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The indispensable OPEC+

05 六月 2020

Reports of “the death of OPEC” have proved greatly exaggerated, as the cartel and its allies have shown their continuing relevance this year

Comment

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.

News Release

OPEC+ maintains production plan

27 四月 2021

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

Editorial

OPEC's dilemma

25 五月 2017

With OPEC agreeing to roll over production for nine more months, our 2017 oil price forecast of US$55/bbl for Brent is largely unaffected. But as fundamentals tighten in the second half of 2017, we believe a firmer oil price will further support the US tight oil industry.

Opinion

OPEC+ plans to boost oil production

07 六月 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.

Featured

OPEC's surprise production cut

06 十二月 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.

News Release

OPEC+ set to make its choice

05 十二月 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

Trump's art of the OPEC deal

13 四月 2020

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

Opinion

December '18 OPEC meeting: production cuts expected

03 十二月 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 十一月 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 十二月 2017

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

News Release

Implications of OPEC+ meeting for H2 2023

07 六月 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 十月 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 十二月 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 十二月 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 七月 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."

News Release

Non-OPEC decline rates to remain stable until 2020

27 九月 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.

Opinion

What does the OPEC+ supply surge mean for refiners?

23 三月 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.

Editorial

OPEC remains key to price recovery through 2040

16 七月 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 四月 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.

Comment

OPEC+ surprises market as it extends output curbs

04 三月 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 十二月 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.

News Release

OPEC producers key to world supply through to 2040

16 七月 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.

Editorial

OPEC opts for clever compromise – and a show of unity

22 六月 2018

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

The Edge

OPEC’s battle for control of the oil market

18 六月 2019

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

Opinion

OPEC+ strikes a deal to avoid oil glut

04 十二月 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.

The Edge

For a few dollars more – OPEC’s shifting stance

13 十月 2016

OPEC’s plan for production cuts signals a desire to support prices, even if the battle to wrest control of the market seems barely half won.

News Release

OPEC+ set for rollover but risk clouds supply outlook

30 六月 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.

News Release

OPEC+ ‘no deal’ a blow to the market

06 三月 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 六月 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.

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