While global crude oil inventories remain above the five-year average, demand could eat into the surplus because of better-than-expected growth, OPEC said. Economists at the Organization of Petroleum Exporting Countries Continue Reading
Data related to Hurricane Harvey is starting to come together. For the week ending on September 1, refinery inputs fell by 3.2 million barrels per day (mb/d), or 34 percent, Continue Reading
All data is through August 2017 and is in thousand barrels per day. The above chart does not include the 14th member of OPEC that was just added, Equatorial Guinea. Continue Reading
Efforts by the Organization of Petroleum Exporting Countries (OPEC) have raised the costs of producing oil and gas by roughly $160 billion, transforming the industry, according to a new business Continue Reading
Hurricane Irma was downgraded to a tropical storm early Monday, although it is still bringing floods and damage to much of Florida as it makes its way north, leaving millions Continue Reading
Saudi Arabia’s Energy Minister Khalid al-Falih has discussed with his Venezuelan and Kazakhs counterparts the option of extending the crude oil production cut deal beyond the March 31, 2018 deadline, Continue Reading
Saudi Arabian Energy Minister Khalid Al-Falih agreed with his Venezuelan, Kazakh and UAE counterparts to keep all options open in their push to re-balance world oil markets. (Bloomberg) — Saudi Continue Reading
Saudi Arabian Energy Minister Khalid al-Falih discussed with his Venezuelan and Kazakh counterparts the possible extension of the global oil supply cut pact beyond March 2018, the Saudi energy ministry Continue Reading
Russia’s Energy Minister Alexander Novak said earlier this week that he’d spoken with his Saudi counterpart about the possibility of another extension to the OPEC-non-OPEC crude oil production deal; oil Continue Reading
OPEC exported 25.19 million bpd of crude oil last month, the lowest since April this year, Thomson Reuters Oil Research said , but the eight-month average for the year to Continue Reading
It is premature to decide on extending the global deal to reduce oil production as the oil market has been rebalancing, Russian Energy Minister Alexander Novak said on Thursday, according Continue Reading
While the aftermath of Hurricane Harvey continues to drive headlines in the energy sector, the attention will once again shift back to OPEC as the year wears on and we Continue Reading
Hurricane Harvey hit the United States after two years of oil sector declines and OPEC is ready to ensure the market is stable, its secretary general said. Parts of the Continue Reading
Russian Energy Minister Alexander Novak said on Wednesday that Moscow would consider extending a deal with OPEC and other producers to cut oil production further into next year if a Continue Reading
OPEC members’ compliance with the agreement to reduce output has improved in recent months, Iran’s oil minister said on Monday, noting that unofficial talks were underway among the oil producing Continue Reading
Libya and Nigeria, the two OPEC members exempt from the current oil production cut deal, have been invited to participate in the producer group’s latest ministerial committee meeting September 22. Continue Reading
Indian state-run Oil and Natural Gas Corp plans to bid for Israeli offshore oil-and-gas exploration blocks, India’s oil minister told Reuters, the first major deal between the two countries since Continue Reading
China’s northeastern industrial heartland may face winter power and heating cuts after authorities in Beijing spurned requests from provincial providers for help securing coal supplies after two major mines were Continue Reading
For veteran OPEC officials, Hurricane Harvey’s impact on global oil markets is one of the strangest things they have seen. The storm has led to some of the biggest disruptions Continue Reading
Iraq’s Oil Minister Jabar al-Luaibi speaks during a news conference in Basra, Iraq July 19, 2017. REUTERS/Essam Al-Sudani MOSCOW (Reuters) – A decision on whether to extend a global oil Continue Reading
OPEC oil output has fallen this month by 170,000 barrels per day (bpd) from a 2017 high, a Reuters survey found, as renewed unrest cut supplies in Libya and other Continue Reading
The skies are clearing over Houston, but the damage from the remaining elements of Hurricane Harvey has spread east to Port Arthur and Lake Charles along the Texas-Louisiana border. That Continue Reading
Oil producers in Russia and Saudi Arabia are pushing to extend the Organization of Petroleum Exporting Countries’ (OPEC) production cuts until June of next year, according to a new report Continue Reading
A view of an oil refinery plant in Novokuibyshevsk, Russia, late last year. Top oil producers Saudi Arabia and Russia are pushing to extend their deal to limit crude oil Continue Reading
Hurricane Harvey may achieve in global crude oil markets in a few days what OPEC and its allies have struggled to achieve in months – a tightening of supplies and Continue Reading
