Crude oil prices moved deep into negative territory in early Thursday trading amid expectations of a consensus agreement from OPEC on future production. The International Energy Agency has said the Continue Reading
The odds of an orderly agreement in Vienna significantly increased over the last day or so as Iran appeared to soften its hard line, voicing some openness to a modest Continue Reading
The renewed U.S.-Chinese trade tit-for-tat threatens to limit U.S. crude oil exports to China that have been gaining pace in recent months and eating into OPEC’s share in the market, Continue Reading
As discussed on CNBC Asia last night , Core OPEC has been ramping up exports this month ahead of tomorrow’s OPEC meeting in Vienna. Historically, production typically rises ahead of Continue Reading
Expect some sort of Goldilocks scenario from OPEC on future supplies, though talks under way in Vienna are increasingly contentious, a consultant group said. Ministers from the Organization of Petroleum Continue Reading
OPEC should boost daily output by roughly 1 million barrels over time to keep global crude supply and demand in the balance as production dips elsewhere, a leading U.S. shale Continue Reading
Saudi Arabia and Russia have promised they will lead OPEC and other big oil producers in a deal this week to boost output and lower prices. What if it isn’t Continue Reading
Iran said on Tuesday OPEC was unlikely to reach a deal on oil output this week, setting the stage for a clash with Saudi Arabia and Russia, which are pushing Continue Reading
An OPEC technical panel has found that global oil demand is on pace to stay strong in the second half of this year, suggesting that the oil market could comfortably Continue Reading
Peak summer demand could drain global oil inventories to critical levels if the OPEC/non-OPEC coalition leaves its production cut agreement in place, Russian energy minister Alexander Novak said Tuesday. That Continue Reading
Saudi Arabia is struggling to convince fellow OPEC members including Gulf allies on the need to raise oil output, sources familiar with the talks said on Wednesday, adding to complications Continue Reading
Saudi Arabia and Russia have promised they will lead OPEC and other big oil producers in a deal this week to boost output and lower prices. What if it isn’t Continue Reading
Changing output policy will increase supply of sour crudes Huge imbalance between sweet, sour crudes Growing glut of sweet crudes in Atlantic Basin The oil market currently bears a very Continue Reading
US shale oil producers will likely benefit from any decision OPEC makes this week in Vienna, with the exception of a complete breakdown in unity that created the current supply Continue Reading
OPEC is back to its squabbling ways after an unusual period of near harmony. But investors who are bidding up oil prices in the expectation of a split are misunderstanding Continue Reading
In the latest signal that the upcoming OPEC+ meeting in Vienna could end in disaster, Iran’s OPEC representative said the country will veto any proposal for a production increase with Continue Reading
Russia and Saudi Arabia have put forward a proposal to increase production by OPEC and non-OPEC countries by 1.5 million barrels per day, Ecuador’s oil minister said on Monday. Carlos Continue Reading
Changing output policy will increase supply of sour crudes Huge imbalance between sweet, sour crudes Growing glut of sweet crudes in Atlantic Basin The oil market currently bears a very Continue Reading
Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the Continue Reading
The OPEC+ meeting is just days away and it seems all but certain that the result will be some sort of increase in production , although the magnitude of the Continue Reading
OPEC producers are trying to negotiate a compromise deal that could result in the cartel boosting production by between 300,000 bpd and 600,000 bpd over the next few months, Bloomberg Continue Reading
Continental Resources Inc Chief Executive Harold Hamm has decided not to attend an OPEC event this week in Vienna, according to a company spokeswoman. Hamm, the founder of one of Continue Reading
United Arab Emirates’ Energy Minister Suhail Al- Mazrouei said on Monday that the oil market is moving closer to rebalancing, according to a statement sent by his ministry. Mazrouei, who Continue Reading
Russia and Saudi Arabia have agreed to extend their oil partnership indefinitely, with the agreement stipulating that they could move to regulate oil production at any moment, TASS reports, quoting Continue Reading
