U.S. shale output growth should offset OPEC cuts in 2019
Surging U.S. crude oil production will offset OPEC’s output cuts aimed at rebalancing the market as soon as the end of next year – undercutting the group’s efforts as shale Continue Reading
Why Iran’s Positive OPEC Spin Won’t Last
In recent months, it’s been difficult to hear any positive statements coming from Iran’s troubled oil sector, particularly since President Trump decided in May to reinstate tough sanctions over what Continue Reading
Has OPEC+ Stabilized Oil Markets?
Oil prices plummeted further on Friday, despite a semi-bullish rig count report and the combined efforts of OPEC and its partners. . The OPEC+ deal put “a floor” beneath oil Continue Reading
IEA: OPEC+ Has Put “A Floor Under Prices”
The OPEC+ agreement succeeded in at least putting “a floor under prices,” according to a new report from the International Energy Agency. The global supply surplus is not resolved, and Continue Reading
What Would The End Of OPEC Mean?
The Organization of the Petroleum Exporting Countries – the oil market institution that has exerted an unyielding power over the price of crude for nearly 60 years – is now Continue Reading
Why The OPEC+ Deal Won’t Cut It
Now nearly a week removed from the OPEC+ agreement, confidence in the efficacy of the deal is becoming shaky. Immediately after OPEC+ announced cuts of 1.2 million barrels per day Continue Reading
OPEC offsets Iran oil loss, sees lower 2019 demand
OPEC said on Wednesday it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group Continue Reading
OPEC maintains 2019 crude oil demand forecast
OPEC on Wednesday kept its projection for an increase in world crude demand in 2019 of 1.29 million barrels per day, while it reduced its non-OPEC supply growth projection. Photo Continue Reading
OPEC November Production Data » Peak Oil Barrel
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US House chairman calls for anti-OPEC bill to become law this year | S&P Global Platts
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Oil Market Will Help OPEC Do Its Job
Here’s a bit of trader wisdom from the crude market for OPEC: “It takes low prices to cure low prices.” The cartel, now dubbed “OPEC+” with the significant addition of Continue Reading
What Would A New OPEC Look Like?
The global oil market is going through a metamorphosis , and if the signs are right, a possible long-term partnership between OPEC and its former rivals, especially Russia, looks to Continue Reading
Analysis: OPEC production cut gets muted reaction from Asian crude buyers
Refiners and buyers of Middle Eastern sour crudes in Asia have been largely unfazed by the OPEC-led supply cut announced in Vienna last week, market sources said on Wednesday.OPEC will Continue Reading
2019: A Pivotal Year For OPEC
OPEC’s rollercoaster ride in Vienna highlights the growing divide within the oil cartel. Many oil analysts and financial gurus have fallen for the oldest media trick in the world, and Continue Reading
OPEC+ Deal To Be Forged In March
OPEC and its non-OPEC partners are set to officially sign a cooperation agreement in March of next year, the UAE’s energy minister Suhail al-Mazrouei said, according to Reuters. The agreement Continue Reading
OPEC+ Succeeds, What’s Next For Oil?
Oil prices spiked on Friday on news from Vienna. OPEC+ managed to pull off an eleventh-hour agreement , checking all the boxes after a contentious set of meetings. There were Continue Reading
Is The OPEC Deal The Start Of A New Rally In Oil?
U.S. West Texas Intermediate Crude Oil soared on Friday as investors breathe a sigh of relief as OPEC and its partners decided to cut 1.2 million bpd. On Thursday, Saudi Continue Reading
Former Venezuelan General Takes Helm Of OPEC
In what some saw as a sign of OPEC’s growing irrelevance in the world of oil, Venezuela’s Oil Minister Manuel Quevedo will take the helm of the cartel beginning next Continue Reading
OPEC, Russia agree to slash oil output despite Trump pressure
OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from U.S. President Donald Trump to reduce the price Continue Reading
OPEC, Russia Strike Deal to Cut Oil Production
Budget Buster Oil prices are below levels many OPEC and allied nations need to balance their budgets. Fiscal break-even oil price in U.S. dollars, 2018 BRENT $61.50 a barrel 21:07 Continue Reading
Opec agrees to cut output by 1.2m barrels a day
Opec and its oil-producing allies have agreed to cut production by 1.2m barrels a day, defying Donald Trump’s calls to keep output high and sending crude prices rocketing 5 percent Continue Reading
OPEC Surprises Markets With Last Minute Deal
In the last possible minute, OPEC+ managed to agree upon a massive cut of 1.2 million bpd, pushing oil prices up by over 3 percent. The most vital industry information Continue Reading
Libya, Iran, Venezuela Secure OPEC Production Cut Exemptions
Whether you call it an exemption or a special dispensation, Iran, Libya, and Venezuela have all been spared the pain of cutting production under the newest OPEC agreement forged today Continue Reading
OPEC coalition cuts unlikely to affect US shale output: analysts
Saudi Arabia’s energy minister Khalid Al-Falih said Friday that US oil and natural gas producers were “breathing a sigh of relief” over the planned production cut announced Friday, but analysts Continue Reading
OPEC coalition agrees 1.2 million b/d cuts deal as Iran secures exemption
OPEC and its allies led by Russia agreed Friday after a tension-filled week to implement 1.2 million b/d of production cuts from January 2019 to shore up flagging oil prices Continue Reading
Russia’s Oil Production Cuts To Take Months To Implement
