What The Saudi-Russian Alliance Means For Oil Markets
For the last three or four decades it would be very hard to imagine any sort of deep cooperation between Saudi Arabia and Russia. The two share a history fraught Continue Reading
OPEC Doubles Down On Draining Oil Inventories
Although the oil market has been improving, OPEC still has work to do to bring global oil inventories back to their five-year average—the metric that OPEC has vowed to achieve Continue Reading
Russia mulls fate of OPEC-led balancing act
Russia is considering a wide range of scenarios on what to do with a multilateral effort to balance the global oil market, its energy minister said. Russia is the largest Continue Reading
Is OPEC Producing More Oil Than It Claims?
The March OPEC Monthly Oil Market Report is out with the February production data. All data is through February 2018 and is in thousand barrels per day. (Click to enlarge) Continue Reading
Russia Could Pull The Plug On The OPEC Deal
Russia could pull out of the OPEC oil production cut deal before the end of 2018—or right after—as it has no obligation to stick with it, Iran’s Energy Minister, Bijan Continue Reading
OPEC sees oil supply surge from rivals, countering its cuts
OPEC on Wednesday raised its forecast for non-member oil supply this year to almost double the growth predicted four months ago as higher prices spur U.S. shale drilling, offsetting OPEC-led output cuts and a collapse Continue Reading
OPEC Admits Rival Oil Supply Will Outpace Global Demand Growth
As it had done in several consecutive monthly reports, OPEC lifted again on Wednesday its estimates for non-OPEC oil supply growth this year, but this time the cartel’s estimates that Continue Reading
OPEC February Production Data
The March OPEC Monthly Oil Market Report is out with the February production data. All data is through February 2o18 and is in thousand barrels per day, C OPEC crude Continue Reading
OPEC Sees Oil Supply Surge From Rivals, Countering Its Cuts
OPEC raises its forecast for oil supply from non-member countries in 2018 as higher prices encourage US shale drillers to pump more. LONDON, March 14 (Reuters) – OPEC on Wednesday Continue Reading
Nigeria: OPEC Admits United States Shale May Crash Oil Price
Abuja — The Organisation of Petroleum Exporting Countries (OPEC) has admitted for the first time that the growing crude oil output from the United States (U.S.) may threaten the price Continue Reading
Is OPEC moving the goalposts for its oil market scoreline?
Saudi Arabia’s proposals of new metrics to determine when the oil market is balanced signals a shift in OPEC’s targets for a pact on supply cuts that has almost achieved Continue Reading
OPEC Price Fight Weighs on Oil
Oil prices fell Monday, weighed down by concerns about a rapid rise in U.S. crude output as cracks emerged in OPEC’s united front on output cuts. Light, sweet crude for Continue Reading
OPEC Deal In Jeopardy As Iran And Saudi Arabia Square Off
Iran and Saudi Arabia are at odds over what to do next with the OPEC agreement, a conflict that could sow the seeds of the agreement’s demise over the course Continue Reading
U.S. Oil Export Surge Means OPEC’s Output Cuts May Be Doomed
ING sees U.S. eating into producer group’s Asian market share Dutch bank forecasts Brent oil at $57/bbl in second half 2018 Oil risks sliding back under $60 a barrel as Continue Reading
OPEC Exports To The U.S. Continue To Decline
In the latter half of last year, we highlighted how Saudi deliveries to Motiva’s Port Arthur refinery had been surpassed by Iraqi barrels for the first time on our records. Continue Reading
Russia Not Joining OPEC, But Need To Cooperate Is ‘Obvious’
Russia sees no reason to join OPEC, but the need to continue the OPEC/non-OPEC cooperation in some form after the production cuts end is obvious , Russia’s first deputy minister Continue Reading
OPEC FEB CRUDE OIL OUTPUT 32.39 MIL B/D, DOWN 70,000 B/D FROM JAN: PLATTS SURVEY
OPEC production well below ceiling of 32.73 million b/d Saudi output 9.98 mil b/d, Iraq 4.43 mil b/d, Iran 3.83 mil b/d Libya crosses 1 mil b/d threshold, Nigeria hits Continue Reading
U.S. shale and OPEC share steak in uneasy truce at Houston dinner
Around the room at Houston’s The Grove restaurant on Monday, at several tables, sat a group of shale executives, interspersed with energy ministers and officials representing OPEC members, where they Continue Reading
Opec says hedge funds lack ‘basic understanding’ of oil
Hedge funds are an important players in the oil market, but some do not comprehend how it works, a senior Opec official has said. Mohammad Barkindo, the cartel’s secretary-general, met Continue Reading
IEA Predicts Nightmare Scenario For OPEC
Over the next three years, the U.S. will cover 80 percent of the world’s demand growth, the IEA says in its newly-released Oil 2018 annual report. Canada, Brazil and Norway Continue Reading
OPEC Sec Gen: Lack of Investment ‘Sowing Seeds for Future Energy Crisis’
IEA executive director Fatih Birol and OPEC secretary general Mohammad Sanusi Barkindo discuss challenges facing the oil and gas industry during the CERAWeek by IHS Markit conference in Houston. There’s Continue Reading
Nigeria minister says majors in shale, OPEC should keep crude price stable
Oil producers that operate in U.S. shale fields and OPEC member nations should do more to help stabilize crude prices, Nigerian Oil Minister Emmanuel Ibe Kachikwu said on Monday. The Continue Reading
Gadfly: Trump Tariffs Are a Gift for OPEC and Russia. Not Shale
President Donald Trump’s planned 25% import tariff on steel is a gift to OPEC and Russia. This opinion piece presents the opinions of the author. It does not necessarily reflect Continue Reading
No talks yet about extending OPEC output cuts into 2019: UAE minister
The Organization of the Petroleum Exporting Countries has not discussed“at this stage” extending production cuts into next year, the group’s president said on Sunday, adding that reducing global crude supply Continue Reading
Should OPEC And U.S. Shale Collaborate For Survival?
