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OPEC+ maintains production plan

27 April 2021

OPEC+ is, as expected, holding firm to its decision to increase supply, gradually and carefully, over the coming months.

Comment

Qatar quits OPEC

03 December 2018

On 3 December 2018, Qatar announced it will withdraw from OPEC on 1 January 2019, putting an end to its 57-year membership of the producers’ cartel. Qatar, which said it intends to focus on its gas production, made the announcement ahead of the 6 December OPEC meeting.

Featured

OPEC's surprise production cut

06 December 2019

The OPEC+ group's flexible approach to managing the market is good for prices in the short term, but creates uncertainty beyond 2020. Get the latest analysis of today's OPEC announcement from Ed Crooks with Ann-Louise Hittle, head of macro oils.

The Edge

OPEC’s battle for control of the oil market

18 June 2019

Persistent non-OPEC volume growth poses a challenge. Get our latest OPEC and non-OPEC supply forecasts.

The Edge

A window opens for OPEC+ oil

20 June 2024

Based on our analysis of supply and demand, a window is opening to absorb more OPEC+ oil.

Opinion

OPEC+ plans to boost oil production

07 June 2024

The OPEC+ countries are taking on the delicate task of trying to raise oil production without crashing the market. They are starting cautiously, but the global economic outlook holds plenty of downside risks for demand and prices.

News Release

OPEC+ set to make its choice

05 December 2019

OPEC+ gathers today and tomorrow to decide if the group should roll over its production restraint agreement or consider deeper cuts. The current agreement to reduce output by 1.2 million b/d runs to end March 2020. Ann-Louise Hittle, vice president, Macro Oils, said: “The idea of deeper cuts has been broached, but we consider that less likely to reach full agreement than a rollover of the standing agreement. The need for production restraint is clear. Slower US production growth is not enough to offset the ongoing imbalance between global supply and demand.”

Comment

OPEC and Russia agree output deal

07 December 2018

OPEC and its allies agreed a 1.2 million barrel per day cut after two days of tense meetings in Vienna.

Opinion

Trump's art of the OPEC deal

13 April 2020

In this episode of our Asia-Pacific energy podcast, we discuss this weekend's OPEC agreement.

News Release

OPEC stays the course with production deal

01 December 2017

OPEC and non-OPEC producers agree to extend production curbs through 2018

News Release

Implications of OPEC+ meeting for H2 2023

07 June 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.

Opinion

December '18 OPEC meeting: production cuts expected

03 December 2018

As OPEC ministers prepare to meet in Vienna this week, Qatar abruptly announced its withdrawal from the producer’ group. While the move sparked a lot of speculation, it will not have a significant impact on supply. Get Ann-Louise Hittle's analysis of this and other key talking points including Trump and production cuts at this week's OPEC meeting. With live updates from Vienna from Ann-Louise.

Comment

Supply outlook tightens as OPEC+ prepares to meet

01 July 2021

As OPEC+ meets on 1 July, oil prices are supported by tightening oil market fundamentals for the second half of 2021. Global natural resources consultancy Wood Mackenzie forecasts total oil demand to rise 5.9 million barrels per day (b/d) year-on-year for 2021.

News Release

OPEC+ ‘no deal’ a blow to the market

06 March 2020

The OPEC+ meeting broke up without a deal, what does it mean for the markets?

Comment

Deeper OPEC+ supply cuts sends supportive signal to markets

06 December 2019

After a marathon meeting, running late into the night of 5 December, the OPEC+ group has agreed to continue its current production restraint of 1.2 million barrels per day (b/d), and will add a further 0.5 million b/d of supply cuts through to March 2020.

News Release

OPEC+ aims for balance as it rolls over output curbs

02 July 2019

Speaking as the OPEC and OPEC+ meetings ended in Vienna today, Ann-Louise Hittle, vice president, Macro Oils, at global natural resources consultancy Wood Mackenzie, said: “The agreement to roll over production restraint was a foregone conclusion after the green light from Russia’s president, Vladimir Putin, at the G20 meeting for continued production restraint."

News Release

OPEC+ deal balances consumer pressure with need for stable prices

23 June 2018

The OPEC+ meeting, held in Vienna on 23 June 2018, confirmed Saudi Arabia and Russia’s high-level commitment to co-operate to manage the oil market.

