opec

The looming shadow of the Omicron Covid-19 variant is growing darker over global oil markets today following concerning news regarding vaccine effectiveness from the CEO of Moderna. When the first Covid-19 vaccines were announced to the public, the shots pushed oil prices up, doubling in less than a year, which shows …

Vienna, Austria, 30 November 2021 – The price of OPEC basket of thirteen crudes stood at $74.20 a barrel on Monday, compared with $76.09 the previous Friday, according to OPEC Secretariat calculations (view archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), …

The Organization of the Petroleum Exporting Countries (OPEC) today marks the 5th anniversary of the historic ‘Vienna Agreement’ reached at the 171st Meeting of the OPEC Conference held on 30 November 2016 in Vienna, Austria. The milestone meeting built on the successful ‘Algiers Accord’, reached in Algiers, Algeria, on 28 …

Vienna, Austria, 29 November 2021 – The price of OPEC basket of thirteen crudes stood at $76.09 a barrel on Friday, compared with $81.31 the previous day, according to OPEC Secretariat calculations (view archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), …

Oil prices are a little trimmed today as a result of bearish language by OPEC’s research arm on implied stock builds already materializing as early as December 2021 due to the SPR releases. Further downward pressure is added by the EU announcement that there will likely be an introduction of …

Vienna, Austria, 25 November 2021 – The price of OPEC basket of thirteen crudes stood at $81.75 a barrel on Wednesday, compared with $79.40 the previous day, according to OPEC Secretariat calculations (view archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), …

A new and unchartered type of price war is brewing in the oil market. The world’s biggest consumers of oil have pledged an unprecedented and relatively sizeable release of strategic reserves onto the market to quell high oil prices amid pandemic recovery. The orchestrated release of what we estimate will …

Vienna, Austria, 24 November 2021 – The price of OPEC basket of thirteen crudes stood at $79.40 a barrel on Tuesday, compared with $78.90 the previous day, according to OPEC Secretariat calculations (view archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), …

Today marks an official emergence of an ‘anti-OPEC+’, a group of top oil-consuming countries that are taking the supply-side dynamics into their own hands in the unconventional and unprecedented release of strategic petroleum reserves to create artificial looseness in the oil market and deliver a negative blow to oil prices. …

Vienna, Austria, 23 November 2021 – The price of OPEC basket of thirteen crudes stood at $78.90 a barrel on Monday, compared with $80.32 the previous Friday, according to OPEC Secretariat calculations (view archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), …