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OPEC+ maintains production plan

27 4月 2021

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

News Release

OPEC+ set to make its choice

05 12月 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.”

Opinion

December '18 OPEC meeting: production cuts expected

03 12月 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.

Editorial

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.

News Release

OPEC stays the course with production deal

01 12月 2017

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

News Release

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.

Opinion

US anger at OPEC+ production cut

11 10月 2022

The decision provoked some anger in the US. But the actual production cut is smaller than the headlines imply, and is coming as global demand for oil is faltering.

Comment

OPEC and Russia agree output deal

07 12月 2018

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

Comment

Deeper OPEC+ supply cuts sends supportive signal to markets

06 12月 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 7月 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."

Editorial

OPEC opts for clever compromise – and a show of unity

22 6月 2018

Focusing on market fundamentals, we look at the impact of three possible options for OPEC and co-operating non-OPEC producers.

News Release

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.

The Edge

OPEC’s battle for control of the oil market

18 6月 2019

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

Comment

OPEC+ surprises market as it extends output curbs

04 3月 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 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.

Editorial

OPEC remains key to price recovery through 2040

16 7月 2018

Despite record-breaking gains in the Permian, strong demand growth and heightened geopolitical risk pushed Brent to USD80/bbl in May. For the market to truly rebalance, OPEC will remain key to price recovery over the short to medium term.

The Edge

OPEC and how low prices have changed oil demand

03 4月 2018

How to sum up the effect on oil markets of OPEC’s strategy since 2014? Based on how the fundamentals have evolved, it's been a pretty mixed bag.

News Release

OPEC+ set for rollover but risk clouds supply outlook

30 6月 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.

Opinion

OPEC+ strikes a deal to avoid oil glut

04 12月 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.

News Release

OPEC+ ‘no deal’ a blow to the market

06 3月 2020

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

News Release

OPEC+ deal balances consumer pressure with need for stable prices

23 6月 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.

Opinion

Extended production cuts show OPEC's enduring influence over oil

08 3月 2024

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

Comment

Supply outlook tightens as OPEC+ prepares to meet

01 7月 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.

Featured

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.

Comment

All eyes on OPEC meeting as group mulls easing of production restraint

01 12月 2020

OPEC held its scheduled bi-annual meeting virtually on 30 November 2020. Though the group was unable to reach an agreement at that meeting, up for discussion is whether the production restraint would be eased starting 1 January 2021.

News Release

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.

Comment

Collapsing demand sets the terms in the OPEC+ battle for market share

09 4月 2020

Since OPEC+’s failure to agree on production restraint on 5-6 March, the implications of the Covid-19 pandemic have become far clearer, sparking a crisis in the oil market as prices fell and supply ramped up. The problem for these producers is the scale of the fall in oil demand, especially during April and forecast for Q2 2020. No matter the size of the varying forecasts, they all point to a challenging market that puts pressure on storage space and prices.

The Edge

Low oil price could squeeze out 4 million b/d of non-OPEC supply

19 4月 2020

The OPEC+ ‘deal of the century’ last weekend changes oil market dynamics in the short run. Find out more in this week's Edge.

News Release

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.”

News Release

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.

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Your search for opec has returned 160 results

OPEC+ maintains production plan

OPEC+ set to make its choice

December '18 OPEC meeting: production cuts expected

OPEC extends production cuts through 2018

OPEC stays the course with production deal

Implications of OPEC+ meeting for H2 2023

US anger at OPEC+ production cut

OPEC and Russia agree output deal

Deeper OPEC+ supply cuts sends supportive signal to markets

OPEC+ aims for balance as it rolls over output curbs

OPEC opts for clever compromise – and a show of unity

OPEC producers key to world supply through to 2040

OPEC’s battle for control of the oil market

OPEC+ surprises market as it extends output curbs

OPEC+ agrees to increase output after tense negotiations

OPEC remains key to price recovery through 2040

OPEC and how low prices have changed oil demand

OPEC+ set for rollover but risk clouds supply outlook

OPEC+ strikes a deal to avoid oil glut

OPEC+ ‘no deal’ a blow to the market

OPEC+ deal balances consumer pressure with need for stable prices

Extended production cuts show OPEC's enduring influence over oil

Supply outlook tightens as OPEC+ prepares to meet

Non-OPEC decline rates remain stable until 2020

All eyes on OPEC meeting as group mulls easing of production restraint

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

Collapsing demand sets the terms in the OPEC+ battle for market share

Low oil price could squeeze out 4 million b/d of non-OPEC supply

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

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