Three weeks ago, we noted that sanctions continued to tighten on Russia and asked whether China would come to Moscow’s rescue (no it wouldn’t we concluded). However, three weeks on from the initial question and it appears that OPEC+ has instead decided to come to Russia’s aid. That may not be too surprising – RussiaContinue reading “OPEC+ cuts output, Russian oil price cap proposals move forward”
Tag Archives: Saudi Arabia
Outlook for oil prices and the LNG market
I was recently interviewed by a European business magazine on the outlook for oil prices and the global gas market, which I thought I could usefully turn into a blog this week. What’s happening in the oil market, production was first cut and now it’s been increased again. How much of this is about politics?Continue reading “Outlook for oil prices and the LNG market”
OPEC+ extends output cuts for a month
Prices rising but a challenge from compliance and a threat from the shale recovery Late last Friday night I was asked to comment by a well-known journal on what OPEC+ might do about oil production, given that their next meeting was fast approaching. I said I thought they would extend their 9.7 mbd cut fromContinue reading “OPEC+ extends output cuts for a month”
OPEC+ agree output cuts
Over the past weekend OPEC+ (OPEC plus Russia – and now plus a few other countries as well) announced that it had reached an agreement to cut oil production in response to the dramatic falls in oil demand following the economic dislocation caused by the Covid-19 virus. Supply/DemandGlobal oil demand is around 100 million barrelsContinue reading “OPEC+ agree output cuts”
Prospects for the recovery of the global oil market
On January 1, Brent crude oil was trading above $66/bbl. Three months later, it had fallen by more than 60% from that level. A coronavirus-driven decline was followed by a collapse when the three-year old agreement between OPEC and Russia to cut production and raise prices broke down. The root cause was a three-way tussleContinue reading “Prospects for the recovery of the global oil market”
Global Energy Comment 