Russian Energy Minister Alexander Novak said on Tuesday that compliance with a global output cut deal in the past nine months had been 102 percent. He said compliance by OPEC Continue Reading
Last week some comments from OPEC Secretary General Mohammed Barkindo signaled that OPEC may not understand how the U.S. oil industry functions. Reuters reports that Barkindo urged cooperation from U.S. Continue Reading
At its November 30 meeting, OPEC will seek to discuss making its current partnership with non-OPEC producers permanent, OPEC’s Secretary General Mohammad Barkindo told reporters at the Oil & Money Continue Reading
OPEC is leaning toward extending a deal with Russia and other non-members to cut oil supply for a further nine months, four OPEC sources said, although stronger-than-expected demand growth may Continue Reading
There is no doubt that in the wake of efforts by global oil producers to curb production that the crude market is rebalancing, and doing so at an accelerating pace, Continue Reading
The Organization of Petroleum Exporting Countries (OPEC) has a compliance rate with their output cut pledges of about 86 percent, Fatih Birol, the executive director of the International Energy Agency Continue Reading
OPEC and its partners may not need to extend the November 2016 crude oil production cut agreement beyond its March 2018 deadline if everyone fully complies with their quotas, Kuwait’s Continue Reading
Russia’s oil producer Gazprom Neft is ‘holding its nose’ to the OPEC/non-OPEC production cut deal because it has made the company cut its production growth targets, Gazprom Neft’s first deputy Continue Reading
The oil price, as measured by the most traded Brent Crude number, has been relatively stable since the agreement to limit output was implemented last year and excess inventory has Continue Reading
OPEC forecast higher demand for its oil in 2018 on Wednesday and said its production-cutting deal with rival producers was getting rid of a glut, pointing to a tighter market Continue Reading
The price for crude oil next year should be around the so-called Goldilocks number for shale oil drillers in the United States, OPEC economists said. The Goldilocks scenario refers to Continue Reading
OPEC Monthly Oil Market Report. All data is through September 2017 and is in thousand barrels per day. (Click to enlarge) The above chart does not include the 14th member Continue Reading
All data below is based on the latest OPEC Monthly Oil Market Report . All data is through September 2017 and is in thousand barrels per day. The above chart Continue Reading
WTI recently dipped below $50 per barrel for the first time in a month, erasing the strong September rally. It’s no coincidence that after two weeks of price declines, OPEC Continue Reading
OPEC Secretary General Mohammad Sanusi Barkindo calls North American shale producers to do their part in the effort to balance an oversupplied market for crude oil. Photo courtesy of the Continue Reading
OPEC’s Secretary General Mohammed Barkindo on Tuesday called on U.S. shale oil producers to help curtail global oil supply, warning extraordinary measures might be needed next year to sustain the Continue Reading
The oil market is rebalancing but OPEC cannot “afford to letup” on its production cuts in the face of rising non-OPEC supplies next year, trading house Gunvor’s CEO Torbjorn Tornqvist Continue Reading
Re-balancing of oil market is underway: OPEC Secretary-General More measures may be needed to sustain recovery into next year Oil producers are succeeding in re-balancing an oversupplied market, though they Continue Reading
OPEC Sep crude oil output up slightly from Aug on more from Libya, Iraq: Platts survey Venezuelan output slumps to 1.86 mil b/d Libyan output recovery still volatile, production up Continue Reading
Saudi Arabia hopes to reach a consensus with Russia and other major oil producers on the future of a global deal to cut oil output before an OPEC meeting in Continue Reading
Monitoring oil exports may add another layer of support to the OPEC-led effort to balance an oversupplied market, a director at a vessel tracking firm said. Russian Energy Minister Alexander Continue Reading
President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018, though he’ll wait to make a decision until Continue Reading
Iran’s oil minister said on Wednesday he saw no objection within OPEC to extending or even deepening an OPEC-led deal to cut oil output get rid of a supply glut. Continue Reading
Iranian Oil Minister Bijan Zanganeh said on Wednesday that OPEC members had fulfilled their obligations under a global oil output cut deal by slightly over 100 percent in September, the Continue Reading