OPEC could add a new member at its meeting on Friday, with the Republic of Congo seeking to join the producer group. Congo, which produces about 250,000-300,000 b/d, would become Continue Reading
There is absolutely no doubt that the next Opec ministerial meeting this week will pit Saudi Arabia and its Gulf allies against Iraq, Iran and Venezuela, three founder members of Continue Reading
Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Continue Reading
Oil prices fell Friday as traders braced for higher crude production and disruption to global trade. West Texas Intermediate futures fell 2.7% to $65.06 a barrel at the New York Continue Reading
Saudi Arabia plans to host a leaders’ oil summit later this year for OPEC and non-OPEC countries participating in a supply cut pact, two sources familiar with the matter said Continue Reading
The most vital industry information will soon be right at your fingertips Join the world’s largest community dedicated entirely to energy professionals Oil prices bounced around over the past few Continue Reading
As everyone watches OPEC and Russia ahead of their meeting in Vienna next week, it’s easy to miss the fact that this is not the only meeting that will set Continue Reading
The OPEC meeting is a week away and based on the signals from the group’s top producers, the market is assuming that the group will increase oil production. However, the Continue Reading
Middle East OPEC producers and Russia can quickly boost crude production by around 1.5 million b/d to make up for Venezuela’s increasing output loss as well as the potential decline Continue Reading
Only a few years ago, shale CEOs and the Organization of the Petroleum Exporting Countries were in open conflict. Now, they realize they’re in the same boat and need to Continue Reading
Divisions among key OPEC producers run deep, with competing perspectives emerging in statements Thursday on whether or not to increase oil production. U.S. President Donald Trump turned again to Twitter Continue Reading
It is “inevitable” that OPEC and partners will agree next week to gradually roll back some of the production cuts that have been in place since January 2017, Saudi Arabia’s Continue Reading
Crude and product futures held steady throughout much of the US trading day Thursday despite fresh indications that Saudi Arabia and Russia would agree to increase output. Saudi energy minister Continue Reading
Even if the current OPEC/NOPEC oil production cut deal goes to pieces, Saudi Arabia and Russia will be willing to go it alone, the two largest oil producers in the Continue Reading
OPEC, Russia and its allies may consider a range of proposals to increase crude oil output which could be by as much as 1.8 million b/d, according to a source Continue Reading
President Trump speaks to reporters as he arrives aboard Air Force One from Singapore at Joint Base Andrews, Md. on Wednesday. (Jonathan Ernst/Reuters) President Trump took fresh aim at the Continue Reading
OPEC revised up on Tuesday its 2018 forecast for total non-OPEC supply growth, while it left unchanged its projection for world oil demand growth at 1.65 million bpd this year. Continue Reading
Early on Wednesday, President Trump tweeted : “Oil prices are too high, OPEC is at it again. Not good!” This time the U.S. President used fewer words to reiterate his Continue Reading
U.S. President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after Continue Reading
No single country speaks as the unified voice of OPEC as decisions must be made collectively, the Iranian oil minister said, according to state media. Members of the Organization of Continue Reading
Saudi Arabia’s oil minister is flying to Russia this week to discuss ways to manage an output boost both producers say they want to propose at an OPEC summit next Continue Reading
Russia plans to propose to the OPEC/NOPEC allies next week that they reverse the group’s production to the October 2016 levels—the baseline for the cuts of most pact participants when Continue Reading
Both Saudi Arabia and Russia recently increased their oil production levels, an indication that they are getting a head start on higher output even as possible changes to the OPEC/non-OPEC Continue Reading
“A lot of people are concerned about higher oil prices and their impact on demand. The evidence really isn’t there,” he added, making a strong case for oil bulls if Continue Reading
All OPEC data below is from the OPEC Monthly Oil Market Report . All OPEC data is in thousand barrels per day and is through May 2018. OPEC 14 Crude Continue Reading
OPEC said the oil market outlook in the second half of 2018 is highly uncertain even though the producer group’s figures show a global glut has ended, suggesting talks next Continue Reading