The oil market is moving in the right direction towards rebalancing, but all options, including extending the cuts beyond March 2018, are left open, the joint OPEC/non-OPEC committee set up Continue Reading
OPEC monitoring committee says “all options” are on the table to ensure a market tilted toward the supply side returns to balance. Photo by alphaspirit/Shutterstock Aug. 24 (UPI) — A Continue Reading
Crude oil prices turn lower after a banner day Wednesday as compliance wanes for an OPEC-led effort to balance the market. File photo by Monika Graff/UPI Aug. 24 (UPI) — Continue Reading
With U.S. crude oil production on the rise, it’s clear the production agreement from OPEC hasn’t worked as intended, an economist in Texas said. The Organization of Petroleum Exporting Countries Continue Reading
U.S. shale has taken a lot of headline space recently as the biggest headwind for oil prices and the highest stumbling block for OPEC’s efforts to prop them up by Continue Reading
The EIA included the Anadarko Region in its Drilling Productivity Report for the first time, a sign that the Oklahoma area is gaining importance for oil and gas exploration. • Continue Reading
Oil prices were steady early on Monday morning, searching for a catalyst for direction while OPEC is holding a meeting of its Joint OPEC-Non-OPEC Technical Committee (JTC), which monitors the Continue Reading
OPEC will discuss at a meeting in November whether to extend or end production cuts, Kuwait’s oil minister Essam al-Marzouq told Kuwait TV on Monday. “At our next meeting at Continue Reading
OPEC looks forward to a durable and constructive relationship with member state Iran, its secretary general told the country’s reappointed oil minister, Bijan Zanganeh. The Iranian parliament during the weekend Continue Reading
As OPEC and non-OPEC nations meet for another joint technical committee meeting on August 21, the oil producer group’s options seem limited, leading to a preoccupation with ensuring compliance with Continue Reading
OPEC’s compliance with the output cuts will continue to slip in the second half this year, despite recent rhetoric reiterating the cartel members’ commitment to stick to the production quotas, Continue Reading
It has long been the suspicion of many oil market analysts that the U.S. shale industry was likely too nimble for OPEC to really hammer it into oblivion. That proved Continue Reading
Crude oil prices edged lower early Monday on signals of declining volatility and reports of a stronger position from OPEC-member Libya. Sandy Fielden, the director of research, commodities and energy Continue Reading
The Organization of Petroleum Exporting Countries (OPEC) released its monthly oil market report on Thursday, and the news was enough to send WTI below $50 after a brief week-long rally. Continue Reading
And some surprising numbers this week show that slide is likely to continue. With the world’s largest oil-producing nations pumping out more crude than many energy observers are expecting. That’s Continue Reading
Stronger-than-expected oil demand growth may be tilting the market to rebalancing, but confidence in any sustained rebalancing is suppressed on the back of OPEC and non-OPEC producers’ signals of weakening Continue Reading
OPEC and its non-OPEC partners have not closed the door to the possibility of extending the production cut agreement or even lowering production levels, Saudi Oil Minister Khalid al-Falih told Continue Reading
Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 b/d month-over-month in July to average 32.87 million b/d, according to five secondary sources used in the Continue Reading
OPEC forecast higher demand for its crude in 2018 on Thursday due to rising global consumption, and pointed to signs of a stronger oil market that suggest an OPEC-led production Continue Reading
Oil production from Iraq and Saudi Arabia will remain subdued until the markets reach a target level that indicates a balanced market, leaders said. Saudi Prince Mohammed bin Salman bin Continue Reading
OPEC crude oil production rose further in July, in the latest sign the cartel’s efforts to reduce output and drain a global supply glut are falling short. The Organization of Continue Reading
All data is through July 2017 and is in thousand barrels per day. (Click to enlarge) The above chart does not include the 14th member of OPEC that was just Continue Reading
OPEC confirmed reports that its crude oil production increase last month, reporting a daily rate of 32.869 million barrels, up by 172,600 bpd. Global commercial oil stocks in the OECD Continue Reading
Crude oil prices move into negative territory early Monday as some market analysts say they’re seeing a ceiling start to emerge over the recent rally. File photo by Monika Graff/UPI Continue Reading
OPEC and non-OPEC officials were holding a second day of meetings in Abu Dhabi to discuss ways to boost compliance with their oil output-cutting pact, sources familiar with the talks Continue Reading
