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
Iraqi oil minister Jabar al-Luaibi departed for Saudi Arabia on Tuesday where he will meet his counterpart Khalid al-Falih to discuss oil market developments and OPEC’s efforts to stabilize the Continue Reading
The lowered exports of OPEC heavy crude grades to North America are tightening the price spread between WTI and Western Canadian Select (WCS), cutting into the refining margins of U.S. Continue Reading
OPEC and other big oil producers are facing a new high-wire act: how to keep the oil market calm if they decide to lift their output curbs and ramp production Continue Reading
A joint OPEC/non-OPEC technical committee will be meeting in Abu Dhabi on next week to discuss ways to improve compliance by members that have not been sticking 100 percent to Continue Reading
Analysts cut yet again—for a sixth consecutive month—their oil price forecasts for 2017 and 2018, as the slower-than-expected rate of oil market rebalancing puts an increasing amount of pressure on Continue Reading
You wait decades for an existential crisis, then two come along at once. At least that’s how it must feel for OPEC’s beleaguered ministers. In the short term the market Continue Reading
OPEC oil output has risen this month by 90,000 barrels per day to a 2017 high, a Reuters survey finds. LONDON, July 31 (Reuters) – OPEC oil output has risen Continue Reading
You wait decades for an existential crisis, then two come along at once. At least that’s how it must feel for OPEC’s beleaguered ministers. In the short term the market Continue Reading
Representatives of some OPEC and non-OPEC nations will meet in Abu Dhabi on Aug. 7-8 to discuss why some of them are falling behind in their pledges to cut production, Continue Reading
OPEC, the once powerful oil cartel, is struggling to hold the line in a make-or-break fight to limit oil production, prop up crippling low prices and prove its relevance. Why? Continue Reading
Brazil is a major oil producing country, but in 2016 was still a net importer, though imports dropped significantly and they have been a slight exporter overall so far this Continue Reading
OPEC officials are hoping to limit the production of both Libya and Nigeria, as fears grow that the two exempted members are undermining cuts from the rest of the cartel. Continue Reading
OPEC held a technical meeting in St. Petersburg on July 24 to monitor compliance with the group’s cuts and assess the progress of the rebalancing of the oil market. Unlike Continue Reading
Saudi Arabia wants to do more to boost crude oil prices by taking a razor to its exports, but the kingdom is already doing much of the heavy lifting in Continue Reading
Hundreds of millions of barrels of crude oil are lacking from the global energy market because of joint efforts with OPEC, Russia’s oil minister said Monday. Members of a committee Continue Reading
Russia called on OPEC to limit oil output rises from its members Libya and Nigeria in the near future, as it hosted a meeting of key OPEC states on Monday Continue Reading
Saudi Energy Minister Khalid al-Falih said there would be no discussion of deeper oil output cuts at a meeting of ministers from OPEC and non-OPEC nations on Monday. Ministers from Continue Reading
ST. PETERSBURG—The Organization of the Petroleum Exporting Countries met Monday with big oil-producing allies such as Russia, wrestling with a difficult fact: They are pumping too much crude. OPEC, the Continue Reading
OPEC is worried that its plan to drain a global oil glut—and thereby raise crude prices—isn’t working. A long-planned meeting in St. Petersburg, Russia, on Monday to discuss the oil Continue Reading
Producers meet in St. Petersburg with prices still depressed They’ll likely persevere as alternatives are worse: SocGen OPEC and Russia’s plan to clear the global oil glut hasn’t worked as Continue Reading
WTI has traded in a $3.90 range so far in July ($43.65 / $47.55) and the sideways price action has lead to waning market enthusiasm for bulls, bears and option Continue Reading
Despite the oil industry being arguably the most vital and influential sector in the world, the average member of the public knows relatively little about its inner workings. Oil prices Continue Reading
OPEC and Russia’s plan to clear the global oil glut hasn’t worked as they hoped, but there’s little expectation the world’s largest producers will act more aggressively when they meet Continue Reading
The world oil market is taking longer than expected to rebalance but the glut should go by the end of March and OPEC need not take further action to curb Continue Reading
