Total OPEC production up slightly in December
Though Venezuelan oil production is lower than it’s been in more than a decade, its fellow OPEC members picked up the slack, a market survey found. A survey of production Continue Reading
OPEC oil cut adherence rises in Dec as Venezuela output slides: survey
OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong Continue Reading
OPEC vs Shale: The Oil Saga Continues
The continuous rise in U.S. shale production last year offset part of the OPEC–Russia production cuts and capped oil price gains. Supported by the global inventory drawdown and geopolitical woes, Continue Reading
OPEC Should Thank Venezuela For Falling Production
OPEC’s crude oil production remained largely unchanged from November in December, but that was mostly thanks to a 50,000-bpd decline in Venezuela’s production, as well as further cuts in Saudi Continue Reading
Oil Resurrection Sets Stage for Another OPEC-Shale Clash in 2018
OPEC cuts drive price gain as threat of U.S. output persists WTI, Brent up more than 11% this year; set for 2nd annual gain Oil’s revival from the biggest crash Continue Reading
Oil Market Will Rebalance By March: Iraqi Minister
With what has now become habitual optimism, the Iraqi oil minister, Jabar al Luaibi, said he expected the global oil market to rebalance by the end of the first quarter Continue Reading
2018 Could See The OPEC Deal Collapse
The OPEC extension keeps the oil market on track to balancing at some point next year, but if the group overshoots on tightening, OPEC members could begin cheating, potentially leading Continue Reading
Oil producers to discuss exit plans from cuts once market near balance: Russia
Oil producers will discuss an exit strategy for their deal on cutting output once the market moves closer towards being balanced, Russian Energy Minister Alexander Novak said in remarks published Continue Reading
Russia backs gradual, managed exit from oil cuts with OPEC
OPEC and Russia will exit from oil production cuts very smoothly, possibly extending the curbs in some form so as not to create any new surplus in the market, the Continue Reading
OPEC starts working on oil supply cut exit strategy: sources
OPEC has started working on plans for an exit strategy from its deal to cut supplies with non-member producers, two OPEC sources said, a sign that an eventual winding down Continue Reading
Goldman Says ‘Stellar’ Demand May Fast-Forward OPEC’s Exit
Global oil inventories will have re-balanced by mid-2018 Backwardation forecast to strengthen further in second quarter OPEC’s desire to clear the global oil inventory overhang may come sooner than expected, Continue Reading
Fracking Puts Pressure on OPEC’s Bottom Tier
Regarding Walter Russell Mead’s “ Fracking Our Way to Mideast Peace ” (op-ed, Dec. 12): While the general sentiment is correct that American energy independence frees American foreign policy, it Continue Reading
Key Pipeline Closure Amplifies OPEC’s Efforts
But this time, it’s not the usual suspects of Libya, Nigeria, or Iraq. It’s a shutdown of a major oil pipeline in the North Sea, which is expected to last Continue Reading
The Most Important Part Of The OPEC Deal
The OPEC meeting in Vienna last month was, despite all the hype, always going to be a dull affair. The extension of the oil supply cuts had been all but Continue Reading
OPEC Wakes Up to the Threat of U.S. Shale 2.0
Stronger U.S. output is blunting OPEC’s effort to clear glut Once expected in third quarter ’18, rebalancing now seen later OPEC predicted that global oil markets won’t rebalance until late Continue Reading
OPEC Oil Output Falls to Six-Month Low but U.S. Fills Gap
A worker makes adjustments in the Bashneft PAO oilfield in Russia. OPEC production fell to its lowest in six months but rival U.S. production was surging faster than expected, meaning Continue Reading
U.S. Shale Sends OPEC Deal Back To Square One
True to its perpetually optimistic form, OPEC, which last month for the first time conceded to the threat posed by rising U.S. shale production… sharply raised its demand forecast for Continue Reading
U.S. Shale Output Rises As OPEC Production Falls To 6-Month Low
OPEC’s crude oil production dropped to a six-month low in November, while U.S. and other non-OPEC supply has grown stronger than initially expected this year, which prompted the cartel to Continue Reading
OPEC November Oil Production
The OPEC data below was taken from the December OPEC Monthly Oil Maret Report . All data is through November 2017 unless otherwise noted. OPEC crude oil production declined by Continue Reading
OPEC sees balanced oil market by late 2018 as cuts erode glut
OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as the U.S. Continue Reading
Kuwait’s oil minister says premature to talk about exit strategy from supply cuts
Kuwait’s oil minister said on Thursday it was too early to talk about a strategy to exit the current OPEC and non-OPEC supply cutting pact. “It’s premature to talk about Continue Reading
Summary of Weekly Petroleum Data for the Week Ending December 8, 2017
U.S. crude oil refinery inputs averaged about 17.0 million barrels per day during the week ending December 8, 2017, 243,000 barrels per day less than the previous week’s average. Refineries Continue Reading
Cyberattacks: The Biggest Threat To OPEC
Oil and cybersecurity in one sentence certainly makes for a thrilling read, and there will be an increasing amount of information on the topic as the Internet of Things expands Continue Reading
UAE says OPEC, allies to announce exit strategy from oil cuts in June
United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Monday that OPEC and non-OPEC oil producers plan to announce in June an exit strategy from global supply cuts, Continue Reading
Kuwaiti Oil Minister: OPEC Cuts May End Earlier Than Planned