Up to 12 oil producing countries from South America and Africa have been invited to join the OPEC/non-OPEC production cut deal, Venezuela’s Oil Minister Eulogio del Pino said on the Continue Reading
There is no immediate need to talk about additional oil output cuts as part of a global deal between OPEC and non-OPEC nations, Russian Energy Minister Alexander Novak said in Continue Reading
Ministers from the Organization of Petroleum Exporting Countries attending a conference in Moscow may take up export monitoring, Russia’s energy minister said. Russian Energy Minister Alexander Novak said he expected Continue Reading
Natural gas inventories are down significantly compared to 2016 levels, which helps explain the prices around $3/MMBtu compared to prices much lower than that last year. – Inventories are still Continue Reading
OPEC ministers and ministers from other oil producing nations will discuss this week the progress of the production cut deal and a mechanism to monitor crude oil exports, on the Continue Reading
Middle Eastern oil producers are confident that strong demand for their product from Asia will keep their coffers full even as U.S. shale boomers venture into the biggest regional oil Continue Reading
Iran’s Oil Minister Bijan Zanganeh talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader MOSCOW (Reuters) Continue Reading
Saudi Arabia is following through with its pledge to stick to the output cuts in the OPEC/non-OPEC deal. The Kingdom is also reducing exports to some buyers, even to its Continue Reading
Bloomberg survey . Total production from the cartel reached 32.83 million barrels per day, which marks a 120,000 bpd increase from August, the Bloomberg survey found. Libya and Nigeria are Continue Reading
OPEC oil output has risen this month by 50,000 barrels per day (bpd), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the Continue Reading
It’s best to draw out of the OPEC-led effort to balance the market with production cuts during the summer when demand is high, Russia’s energy minister said. Russia is a Continue Reading
Middle East OPEC producers are concerned weak demand and excess supply in the first quarter of 2018 may undermine an oil price rally that has pushed Brent crude about 30 Continue Reading
Since it agreed to production cuts, OPEC stated that its mission is to see the oil futures curve flip from contango to backwardation as part of its work to erase Continue Reading
A source close to negotiations over an OPEC-led effort to balance the market with production cuts told Russian media Monday an extension was under review. The Organization of Petroleum Exporting Continue Reading
It’s happy days for Opec, but once the whoops die down, the group should take a long hard look at itself. Because it has lost its crown as the world’s Continue Reading
OPEC’s compliance with an agreement among oil producers to reduce output has been acceptable, Iran’s oil minister said on Monday, adding that some changes were needed if participants seek to Continue Reading
OPEC met on Friday to review the progress of their work over the past 9 months, assessing whether or not they should extend their current production cuts beyond the March Continue Reading
OPEC backs any action to help stabilize oil market: Zanganeh Iraq to boost output capacity while committing to OPEC Cuts OPEC’s commitment to cutting production to clear a global glut Continue Reading
The oil refinery in Warri, Nigeria, pictured in August 2015, has roared back to life after years of neglect. Nigeria and Libya have added 550,000 barrels a day of crude-oil Continue Reading
OPEC and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output Continue Reading
The oil refinery in Warri, Nigeria, pictured in August 2015, has roared back to life after years of neglect. Nigeria and Libya have added 550,000 barrels a day of crude-oil Continue Reading
“There is no doubt that the oil market is moving in the right direction,” the Organization of the Petroleum Exporting Countries noted with satisfaction in its most recent bulletin published Continue Reading
The latest chapter of the “what will OPEC do next” saga unfolded on Thursday as reports emerged that the cartel and the non-OPEC producers led by Russia may discuss a Continue Reading
OPEC and non-OPEC nations meeting on Friday will discuss a possible extension of an oil supply cut deal to support prices and will consider monitoring exports to assess compliance. The Continue Reading
When OPEC and its allies gather this week, they’ll have the best evidence yet that their efforts to clear a global oil glut are succeeding. It may prove short-lived. Crude Continue Reading
OPEC and Russia are coordinating the first joint OPEC/non-OPEC deal to curb oil output since 2001, but the apparent unity in the face of lower-for-longer oil prices doesn’t disguise the Continue Reading
