Indian imports of oil from Venezuela have fallen to their lowest levels in over half a decade, shipping and industry data showed, as a severe economic and political crisis hits crude output in the South American OPEC member.
Opec has achieved an unprecedented degree of compliance with its current output target, exceeding its agreed production cut by 44%, but all is not as rosy as it might seem on the surface.
Iran’s crude and condensate exports are set to fall to a two-year low this month as loadings for its main Asian buyers will tumble by one-third from the previous month, said a person with knowledge of the country’s tanker loading schedule.
Oil prices rose early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut.
US President Donald Trump’s planned 25% import tariff on steel is a gift to Organization of the Petroleum Exporting Countries (OPEC) and Russia.
Oil prices have rapidly fluctuated over the past few years due to a supply glut and subsequent production cuts carried out by Organization of the Petroleum Exporting Countries (OPEC).
In an exclusive interview with The National a week ago, UAE energy minister Suhail Al Mazrouei, who currently presides over Opec, said that plans to formulate an “Opec supergroup” are in the works.
Last week, OPEC said in its Monthly Oil Market Report that based on OECD commercial stocks numbers from December, “In line with the existing overhang, the market is only expected to return to balance towards the end of this year.”
The latest discussions between OPEC and its oil-producer allies concluded that the supply glut is dissipating at a faster pace than previously anticipated, say people familiar with the matter.
Oil market participants and analysts have been closely watching the record level of supply coming out of the United States that is threatening to undo OPEC’s production cuts.