After Russia agreed on Friday to cut its oil production as part of the non-OPEC group tasked with cutting 400,000 bpd of oil production, Energy Minister Alexander Novak said it Continue Reading
Russia May Agree To 200,000 Bpd Cut In OPEC+ Oil Deal
Russia may be ready to cut its oil production by 200,000 bpd as part of a deal with OPEC to reduce oil supply—a higher commitment than 150,000 bpd previously aired, Continue Reading
OPEC tentatively agrees to oil cut, waits for Russia to commit
VIENNA (Reuters) – OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a Continue Reading
Saudi energy minister says ‘I am not confident of an agreement’ on OPEC cuts; ‘Russia not ready for substantial cut’
OPEC still has unfinished business in negotiating an oil production accord, with Saudi energy minister Khalid al-Falih saying Thursday after the group?s meeting ended: “I am not confident of an Continue Reading
OPEC yet to agree on final deal as Iran seeks exemptions
Saudi Arabia’s energy minister said he wasn’t confident OPEC would reach a deal on Friday to cut oil output as sources said the producer group’s leader had yet to agree Continue Reading
New OPEC President Starts With a Disadvantage: He’s From Venezuela
It is a potentially explosive cocktail. “This is the last year you would want Venezuela as the president,” said Helima Croft, chief commodities strategist at Canadian broker RBC. Related: Is Continue Reading
OPEC works on deal to cut output, still needs Russia on board
OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a Continue Reading
As OPEC Meets, Sizing Up Its Power and Its Politics
On Thursday, over 200 oil industry representatives, financial analysts and journalists are expected to crowd into a basement auditorium at the headquarters of the Organization of the Petroleum Exporting Countries. Continue Reading
OPEC Oil Output Rises As Saudis Pump At Record While Iran Slumps
OPEC’s crude oil production increased by 40,000 bpd from October to 33.08 million bpd in November, as Saudi Arabia pumped at record highs, more than offsetting—together with the UAE—the drop Continue Reading
OPEC Urges Nigeria, Libya To Join Oil Production Cuts; Iran Balks
OPEC is trying to persuade Libya and Nigeria to join cuts if the cartel agrees to reduce production, delegates told S&P Global Platts , while the OPEC and non-OPEC leaders Continue Reading
OPEC, Russia move closer to cutting oil output
OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude. OPEC Continue Reading
Kuwait says long-term cooperation agreement expected between OPEC, non-OPEC countries
Kuwait’s oil ministry said on its Twitter account on Wednesday that a long-term cooperation agreement is expected to be signed between OPEC and non-OPEC countries. OPEC meets on Thursday in Continue Reading
Iran: Don’t Count On A New OPEC Deal
OPEC’s meeting this Thursday in Vienna may not lead to an agreement to start reducing production, Iran’s OPEC governor said, as quoted by S&P Global Platts. Hossein Kazempour Ardebili said Continue Reading
Could Iraq Be The Next OPEC Member To Exit?
Even more cracks may be forming within OPEC, even as market pundits continue to analyze Qatar’s decision two days ago to withdraw from the oil producing cartel. Michael Cohen, head Continue Reading
Iran seeks exemption from OPEC oil cuts because of US sanctions: oil minister
Iran will seek an exemption from any OPEC production cut agreement, its oil minister said Wednesday, potentially complicating the group’s already fraught negotiations. “Iran should be excluded from any decision Continue Reading
OPEC+ Gears Up For Production Cuts
Oil gained for a second day in a row on Tuesday, pushed up by a trade war truce, pending OPEC+ production cuts, and surprise mandatory output reductions in Canada. (Click Continue Reading
NOPEC Act Is A Big Concern For OPEC Members
A proposed U.S. legislation that could pave the way for suing OPEC for market manipulation is a “big concern” among the cartel and may weigh on the message from the Continue Reading
OPEC works on deal to cut output, still needs Russia on board
OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a Continue Reading
Saudi-Russia Ties Raise Concerns Among OPEC Members
“They have to stop doing this,” one OPEC official said, referring to private talks between Russia and Saudi Arabia. “It’s not justice. The lives of entire populations are at stake.” Continue Reading
The Most Likely Outcome Of The OPEC Meeting
The OPEC+ meeting is set to kickoff, with a press conference scheduled for Thursday afternoon in Vienna. While there seems to be a vague outline of an agreement in hand, Continue Reading
Pressure builds on Saudi oil minister at OPEC after Qatar snub
Shaken by Qatar’s surprise plan to drop out of the producer group, OPEC still needs to reassure a nervous oil market when it meets later this week. Responsibility for delivering Continue Reading
OPEC urges Libya, Nigeria to join oil output cuts
Highlights Both countries still want exemptions from quotas Output recoveries may weaken their cases Delegates say it’s time they help rebalance the market Vienna — Libya and Nigeria could be Continue Reading
OPEC works on deal to cut output, still needs Russia on board
OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a Continue Reading
Qatar’s OPEC Exit May Just Be The Beginning
Much has already been written over the last 24 hours by pundits and analysts alike about Qatar’s decision to leave the Organization of the Oil Exporting Countries (OPEC) by January Continue Reading
Gas-focused Qatar to exit OPEC in swipe at Saudi influence
Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show Continue Reading