Strategy of cartel has helped to deplete half surplus stocks Bolstering prices is emboldening American shale-oil drillers The clash between OPEC and America’s oil industry is reaching a day of Continue Reading
OPEC is heading for tougher-than-expected policy talks this week amid concern that its efforts to rebalance the oil market might overshoot by creating a global deficit and spurring a further Continue Reading
OPEC is on the verge of extending its production cuts for an additional nine months, pushing the deal through the end of 2018. But the determination to keep the cuts Continue Reading
A week out from the OPEC meeting, everyone is assuming a rollover of the production cuts for an additional nine months will be a simple formality, putting the limits in Continue Reading
Journalists listened to OPEC ministers attending a meeting in Vienna on Wednesday, where members reviewed progress on their 2016 agreement to curb oil output. After years of doing too little, Continue Reading
Saudi Arabia and Russia have agreed that OPEC and non-OPEC allies should announce an extension of the cuts at the highly-anticipated meeting in Vienna on November 30, Bloomberg reported on Continue Reading
A draft agenda for next week’s meeting of OPEC’s energy ministers suggests the decision to extend the oil production cuts until the end of 2018 is all but made, at Continue Reading
Kremlin said to be willing to announce end-2018 deal on Nov 30 Various options still on the table, says Energy Minister Novak OPEC and Russia have crafted the outline of Continue Reading
For more than half a century, Saudi Arabia’s oil minister could move markets with a few choice words about what OPEC may decide at its next meeting, generating millions if Continue Reading
Russia said on Friday it is ready to support extending a deal among oil producers on cutting output, less than a week before OPEC meets in Vienna to discuss policy, Continue Reading
There will be an OPEC deal extension—no matter the public tussling between opposing forces in the industry cartel—if the world’s largest oil producers are really determined to end the supply Continue Reading
A draft agenda for OPEC’s meeting on Nov. 30 in Vienna pencils in three hours for the group’s oil ministers to decide whether to extend their oil supply curbs, indicating Continue Reading
Russia is ready to discuss an extension of a global deal between OPEC and other countries to cut oil output in Vienna on November 30, TASS news agency quoted the Continue Reading
Andy Hall is said among analysts who briefed OPEC officials Annual shale growth forecasts from 300,000 b/d to 1.7 million OPEC will have to decide whether to extend global oil Continue Reading
Weak British economic growth wasn’t enough to offset short-term pipeline issues in North America or OPEC rumors that lifted oil prices higher on Wednesday. The British Office for Budget Responsibility Continue Reading
OPEC’s most powerful internal alliance, bringing together the oil producer group’s Gulf members, is disintegrating fast. As a six-month-old spat between Saudi Arabia and Qatar deepens, the organization’s Gulf ministers Continue Reading
OPEC will need to extend supply cuts when it meets next week to end years of global oil oversupply, oil ministers from two OPEC members said on Wednesday, just over Continue Reading
Russia’s economic growth in October was negatively affected by a global deal between members of OPEC and Russia to curb crude oil production, Russia’s economy minister said on Thursday. Maxim Continue Reading
While OPEC is said to be mostly leaning toward a 9-month extension of the production cuts, Russia’s Energy Minister Alexander Novak and major Russian oil companies discussed last week a Continue Reading
But as the November 30 meeting draws near, oil prices have begun to rally on the back of a growing geopolitical risk premium as tensions rise in the Middle East. Continue Reading
Disruptions to Iraqi output and sales seen persisting to 2018 OPEC has to consider political risk pushing up prices: Yergin OPEC has an Iraq problem: the group’s second-biggest exporter is Continue Reading
The oil market has already factored in an extension of the OPEC deal, with the working assumption that the cuts will be extended through the end of 2018. But what Continue Reading
All data below is based on the latest OPEC Monthly Oil Market Report . All data is through October 2017 and is in thousand barrels per day. I have now Continue Reading
A year ago this week, markets reeled from the surprise election of U.S. president Donald Trump, and eagerly awaited OPEC’s November meeting as the last hope for an oil price Continue Reading
True to its perpetually optimistic form, OPEC, which only last week for the first time conceded the threat posed by rising US shale production… (Click to enlarge) … sharply raised Continue Reading
