OPEC raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more, offsetting an OPEC-led deal to clear a supply Continue Reading
Top OPEC officials surely did not expect such a dramatic run up in prices, at least not this early in the year. Both OPEC and the IEA have forecasted a Continue Reading
The situation on the market, not the price of oil, determines Russia’s appetite for complying with the OPEC balancing act, the country’s energy minister said. Russia is among the handful Continue Reading
Alexander Novak . Reuters reports that Novak might discuss the country’s potential exit from the pact in Oman next week. Russia had vowed to cut output by 300,000 barrels per Continue Reading
If any OPEC members have been tempted to cheat on their quotas with oil prices hovering around three-year highs, they have yet to act on it. Higher prices may embolden Continue Reading
The OPEC/Russia deal for crude oil production cuts could extend beyond 2018, the United Arab Emirates’ energy minister, Suhail al-Mazrouei has suggested. Speaking to CNBC , Al-Mazrouei said “I am Continue Reading
OPEC’s oil production and supply cuts—now in their second year—have claimed a victim. It’s an industry that’s vital for the crude oil exports of oil-producing countries: supertanker shipping. The supertankers, Continue Reading
OPEC doesn’t want central banks around the world the start responding to inflationary pressure from oil prices above $70 a barrel, nor do they want U.S. shale investments to rise, Continue Reading
Last week, we discussed changing trends in Iraqi crude flows into Asia . Total deliveries of OPEC crude to China rose last year by 300,000 bpd, as cartel members looked Continue Reading
OPEC is monitoring unrest in Iran as well as Venezuela’s economic crisis, but the group will only boost output if there are significant and sustained production disruptions from those countries, Continue Reading
