Implications of OPEC+ meeting for H2 2023

• 07 6月 2023

The decision by OPEC+ to extend current production cuts and an additional voluntary 1 million b/d reduction for July from Saudi Arabia should provide support for prices in the rest of 2023, according to Wood Mackenzie.

OPEC extends production cuts through 2018

• 30 11月 2017

A 9-month extension to the current OPEC agreement will help sustain prices in a global market that's still uneasy going into 2018.

OPEC+ agrees to increase output after tense negotiations

• 07 12月 2020

Tense negotiations and rumours of a rift between Saudi Arabia and UAE ended with a compromise deal for OPEC+ on 3 December 2020. Despite concerns on oversupply for Q1 2021, the group agreed to increase output by 500,000 b/d in January. Production restraint is set at minus 7.2 million b/d instead of the Q4 2020 level of minus 7.7 million b/d.

OPEC producers key to world supply through to 2040

• 16 7月 2018

Global natural resources consultancy Wood Mackenzie sees OPEC maintaining its role as a key oil supplier through to 2040, although output from non-OPEC producers will help ensure adequate supply in the years to 2030.

What does the OPEC+ supply surge mean for refiners?

• 23 3月 2020

The oil market is in a state of flux. Prices have fallen dramatically, and demand has taken a hit as measures are introduced across the globe to combat the spread of coronavirus. Saudi Arabia and Russia’s competition for market share has only exacerbated weak demand.

Non-OPEC decline rates to remain stable until 2020

• 27 9月 2017

Through operational excellence programmes and smart spending, operators have managed to maximise production and improve efficiencies, bucking expectations of an increase in decline rates. In fact, non-OPEC decline rates have remained stable since 2015. A new report by Wood Mackenzie, Non-OPEC Decline Rates: Lower for Longer, looks at the factors influencing this stability, how long it can be maintained and the impact future shifting decline rates may have on the oil market.

Non-OPEC decline rates remain stable until 2020

• 27 9月 2017

Why haven't decline rates accelerated in the low-price market? We look at short- and long-term factors keeping rates on an even keel through the end of the decade.

OPEC agrees 1.5m b/d output cut as coronavirus eats into global demand

• 05 3月 2020

The OPEC oil producers' group and its non-OPEC allies are poised to deepen its production cuts by 1.5 million barrels per day as the coronavirus (Covid-19) outbreak eats into global oil demand.

OPEC+ prepares for market uncertainty with continued 2 million b/d production cut

• 06 12月 2022

Speaking after today’s OPEC+ meeting, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said “The decision by OPEP+ to continue with its recently agreed 2 million barrels per day (b/d) production cut through the end of 2023 is not a surprise, given the uncertainty in the market over the impact of the 5 December EU Russia crude oil import ban and the G7 price cap. In addition, the producers group faces downside risk from the potential for weakening global economic growth and China’s zero Covid policy.”

OPEC+, Covid-19 and energy transition – 3 themes impacting oil markets and refining in 2021

• 28 1月 2021

Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key themes – OPEC+ production, Covid-19 developments, and the energy transition.

Oil and refining market implications of Israel’s strike on Iran

• 16 6月 2025

Explore the ripple effects of Israel's attack on Iran's nuclear program and how it could reshape global oil markets and geopolitical dynamics in the Middle East

Energy transition to drive refinery and petrochemicals integration

• 16 2月 2021

2020 was a difficult year for the world’s refineries as the coronavirus pandemic reduced refinery utilisation and OPEC+ supply restraint narrowed crude price differentials. Despite this, integrated refinery and petrochemical sites significantly outperformed their fuels-only peers, according to Wood Mackenzie.

Attack on Saudi Arabia's oil facilities

• 16 9月 2019

This attack has material implications for the oil market, as a loss of 5 million barrels per day of supplies from Saudi Arabia cannot be met for long by existing inventories and the limited spare capacity of the other OPEC+ group members. A geopolitical risk premium will return to the oil price.