OPEC raises its forecast for demand for its oil in 2018 and says its deal with other producers to cut output was reducing excess oil in storage. LONDON, Nov 13 Continue Reading
Crude market re-balancing at a ‘quickening pace’: Barkindo U.A.E.’s Mazrouei sees 2018 as ‘recovery year’ for oil price The oil market is re-balancing at a quickening pace and production cuts Continue Reading
The oil market is rebalancing at an accelerating pace, as global levels of oil inventories have fallen visibly and demand for oil is robust, OPEC Secretary-General Mohammad Barkindo said on Continue Reading
United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui said on Monday that he saw no need for global oil producers to delay beyond their meeting later this month a Continue Reading
Despite the recent market rally and current bullish streak in oil prices, the years-long competition for market share between OPEC and U.S. shale producers shows no sign of abating, and Continue Reading
OPEC is declaring victory in its efforts to rebalance supply and demand and bring the oil market back to stability—its favorite proxy buzzword for less volatile and relatively high oil Continue Reading
UAE Energy Minister Suhail bin Mohammed al-Mazroui said that oil producers will have little difficulty taking a decision later this month about extending a global output deal, he was quoted Continue Reading
OPEC pumps 32.57 mil b/d in Oct, down 90,000 b/d from Sep: Platts survey Iraq oil output falls to six-month low on Kurdistan outages Nigeria, Algeria, Venezuela also post steady Continue Reading
Brent prices hit $60 a barrel 10 days ago and have maintained that level ever since, sparking talk that this could be the new floor under oil prices and that Continue Reading
A rapid adoption of electric vehicles could cause world oil demand to reach a plateau in the second half of the 2030s, OPEC said in a report, a potential setback Continue Reading
OPEC . The annual release of the bloc’s World Oil Outlook points out that if just a quarter of the world’s cars run fully on batteries, demand would plateau at Continue Reading
OPEC’s forecast lends the cartel’s voice to a debate in the oil industry over how soon demand for crude oil will decelerate. Royal Dutch Shell PLC and Norway’s Statoil SA, Continue Reading
OPEC is seeking to achieve consensus agreement before a meeting on Nov. 30 on how long to extend a global pact to curb oil production, OPEC’s secretary general said on Continue Reading
Group raises forecast for shale oil output in annual report Shale producers show ‘resilience and ability to bounce back’ OPEC said shale oil production will grow considerably faster than expected Continue Reading
Nigeria supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 “as long as the right terms are on Continue Reading
Last week, a Bloomberg energy journalist tweeted from Riyadh, wondering why there are no mass celebrations of the fact that Brent was coming closer to $60 a barrel. Now that Continue Reading
Russian Energy Minister Alexander Novak held talks with Saudi King Salman on Thursday after which he said that a global deal between OPEC and other countries to cut oil output Continue Reading
DUBAI (Reuters) – OPEC is likely to stay the course by keeping its current curb on oil production in place for the whole of 2018 despite potential output disruptions next Continue Reading
Early in October, OPEC’s chief, Mohammed Barkindo, appeared to be unfazed by growing U.S. crude oil shipments to OPEC’s key market, Asia. The official said he expected OPEC exports bound Continue Reading
A new Reuters survey found that OPEC’s output dropped in October due to production disruptions in Iraq as well as increased compliance to established quotas by the rest of the Continue Reading
OPEC oil output fell this month by 80,000 barrels per day (bpd), a Reuters survey found, as exports from northern Iraq dropped and other producers maintained adherence to a supply Continue Reading
The Middle East isn’t yet ready to agree on the future of OPEC’s output reduction deal as the bloc’s November 30 summit approaches, during which the cartel is set to Continue Reading
The fog has been cleared ahead of OPEC’s next policy meeting by Saudi Arabia and Russia declaring their support for extending a global deal to cut oil supplies for another Continue Reading
Prince Mohammed bin Salman says ‘of course’ supports roll-over Heir to throne says Saudi Aramco IPO is ‘on track’ for 2018 Saudi Arabian Crown Prince Mohammed bin Salman backed the Continue Reading
The world’s top oil exporter Saudi Arabia is determined to reduce inventories further through an OPEC-led deal to cut crude output and raised the prospect of prolonged restraint once the Continue Reading
