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OPEC – Big Promises, Small Deliveries

As reported by the International Energy Agency in its April 2022 Oil Market Report, oil production by OPEC countries increased by only 40,000 barrels per day in March, well below the 400,000 barrels per day promised. This is also far…

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Energy Week Review

Oil Crude oil prices have been volatile this year, which is probably also due to speculation, as the price moves with almost any news related to Ukraine or Russia. However, the trend in oil prices remains upward, even though the…

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IEA Slashes Forecast for Global Oil Demand in 2022

The International Energy Agency (IEA) has significantly downgraded its forecast for global oil demand in 2022. The reason for this is the war in Ukraine, which could cut off Russian oil from the world market. Accordingly, rising commodity prices will…

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Oil is Expensive! OPEC+ Meeting under Special Pretext

The Organization of the Petroleum Exporting Countries (OPEC) and allies (Russia) will meet on Wednesday to decide the oil production policy for the coming month. The meeting is under special pretext because oil prices are as high as they have…

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Libya Remains a Problem Case for OPEC

The U.S. Energy Information Administration estimates that as of December 2021, approximately 0.4 million barrels per day of crude oil production in Libya had been cut. Libyan production averaged about 1.2 million barrels per day in 2021, but this dropped…

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