Ecuador announced its withdrawal from the OPEC agreement this week, a move that could shake the foundation of a deal that was already starting to show some cracks. “We need Continue Reading
The head of Libya’s National Oil Corporation (NOC) said on Tuesday he would lead a Libyan delegation to a meeting of OPEC and non-OPEC oil producers in St Petersburg, Russia Continue Reading
The above chart does not include the 14th member of OPEC that was just added, Equatorial Guinea. I do not have historical data for Equatorial Guinea so I may not Continue Reading
With the efficacy of OPEC-led cuts clearly in doubt, it would behoove cartel members to prioritize individual self-interest. This opinion piece presents the opinions of the author. It does not Continue Reading
The world’s biggest oil producers are starting to take electric vehicles seriously as a long-term threat. OPEC quintupled its forecast for sales of plug-in EVs, and oil producers from Exxon Mobil Corp. Continue Reading
OPEC member Kuwait said on Friday it would be premature to cap Nigerian and Libyan oil production as the two African countries’ output needed to stabilize further. The market is Continue Reading
Officials from a state oil company in Libya brief representatives from Norwegian energy company Statoil about the potential to bring production back to normal levels. Photo courtesy of the Libyan Continue Reading
The steady recovery of oil production in Libya and Nigeria in recent months has prompted OPEC to consider limiting the output of the two African producers that are currently exempt Continue Reading
OPEC said on Wednesday its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus Continue Reading
The Organization of the Petroleum Exporting Countries coordinates the policies of its members by giving each of them a production allocation rather than limiting how much they can export. OPEC Continue Reading
OPEC produced more crude oil in June despite efforts to curb output, the cartel said Wednesday, flagging that growing production elsewhere could complicate its ability to control the global oil Continue Reading
In its just released latest market report for the month of July, OPEC admitted it has a problem: more than six months after the Vienna deal that was supposed to Continue Reading
OPEC’s analysis arm on Tuesday offered a bearish 2018 outlook for the producer bloc, projecting that global demand for its crude would fall by 60,000 b/d from this year to Continue Reading
OPEC’s compliance with production cuts fell in June to its lowest levels in six months as several members pumped much more oil than allowed by their supply deal, thus delaying Continue Reading
Goldman, CFR research shows deterioration in break-even prices OPEC fiscal break-even now higher than listed energy companies Mirror, mirror, on the wall, who’s the lowest-cost oil producer of them all? Continue Reading
Nigeria supports OPEC’s efforts to stabilize oil prices, but it wants to wait before deciding whether join the cartel’s cuts in oil production, its oil minister said on Wednesday. “Hopefully, Continue Reading
OPEC oil output has risen in June by more than 300,000 barrels per day, (bpd) according to figures the exporter group uses to monitor its supply, as a recovery in Continue Reading
Energy Minister Kanat Bozumbayev said at an industry conference in Istanbul over the weekend that Kazakhstan’s withdrawal from its pledge to the cap will take place gradually, Russian news agency Continue Reading
Saudi Arabia has told OPEC that it had pumped 10.07 million barrels per day in June, up by 190,000 bpd from May, and exceeding its 10.058-million-bpd production level quota under Continue Reading
Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while Continue Reading
No further oil output cuts are on the agenda for the July meeting of the ministerial committee set up to monitor compliance with the OPEC-non-OPEC deal, the cartel’s secretary general Continue Reading
Libya and Nigeria have been invited to a meeting of big oil producers in St. Petersburg, Russia, this month to discuss their surging petroleum output, Kuwait’s oil minister said. Kuwait’s Continue Reading
Since they struck the production cut deal in late November, OPEC and the non-OPEC partners that are part of the agreement have seen U.S. shale ramping up crude production more Continue Reading
High demand for air conditioning and fuel for road trips make summer the best time for the Organization of Petroleum Exporting Countries (OPEC) to cut production or exports to end Continue Reading
Cuts can have biggest impact on oil inventories right now Saudi Arabia’s exports increased last month, tanker data show Now is the time to maximize the impact of OPEC’s oil Continue Reading
