Qatar’s decision to quit OPEC shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel, a top Iranian official said, adding that any supply Continue Reading
Qatar’s withdrawal from OPEC is a surprise for Oman’s oil minister Mohammed bin Hamad Al Rumhi, who said in an interview with S&P Global Platts on Monday that Qatar might Continue Reading
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
OPEC’s future is once again up in the air after the decision by Qatar to leave the oil cartel on January 1 2019. Saad Al Kaabi, Qatar’s minister of energy, Continue Reading
When OPEC ministers announce this week how much oil they plan to pump in the coming months, they’ll be talking to a skeptical market searching for direction. Receive daily email Continue Reading
U.S. crude and Brent, the global benchmark, each fell 22% last month, the sharpest monthly slide since October 2008. U.S. crude traded below $50 a barrel on an intraday basis Continue Reading
Omani Energy Minister Mohammed bin Hamad al-Rumhy said on Sunday that he believed there was a consensus among OPEC oil producers that oil output should be cut. Asked if he Continue Reading
Qatar Energy Minister Saad al-Kaabi said the country would withdraw from the organization by January 2019 at a press conference Monday, state-run company Qatar Petroleum said on its Twitter account Continue Reading
Russia’s Energy Minister Alexander Novak, Saudi Arabia’s Energy Minister and OPEC conference president Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo attend a meeting of the Organization of the Petroleum Continue Reading
OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran Continue Reading
OPEC and its Russia-led allies are meeting Dec. 6 and Dec. 7 in Vienna to debate cutting as much as 1.4 million barrels a day from their collective output, after Continue Reading
Oil prices dipped over the week, but the next few days will be volatile due to escalating geopolitical concerns and trade war tensions. Oil prices dipped in early trading, but Continue Reading
“In my view, the current price range of oil is comfortable for both producers and consumers,” said Russia’s Energy Minister Alexander Novak in an interview with news agency TASS. The Continue Reading
Saudi Arabia’s energy minister, Khalid al-Falih, must play a bad hand of cards as well as he can at next week’s meeting of OPEC and non-OPEC oil producers in Vienna. Continue Reading
Prices below $60/b are hurting US shale producers and potentially strengthening OPEC’s hand to introduce tighter quotas and output cuts when the group and its allies meet next week, according Continue Reading
Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC but is still bargaining with the producer group’s leader, Saudi Arabia, over the timing and Continue Reading
Global oil markets are nervously eyeing OPEC’s upcoming meeting for clarity on future supply as the dust settles after a full-fledged rout in crude markets over the last several weeks. Continue Reading
In the green-to-golden steppe some 1,500 km east of Moscow, a unit of Gazprom Neft, Russia’s third-biggest oil producer, is drilling hard as it eyes a production hike of 20 Continue Reading
Russian Energy Minister Alexander Novak met Russian oil companies on Tuesday to discuss cooperation between OPEC and non-OPEC oil producers, according to two sources who were informed that the meeting Continue Reading
The Organization of the Petroleum Exporting Countries has been marginalized as critical decisions about the oil market are taken by a troika of the United States, Russia and Saudi Arabia. Continue Reading
Oil prices continue to plumb new depths, but some analysts think the selloff has gone too far. Brent prices fell to $62 per barrel by mid-week, hitting nearly a one-year Continue Reading
“Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!” President Continue Reading
Brent slumps over 6% to $58.45/b in London Concern on oversupply weigh on sentiment OPEC set for crunch meeting on December 6 London — OPEC is showing no public signs Continue Reading
Under such a scenario, the Organization of the Petroleum Exporting Countries would announce plans to retain current output targets, first set in 2016. That move would imply a production pullback Continue Reading
Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he sees weak oil demand in January and said the kingdom would respond accordingly to cool the global market’s anxiety. Continue Reading
Baghdad — OPEC and its allies will work to stabilize the oil market and reverse the slump in prices when they meet in Vienna in two weeks, Iraq’s deputy oil Continue Reading
