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  • India Relaxed About OPEC+ Cutting Oil Output, Minister Says

    India’s oil minister said the country isn’t concerned about OPEC+’s output cuts and Saudi Arabia’s recent decision not to expand production capacity. “There is enough oil in the world and new suppliers are coming in,” Hardeep Singh Puri said on the sidelines of India Energy Week in Goa. “You decide, you want to sell it or you want to keep it in the ground.”

  • OPEC and Saudi spare oil production capacity

    Saudi Arabia currently holds spare capacity of 3 million barrels per day, a source with direct knowledge of the matter said, equal to about 2.9% of daily world demand according to Reuters calculations. The International Energy Agency estimates that OPEC's total spare capacity is 5.1 million bpd, of which 3.2 million bpd is held by Saudi Arabia, 1 million bpd by the UAE, 400,000 bpd by Iraq and 300,000 bpd by Kuwait.

  • IEA Cuts Oil Demand Forecast for 2024 but OPEC Remains Bullish

    “At the start of 2024, the risk of global oil supply disruptions from the Middle East conflict remains elevated, particularly for oil flows via the Red Sea and, crucially, the Suez Canal,” the IEA noted in its January 18 report. Strikes by the United States and United Kingdom against the Iran-backed Houthis in Yemen in retaliation for attacks on ships in the Red Sea “have raised concerns that an escalation of the conflict could further disrupt the flow of oil via key trade chokepoints.”

  • Aramco awards $3.3bn gas facility contracts to Sinopec and Tecnicas Reunidas

    Aramco has awarded contracts worth more than $3.3 billion to Chinese company Sinopec and Spain’s Tecnicas Reunidas to build a gas facility in Saudi Arabia. According to a disclosure on the Spanish Stock Exchange, Sinopec will own 65 percent of the project and Tecnicas Reunidas will have a 35 percent share. The contract includes the development of a new facility in Saudi Arabia called Riyas natural gas liquids at the Jafurah unconventional gas production project.

  • The United States is drowning OPEC in oil

    “US oil supply growth continues to defy expectations,” the International Energy Agency said in its latest Oil Market Report, released Thursday (Jan. 18). The US is producing more oil than any country in history, some 13 million barrels of it per day, and all those barrels are coming at OPEC’s expense. Combined with record production in Brazil and Guyana (whose oil resources are the key to an escalating diplomatic row with Venezuela), as well as the defection of OPEC member Algeria, the global oil supply marketshare of OPEC+ (OPEC and a select group of allies) sits at about 48%, the lowest since the “plus” was added in 2016.

  • OPEC+ set to hold monitoring meeting in early February

    OPEC+ plans to hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February, though an exact date has not been decided, three sources from the alliance said. OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies led by Russia, usually holds such meetings every two months to monitor the implementation of its production agreements. The committee brings together leading countries within the alliance, including Saudi Arabia, Russia and the United Arab Emirates.

  • Russia and Saudi Arabia urge all OPEC+ countries to join output deal

    Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman have urged all OPEC+ countries to join the group's agreement on output cuts, saying it would serve the interests of the global economy.

    The appeal was made in a joint statement published on Thursday after the two met a day earlier and also said that Russia and Saudi Arabia had agreed it was important to boost cooperation in oil and gas, including in equipment supplies.

  • Russia and Saudi Arabia urge all OPEC+ powers to join oil cuts

    Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy only days after a fractious meeting of the producers' club. Hours after Russian President Vladimir Putin went to Riyadh in a hastily arranged visit to meet Saudi Crown Prince Mohammed bin Salman, the Kremlin released a joint Russian-Saudi statement about the conclusion of their discussions.

  • OPEC+ Talks Hit Turbulence as Saudis Agitate Over Output Levels

    The OPEC+ meeting scheduled for this weekend has been delayed as talks ran into trouble amid Saudi dissatisfaction with other members’ oil production levels. Ministerial meetings will now take place on Nov. 30, OPEC said on its website, without giving a reason for the delay. Saudi Arabia, which has been making an additional 1 million barrel-a-day output cut since July, was in difficult talks with other members about their production levels, delegates said, asking not to be named because the discussions are private.

  • US linkup with Saudi could cause OPEC shift

    OPEC’s importance has been in decline anyway: Saudi Arabia accounted for about a third of the group’s exports last year. Plus the relationship with the U.S. could bolster Saudi security. The United States already produces more than a fifth of the world’s oil. Together they would control more than a third of the market, more than the remaining countries in OPEC. So Saudi may decide it’s better to be under the U.S. umbrella.