Webinar | Global Oil Market Implications

• 09 3月 2020

Rapidly reacting to the oil market price crash, our experts discussed the immediate drivers influencing the market today and what we expect to happen as this continues to unfold. Our Vice Chair - Americas, Ed Crooks was joined by a panel of Wood Mackenzie’s experts to discuss: Immediate repercussions of the OPEC+ group failing to reach a deal Lessons learned from previous oil price crashes - what's different this time? The Lower 48 fallout - what happens next? The Corporate response - what does it mean for the industry's biggest players

Is the world sleepwalking into an oil supply crunch?

• 16 7月 2021

Where new oil supply to 2030 will come from and what it costs

Oil market uncertainty could significantly affect prices

• 24 2月 2025

Wood Mackenzie projects that Brent crude oil prices will average $73.00 per barrel (bbl) in 2025, according to its latest market outlook. The forecast considers various geopolitical and economic factors, including potential peace talks between Russia and the US regarding the Ukraine conflict, ongoing tariffs, and sanctions against Iran.

Saudi Arabia’s May 2020 OSPs for crude exports bode well for Asian refiners

• 16 4月 2020

Looking at the May OSPs, it is clear that Saudi Arabia wants to ensure its crude remains very competitive in Asia.

US to release crude oil from strategic petroleum reserve

• 25 11月 2021

On 23 November, US President Biden announced the release of 50 million barrels (mbbl) of crude oil from the US Strategic Petroleum Reserve (SPR).

Why oil is pushing towards US$100/bbl…

• 18 2月 2022

What's driven the rally, what is the outlook for supply and demand fundamentals in 2022, and how will geopolitics, including the Russia/Ukraine crisis, play out?

Macro Oils Service

Easily understand trends in the global oil market with our informed, independent view on oil prices and their key drivers.

Macro Oils Service

Easily understand trends in the global oil market with our informed, independent view on oil prices and their key drivers.

What does the US-China trade deal mean for refiners - and for the market?

• 20 1月 2020

After over a year of trade tensions, the US and China signed a “phase one” trade deal on 16 January. As part of the deal, China has agreed to increase the value of energy imports by US$52.4 billion above 2017 levels over the next two years. What could it mean for the oil market?

5 top takeaways from our APPEC 2025 briefings

• 16 9月 2025

Our experts unpack the 5 key trends shaping Asia’s oil and refining markets in 2025 and what to expect in 2026

Oils & chemicals: 5 things to watch for in 2024

• 11 1月 2024

Calmer waters are expected for the oils, refining and chemicals industries in 2024 – but that doesn’t mean it’s plain sailing. What are the top trends to track for the year ahead?

Saudi Arabia’s price push for oil market dominance in Asia

• 21 4月 2020

Competition is fierce and struggling Asian refiners must now take full advantage of the abundant crude options to maximise their margins.

How uncertainty will define the oil market in 2021

• 28 1月 2021

Covid-19 and the oil price crash sent shockwaves through the oil market in 2020. How will continuing uncertainty affect global demand, supply and refining in 2021?

Will drivers see a repeat of 2014's gasoline price reprieve?

• 02 11月 2018

The average retail gasoline price in the United States is now close to U.S.$3 a gallon, while in Germany, gasoline is retailing at an average of €1.40 per litre. We last saw prices like these in November 2014. Could we see a repeat of the 2014 reprieve?

Oil Supply Tool

Understand the prospects for future oil and NGL supply, and make astute planning, trading and investment decisions.

Oil Supply Tool

Understand the prospects for future oil and NGL supply, and make astute planning, trading and investment decisions.

4 key refining and chemical themes from Moscow

• 23 4月 2019

We've condensed dozens of discussions at Wood Mackenzie's first Russia downstream forum and the 7th CIS Petrochemicals 2019 Conference into 4 of the hottest topics.