The Department of Justice is formally reviewing antitrust legislation aimed at reining in OPEC’s power over oil markets, according to a department official. While the study is ongoing, there is Continue Reading
OPEC will very likely agree to cut oil production at its upcoming meeting in early December, although the size of the cuts is yet to be decided, Ahmed al-Kaabi, Governor Continue Reading
Iraqi Deputy Oil Minister Fayadh al-Nema said on Wednesday that OPEC will work to stabilize oil markets, crude prices and supplies at its next meeting. “OPEC and non-OPEC producers will Continue Reading
PEC and its allies have all but decided to cut oil production in 2019 to shore up what they see as a weak market ahead. Now comes the hard part: Continue Reading
What a difference one month makes. One month ago, the International Energy Agency (IEA) warned that the world was “straining parts of the system to the limit,” noting that “recent Continue Reading
Russia wants to stay out of any oil-production cuts being touted by some of its partners in an OPEC-led supply pact, two high-ranking Russian sources told Reuters. Worried by a Continue Reading
OPEC and the non-OPEC partners in the deal are discussing potentially cutting oil production by as much as 1.4 million bpd to try to lift oil prices out of the Continue Reading
OPEC didn’t surprise anyone when it said in its World Oil Outlook (WOO) 2018 that the world’s primary energy demand will surge by 33 percent from 2015 levels to 365 Continue Reading
Gains mostly came from the UAE and Saudi Arabia, and were supported by OPEC ally Russia’s 50,000 barrels-a-day increase last month, to average 11.6 million barrels a day—a post-Soviet record. Continue Reading
Venezuelan and Iranian oil production fell in October from September, resulting in a combined decrease of about 196,000 barrels per day, but higher output just in the United Arab Emirates Continue Reading
OPEC expects global oil demand to grow at a daily rate of 1.5 million bpd this year, further slowing down to 1.29 million bpd in 2019, the organization said in Continue Reading
OPEC built a case on Tuesday for cutting oil output when it meets next month, warning that a supply glut could emerge in 2019 as the world economy slows and Continue Reading
Saudi Arabia’s top government-funded think-tank is studying the possible effects on oil markets of a breakup of OPEC, the Wall Street Journal reported on Thursday, citing people familiar with the Continue Reading
The research project doesn’t reflect an active debate inside the government over whether to leave the Organization of the Petroleum Exporting Countries in the near term, according to people familiar Continue Reading
A return to oil production cuts by OPEC and its allies next year cannot be ruled out, two OPEC sources said on Wednesday, to avert a possible supply glut that Continue Reading
Saudi Arabia and Russia have started bilateral consultations on whether they should start cutting oil production again in 2019, Russian news agency TASS reported on Wednesday, citing an OPEC source Continue Reading
Saudi Arabia and Russia, both of whom have boosted their crude output in recent months, were responsible for a $15/b drop in the price of oil and “should cut at Continue Reading
The U.S. sanctions on Iran are not biting yet, as global oil markets are well supplied. In the coming weeks, Iranian crude volumes should show a decline. At the same Continue Reading
Iran is calling on OPEC to have its two committees set up to monitor compliance with the OPEC+ deal and review the state of the oil market stop working immediately, Continue Reading
Iran falls 210,000 b/d ahead of sanctions Saudi Arabia produces 10.67 mil b/d Libya pumps most since June 2013 London — Sanctions-hit Iran’s accelerating production decline nudged down OPEC’s October Continue Reading
OPEC and the U.S. are together adding enormous volumes of new supply, which together have softened the oil market. In October, OPEC hiked oil production to the highest level since Continue Reading
OPEC has boosted oil production in October to the highest since 2016, a Reuters survey found, as higher output led by the United Arab Emirates and Libya more than offset Continue Reading
Russian Energy Minister Alexander Novak said on Saturday there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil Continue Reading
As a succession of international business and political leaders withdrew from Saudi Arabia’s Future Investment Initiative conference over the death of US-resident journalist Jamal Khashoggi, there was speculation that the event Continue Reading
