to extend June’s production-cut levels to July.
Oil falls as chance of OPEC+ agreement wanes
Oil prices fall as enthusiasm for a possible OPEC+ agreement to continue June’s production cuts for more months subsides.
Oil rises in response to OPEC+ meeting rumours
Oil prices got a boost this morning on rumours that the coming OPEC+ meeting may keep high-level production cuts after June.
Oil prices rise in advance of OPEC+ meeting
OPEC+ producers are considering extending their output cut of 9.7 million bpd, about 10% of global production, into July or August, at an online meeting likely to be held on 4 June.
Rystad Energy comments on fresh Saudi, UAE and Kuwait production cuts
From June, Saudi Arabia is cutting an extra 1 million bpd, the UAE an extra 100 000 bpd, and Kuwait an extra 80 000 bpd.
Oil stops rising as storage reality weights in
Oil prices stopped rising on Wednesday as the market started realising that crude storages continue to fill, after days of prolonged gains.
Oil prices fall
Oil prices fell on Monday, despite the OPEC+ cuts.
Rystad Energy: global oil glut set to halve in May and shrink to just 6 million bpd in June
Rystad has warned however that stock build will still overwhelm remaining global storage, which will fill in weeks.
Azerbaijan outlines plans for upholding OPEC+ agreement
Following OPEC+'s agreement to cut oil production by 9.7 million bpd from 1 May 2020, Azerbaijan has announced the commitments it will take as a member.
Kazakhstan makes output cuts
Kazakhstan has pledged to cut its output by 390 000 bpd in May and June.