Did you mean
various
Showing results for "variant"

Extraordinary times call for extraordinary leadership in OPEC+ — and Saudi Arabia stepped up

  • The coronavirus (COVID-19) pandemic has taught us how quickly things can change. In the oil industry, things were looking so good in mid-December when the Joint Ministerial Monitoring Committee of OPEC+ (a group of OPEC countries and 10 non-OPEC allies) postponed its meeting until the beginning...
·

Inhumanity on Europe’s doorstep

  • While the world is preoccupied with outrageous scenes in the US Capitol and the economic consequences of new lockdowns to curb the spread of virulent new variants of the coronavirus, unspeakable human suffering on the fringes of Europe has gone largely unnoticed. On Dec. 23 the Lipa refugee c...
·

Oil-price rally: Only possible because of KSA’s voluntary production cut

  • And we are back. So, we might say, looking at Brent futures going above $60 per barrel on Monday and West Texas Intermediate (WTI) up 60 percent since October/November. This is indeed a remarkable comeback from 10 months ago when WTI briefly turned negative on that fatal day in April. What en...
·

Oil markets ahead of March OPEC+ meeting: Caution may be advisable

  • After the bust comes the boom. Ten months ago, oil saw its worst decline in demand in the commodity’s history. Put that against January and February of this year, when it saw the steepest-ever rally for the first two months of any calendar year. The oil price rally over the last few months ha...
·

Tough decisions for ministers at upcoming OPEC+ meeting

  • The ministers of OPEC+, an alliance between OPEC members and 10 friendly producer nations led by Russia, will meet this week to look at the global oil markets. On April 1, the ministers agreed to ease production cuts by 350,000 barrels per day (bpd) during May and June, and 441,000 bpd in Jul...
·

Why July 1 will be one of the most important meetings for OPEC+ in some time

  • Who would have thought a little over a year ago on that doomed day in April when WTI went into negative territory, as the pandemic shut down economies and travel alike, that Brent would surpass $75 per barrel? It did so last week. This brings us to the discussion between the bulls and the bea...
·

OPEC+ Eid compromise: All’s well that ends well

  • All’s well that ends well: After two weeks of tussle between OPEC stalwarts and long-time allies Saudi Arabia and the UAE over whether Abu Dhabi should be permitted to increase its baseline from which production cuts are calculated, a pre-Eid grand bargain was reached. OPEC+ will raise its pr...
·

OPEC+ should not give in to request to increase supply immediately

  • Requests to OPEC from the White House are nothing new when oil supplies are tight or the oil market is broken. Presidents George H.W. Bush, Bill Clinton and George W. Bush all asked OPEC to increase production when markets were tight. Former President Donald Trump famously pushed OPEC+ to drast...
·

Hindsight is 20/20: Why OPEC’s steady course was right on the money

  • Last weekend proved that there truly never is a dull moment in the oil markets. Oil prices temporarily plunged by more than 10 percent, for both Brent and the West Texas Intermediate, on the discovery of yet another variant of the coronavirus, labeled omicron. This has proven OPEC+ correct in i...
·

‘Steady as she goes’ OPEC+ policy rewarded by oil markets

  • When OPEC+ takes decisions, markets move. Many analysts were surprised that OPEC+ stayed the course at last Thursday’s ministerial meetings and continued increasing output by 400,000 bpd according to its schedule. Markets liked what they saw: After initially losing ground, oil prices rose ste...
·