News Release

Non-OPEC decline rates to remain stable until 2020

27 September 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.

Opinion

Extended production cuts show OPEC's enduring influence over oil

08 March 2024

It has been written off many times, but the oil producers' group remains relevant. In the long term, its influence could grow.

Opinion

What does the OPEC+ supply surge mean for refiners?

23 March 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.

News Release

OPEC+ set for rollover but risk clouds supply outlook

30 June 2019

As OPEC and OPEC+ meet in Vienna, the outlook for the market is mixed, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie said. “Geopolitical risk means the supply outlook is tightening, offsetting the moderate weakening in oil demand growth thus far this year,” she said.

News Release

OPEC producers key to world supply through to 2040

16 July 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.

Comment

OPEC+ surprises market as it extends output curbs

04 March 2021

OPEC+ took the market by surprise when it decided to roll over its quota, saying that rather than anticipate a demand recovery, the group would wait to see it actually recover. The market was expecting a substantial increase in production because a tightening in the supply and demand balance is already evident.

Comment

OPEC+ agrees to increase output after tense negotiations

07 December 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.

Opinion

OPEC+ strikes a deal to avoid oil glut

04 December 2020

The production cuts agreed by the OPEC+ group in April have been highly effective in rebalancing the oil market after the pandemic sent demand plunging. With hopes growing of a stronger rebound next year, some countries, led by the United Arab Emirates, have been calling for OPEC+ to stick to its plan to allow almost 2 million b/d of extra production in January. But demand is expected still to be weak in the first quarter at least, as the Covid-19 vaccines begin to be rolled out. An OPEC+ production increase of that size would have risked an oversupplied market and falling crude prices. Facing that risk, the OPEC+ ministers pulled back from the brink and agreed a production increase of just 500,000 b/d, to be reviewed for possible further increases every month.

The Edge

US policy cranks up the risks to oil supply – and price

14 May 2019

Dwindling spare OPEC capacity leaves market vulnerable to disruption. Learn more.

News Release

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

05 March 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.

The Edge

OPEC‘s challenge in 2020: balancing an oversupplied oil market

03 December 2019

Will oil demand growth recover in 2020? Is global supply still growing apace? How is US tight oil investment and production being affected by negative investor sentiment? Have the production cuts of 2019 balanced the market? Do they need to be extended or adjusted? Will fundamentals or geopolitics determine oil prices? We answer some of the big questions on OPEC’s agenda ahead of its December meeting in Vienna.

The Edge

UAE’s exit rattles OPEC’s grip on the oil market

29 April 2026

The UAE’s shock departure from OPEC marks the bloc’s biggest split since 1960, raising fresh questions over supply discipline and oil prices

News Release

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

28 January 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.

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Your search for opec has returned 194 results

OPEC+ maintains production plan

Qatar quits OPEC

OPEC's surprise production cut

OPEC’s battle for control of the oil market

A window opens for OPEC+ oil

OPEC+ plans to boost oil production

OPEC+ set to make its choice

OPEC and Russia agree output deal

Trump's art of the OPEC deal

OPEC stays the course with production deal

Implications of OPEC+ meeting for H2 2023

December '18 OPEC meeting: production cuts expected

Supply outlook tightens as OPEC+ prepares to meet

OPEC+ ‘no deal’ a blow to the market

Deeper OPEC+ supply cuts sends supportive signal to markets

OPEC+ aims for balance as it rolls over output curbs

OPEC+ deal balances consumer pressure with need for stable prices

Non-OPEC decline rates to remain stable until 2020

Extended production cuts show OPEC's enduring influence over oil

What does the OPEC+ supply surge mean for refiners?

OPEC+ set for rollover but risk clouds supply outlook

OPEC producers key to world supply through to 2040

OPEC+ surprises market as it extends output curbs

OPEC+ agrees to increase output after tense negotiations

OPEC+ strikes a deal to avoid oil glut

US policy cranks up the risks to oil supply – and price

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

OPEC‘s challenge in 2020: balancing an oversupplied oil market

UAE’s exit rattles OPEC’s grip on the oil market

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

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