OPEC news

Rystad Energy now expects more than half of global oil demand growth to be lost in 2020.

Compared with recent years, both crude oil prices traded within relatively narrow price ranges throughout the year.

In an excerpt from its Global Crude Oil Outlook, ESAI Energy argues that inventories should not be used to justify further production restraint.

The supposed cut of 1.2 million bpd by OPEC+ is larger than some had expected, although still some way of what is really required to bring the market back into balance.

Highlights include crude oil price movements, world oil supply and stock movements.

The historic OPEC agreement from late 2016 to curb production has recently exceeded targeted compliance by 152%.

BP has signed a deal with the Iraqi government to begin revitalising the Kirkuk oilfield, as reported by the Financial Times on Friday.

WorleyParsons has been awarded the project management and front end engineering and design (FEED) services for the offshore oil and gas facilities portion and the onshore upstream and downstream pipelines portion of Saudi Aramco’s Marjan Oil Field Development Program.

EIA now forecasts Brent crude oil spot prices to average US$51/bbl in 2017 and US$52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be US$2/bbl lower than Brent prices in 2017 and 2018.

In its annual account of global oil resources, Rystad Energy finds that Saudi Arabia has added enough recoverable oil resources to regain its top position ahead of the United States and Russia.