• 3 minutes e-car sales collapse
  • 7 minutes Energy Armageddon
  • 11 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 53 mins Gazprom and Rosneft super result
  • 15 days How Many Wells From 1 Onshore Rig?
  • 23 days Сryptocurrency predictions
  • 23 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
Iraq And UAE Spearhead Downstream Expansion

Iraq And UAE Spearhead Downstream Expansion

Despite the unstable macro environment…

EU Looks To Extend Natural Gas Consumption Cuts For Another Year

EU Looks To Extend Natural Gas Consumption Cuts For Another Year

The European Commission, as expected,…

Editorial Dept

Editorial Dept

More Info

Premium Content

The Confusing Rumors About Russia's Suspension From OPEC+

Politics, Geopolitics & Conflict

The rumors this week that OPEC could suspend Russia’ from its production quota agreement were likely just a testing of the waters. These rumors were complicated by the media’s confusing use of the term “suspended”. On Tuesday, unnamed OPEC delegates suggested to media that the group could suspend Russia. On Wednesday, the OPEC+ Joint Technical Committee said it did not discuss suspending Russia’s quota. Some argued that the term “suspended”, in OPEC speak, should be substituted with the word “exempt”. Using that interpretation, the report - from anonymous delegates - was that the group was considering giving Russia a pass on limiting its production per the current agreement. The move could be seen as OPEC trying to make room for the group to increase production more than planned, but the group hardly needs justification for doing that, with or without Russia. After all, the oil consumers of the world have been begging OPEC for just that - more oil. In the end, Thursday’s OPEC meets concluded without any revocation of Russia’s production limits.

OPEC+ agreed on Thursday to bring their planned September production increase forward, and spread it across July and August. The result is instead of rubber-stamping a 423,000 bpd increase in July, the pact announced a 648,000 bpd increase in July, and another 648,000 in August. In reality, moving it forward represents…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News