To keep the air of mystery, or whatever remains of it after the November 30 Vienna Club meeting, Kuwait’s Oil Minister Issam al Marzouq yesterday said the cuts may end Continue Reading
Withdrawal From OPEC Deal Could Take 6 Months To Negotiate
Withdrawing from the OPEC-NOPEC agreement to cut 1.8 million barrels per day of output could take up to six months to fully negotiate, according to top Russian energy official Alexander Continue Reading
The Drastic Drop Off In U.S. Oil Imports
While the dust may now have settled on last week’s OPEC meeting, the cartel’s impact on U.S. oil inventories is set to linger on. Stocks are at their lowest level Continue Reading
OPEC’s Latest Agreement May Not Stabilize Oil Prices
The 14-strong Organisation of Petroleum Exporting Countries (OPEC), along with 10 oil states outside of the cartel, has reached an agreement to limit oil output until the end of 2018. Continue Reading
Oil Markets Calm After OPEC Storm
Natural gas production in the Appalachia region (which includes the Marcellus and Utica shales) has increased by more than 14 billion cubic feet per day (Bcf/d) since 2012. That growth Continue Reading
Oil Climbs as OPEC Tightening Dovetails With U.S. Supply Drop
Bank of America Merrill Lynch sees Brent at $70 next year U.S. crude stocks probably fell 2.5 million barrels last week Crude rose as lower OPEC production and signs of Continue Reading
OPEC oil output falls in November to lowest since May
OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, Continue Reading
The One Indicator OPEC Must Watch
“We will not let go of our current approach until we reach a balanced market,” Saudi oil minister Khalid al-Falih said Monday at a news conference in Riyadh. OPEC ended Continue Reading
OPEC’s November Output Drops 300,000 Bpd
OPEC’s oil output fell by 300,000 barrels per day in November, giving the bloc its lowest production rate since May, according to a new Reuters survey. Cuts in Angola and Continue Reading
Big Shale Turns OPEC Ally From Foe With Focus on Oil Returns
Don’t expect Big Shale to rush and fill the hole left by OPEC in the oil market. (Bloomberg) — Don’t expect Big Shale to rush and fill the hole left Continue Reading
Saudi Oil Minister Hints At Post OPEC Deal Strategy
OPEC and Russia-led non-OPEC oil producers left any ‘exit strategy’ talk out of their agreement to extend the production cut pact through the end of 2018 last week, and now Continue Reading
Does OPEC Need An Exit Strategy?
One of the crucial details that OPEC omitted when it rolled over its production cuts for another year was how the group plans on winding down the agreement. When pressed Continue Reading
OPEC expects to stick to cuts in second half of 2018: Saudi minister
Saudi Arabia’s Energy Minister Khalid al-Falih said on Monday oil producers might start discussing in June when to raise output once the market outlook was clearer, even though OPEC was Continue Reading
OPEC extension a win-win, even for U.S. shale oil producers
A move by parties to an OPEC-led agreement to extend a production cut deal to the end of 2018 is a win-win, including for U.S. shale oil players, analysts said. Continue Reading
OPEC and Russia Extend Output Cuts, Strengthening Oil Alliance
All participants agreed market is moving in right direction Libya, Nigeria accept production limits for the first time OPEC and its allies outside the group agreed to maintain oil production Continue Reading
OPEC, Russia agree oil cut extension to end of 2018
OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to finish clearing a global glut of Continue Reading
Visualizing OPEC’s Success
But it hasn’t all been plain sailing. In fact, it’s been decidedly choppy. From an export perspective, certain cartel members have made a concerted effort to keep crude off the Continue Reading
Oil prices rise after OPEC extends output curbs
Oil prices edged higher on Friday, a day after OPEC and other major producers agreed to extend output curbs until the end of 2018 in a bid to tackle global Continue Reading
As OPEC extends output cuts, Asia turns to North America for more oil
Asian refiners are losing no time reacting to a decision by OPEC and Russia to extend their agreed production cuts to all of 2018, ordering more oil from the Caribbean Continue Reading
OPEC Is Expected to Extend Output Cuts, but Questions Remain Over Length
OPEC ministers attend an informal meeting on the eve of the Vienna meeting. VIENNA—OPEC members said Thursday they were poised to agree to extend their efforts to cut crude-oil production Continue Reading
Vienna Is The Ultimate OPEC Smokescreen
The OPEC circus continues to make headlines. All the five-star hotels are booked, as market analysts fervently examine their glass balls to predict the outcome of Thursday’s big meeting. Again, Continue Reading
OPEC, non-OPEC cut talks hit snag on extension duration
Will it be six months or nine months? Some ministers unconvinced of need to keep cuts for full 2018 Lack of agreement on how long stock surplus will last: Falih Continue Reading
OPEC Has Backed Itself Into A Corner
After months of talk and speculation regarding OPEC’s production cuts, the moment of truth is almost upon us—the cartel and its allies are meeting in Vienna this week to decide Continue Reading
Why Is The OPEC Deal Suddenly Uncertain?
The investment bank warned that the oil market could be disappointed in a few days because there is a higher degree of uncertainty heading into the talks than there was Continue Reading
Forget OPEC, Putin Is Calling The Shots In Global Oil | OilPrice.com
Do you remember who first said anything about extending the oil production cut deal until the end of next year? It wasn’t Saudi Arabia or any other Gulf producer. It Continue Reading
Oil falls on doubts over OPEC, pipeline restart
Oil prices fell on Tuesday on uncertainty over the outcome of a key OPEC meeting this week due to decide on production policy for the next year. Brent crude oil Continue Reading