OPEC & Global Markets

The Opec+ production agreement was dealt a devastating blow in March 2020 when Opec producers were unable to sign Russia up to deeper cuts. The process has shown that while Opec is unable to bring about substantial price gains, its strength lies in the ability of its core members to flood the market and undercut prices.

OPEC & Global Markets

10 Jan, 2025

Featured

2024 Sees Opec Output

Opec output fell 460,000 b/d last year as the group’s core members implemented tighter ‘voluntary’ output cuts.
The UAE’s Monthly Quota Is Set To Break Above 3.05mn b/d From September This Year
OPEC & Global Markets

17 Jan, 2025

Top Story

Geopolitical Uncertainty Hangs Over Oil Markets

The Biden administration’s final days have seen sanctions ramp up on Russia and Iran oil trade. Markets have tightened, but Opec+ is unlikely to release more barrels, for now at least.
Key 2025-26 Global Oil Demand Forecasts: Opec Remains Far More Bullish Than Others (mn b/d)
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NEWS IN BRIEF

BP-Kirkuk: Not Quite There

17 Jan, 2025

Total Cuts Iraq Flaring

17 Jan, 2025

Petro Rabigh Eyes Enhanced Crude-To-Chemicals

17 Jan, 2025

Iran Gasoline Consumption Up

17 Jan, 2025

Adnoc Gas Targets Graphene

17 Jan, 2025

Taiwan Crude Imports ('000 b/d): Us Closes Gap To Top Supplier Saudi Arabia In 2024

17 Jan, 2025

Adnoc Gas Awards $2.1bn Contracts For Ruwais LNG

10 Jan, 2025

Adnoc Completes $1bn Shipping Takeover

10 Jan, 2025

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SELECTED DATA

Gulf Rig Count* Remains Only Slightly Up On 10-Year Lows Seen In Late 2020

China Has Soared Ahead As Saudi Arabia's Key Market ('000 b/d), Though Booming Overall Chinese Imports Mean Saudi's Market Share Has Remained Steady

As A Share Of Imports (%) Saudi Is Far More Dominant In Japan Where Its Share Has Risen Even As Overall Imports Have Fallen To 40-Year Lows

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