OPEC Watch

OPEC Monthly Oil Market Report (Jan.)

OPEC’s oil production rose in December and is likely to pick up again this month in line with its higher quotas. However, the group’s total output will almost certainly fall in February and March as...

14th January 2021 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (Dec.)

OPEC cut its 2021 oil demand forecast in its latest report, which we suspect could delay further easing of its production cuts early next year. This should help put a floor under prices.

14th December 2020 · 3 mins read

OPEC Watch

Q1 OPEC+ output to be less than headlines suggest

We think that OPEC+ production will rise by less than the new agreement allows. Some countries will make compensatory cuts, while weak Q1 demand could prevent monthly rises in February and March.

7th December 2020 · 2 mins read

OPEC Watch

OPEC+ to roll over supply cut, despite price rise

We expect OPEC+ to extend its current 7.7m bpd supply cuts for at least another three months at its next meeting. Although prices have rallied in recent weeks on hopes of a faster recovery in demand...

27th November 2020 · 2 mins read

OPEC Watch

OPEC Monthly Oil Market Report (Nov.)

OPEC’s oil production jumped in October as Libyan output surged. But we expect that OPEC and its allies will extend their current level of supply cuts into early 2021, which will keep ex-Libya supply...

11th November 2020 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (Oct.)

OPEC’s oil production fell in September and, except for Libya, we expect output by individual member states to either stabilise or decline a touch in the coming months as prices remain weak.

13th October 2020 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (Sep.)

OPEC’s oil production rose sharply in August on the back of higher output quotas. However, if concerns persist about global oil demand, which was discussed at length at yesterday’s JMMC meeting, then...

18th September 2020 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (Aug.)

OPEC production rose in July and the recent introduction of higher quotas means that output will almost certainly continue to increase in the coming months.

12th August 2020 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (July)

OPEC production continued to decline in June, largely due to a contraction in Saudi output. However, with OPEC becoming more optimistic on demand, we think that (new) higher quotas will be introduced.

14th July 2020 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (June)

May saw the latest OPEC production cuts come into force, with compliance among members fairly good. That said, a gradual pick-up in oil prices and demand, together with the prospect of some Libyan...

18th June 2020 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (May)

OPEC production jumped up in April, but this will prove a one-off given the agreed output cuts from May onwards. We expect OPEC compliance with the cuts to be fairly good in the coming months as...

13th May 2020 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (Apr.)

OPEC production surged in March after talks between OPEC and its allies broke down. While we expect output to remain relatively high in April, OPEC production should be much lower from May onwards...

16th April 2020 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (Mar.)

OPEC production slumped in February owing to supply disruption in Libya. However, given that the current output agreement expires in March and with no replacement deal, we expect OPEC+ oil production...

11th March 2020 · 3 mins read

OPEC Watch

Collapse in prices to force OPEC+ to cut output

We expect OPEC+ to agree to an emergency output cut of an additional 1m bpd for at least three months at its meeting later this week. This should, at a minimum, put a temporary floor under prices.

4th March 2020 · 3 mins read

OPEC Watch

OPEC Monthly Oil Market Report (Feb.)

OPEC production fell sharply in January, but this was mainly the result of supply disruptions in Libya and Iraq. Otherwise, there was little indication in the latest OPEC monthly report that the group...

12th February 2020 · 3 mins read