Oil and gas is a trillion dollar industry, and every actor within it, be it national oil companies, multinationals, independents or oilfield services companies, has a stake in oil and Continue Reading
OPEC Deal Compliance Reaches 149% In February
The Organization of Petroleum Exporting Countries produced 32.28 million barrels per day this month—netting a reduction of 70,000 barrels per day compared to the previous month. The February output figure Continue Reading
OPEC February oil output falls as UAE over-delivers on cut: survey
OPEC oil output fell in February to a 10-month low as the United Arab Emirates joined other Gulf members in over-delivering on a supply reduction pact, a Reuters survey found, Continue Reading
OPEC ‘Supergroup’ Keeps Oil Exports Subdued
I was jesting the other day about who would be on guitar in OPEC’s supergroup, but it got me thinking about the various global oil producers, and how their traits Continue Reading
Saudi oil minister hopes OPEC, allies will ease output cuts in 2019
Saudi Arabia oil minister Khalid al-Falih said on Saturday that he hopes the production constraints under a deal between major OPEC and non-OPEC oil producers will ease in 2019. The Organization Continue Reading
OPEC balancing act depends on over-performance
Compliance with the OPEC-led effort to balance the market with production cuts was supported by “several over-performing countries,” a committee said. The Organization of Petroleum Exporting Countries, with support from Continue Reading
Supply glut fears nearly assuaged, OPEC now frets shrinking spare capacity
Having helped wrestle the oil market from its latest bust, OPEC is now setting its sights at avoiding the next one. While insisting that its work to drain oil inventories Continue Reading
OPEC, Russia Said to See Oil Glut Dissipating at a Faster Rate
The latest discussions between OPEC and its oil-producer allies concluded that the supply glut is dissipating at a faster pace than previously anticipated. (Bloomberg) — The latest discussions between OPEC Continue Reading
OPEC Deal Closer Than Ever To Meeting Market Rebalancing Goals
The OPEC deal is closer than ever to meeting its market rebalancing goals, with OECD inventories now just 74 million barrels above the five-year average recorded in January 2017, according Continue Reading
Is This The Future For OPEC?
OPEC and Russia, along with other countries participating in the oil production cuts aimed at balancing the market, are looking to create a “super group of oil producing countries,” according Continue Reading
OPEC balancing act added $25 per barrel to oil, Saudi minister says
An OPEC effort to balance the market, which includes support from producers like Russia, has added about $25 per barrel to oil, the Saudi oil minister said. The Organization of Continue Reading
Next OPEC+ ministerial meeting planned for April: RIA
The next Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) will be held in April in Saudi Arabia, Russian RIA news agency reported on Sunday, citing an OPEC statement. It also said Continue Reading
OPEC, Russia Signal Global Oil Alliance May Endure Past 2018
Oil market still isn’t fully re-balanced, Russia’s Novak says It’s unclear whether inventories will drop at same pace: Falih OPEC and Russia reaffirmed that they’ll persevere with oil-production cuts until Continue Reading
Don’t worry about oil price movement yet, Russia says
It’s too early in 2018 to discuss stabilization for oil prices, which are down 2 percent from their peak, but up 3.5 percent so far, a Russian official said. Crude Continue Reading
OPEC Revises Up Non-OPEC Production Estimates For 2018
U.S. shale suppliers are forcing OPEC to revise upward its estimates for supplies originating outside the bloc’s member nations, according to the latest data released by the bloc. Non-OPEC production Continue Reading
OPEC Oil Production Falls In December
The latest OPEC Monthly Oil Market Report is out with production numbers for December 2017. All data is in thousand barrels per day. (Click to enlarge) Total OPEC crude only Continue Reading
OPEC sees more oil supply from rivals, countering its cuts and Venezuelan woes
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
OPEC Under Pressure As Oil Rally Continues
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
Russian effort to comply with OPEC balancing effort based on market, not price
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
Russia To Discuss Possible Exit From OPEC Deal
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
Analysis: OPEC’s Venezuela, Africa woes could give other members room to boost oil output
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
UAE Oil Minister: OPEC Deal Could Extend Beyond 2018
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
The Biggest Loser Of The OPEC Deal
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
Goldman: OPEC Will Talk Oil Prices Down If Brent Tops $70
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
Soaring Indian Oil Demand Grabs OPEC’s Attention
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 won’t react to small, short-lived oil supply disruptions
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