A Platts survey pointed to a 500,000 b/d rise in OPEC’s crude oil output in the last two months. Will there be fresh cues about new output cut compliance at Continue Reading
OPEC is considering putting a limit on how much oil members Nigeria and Libya can pump, cartel delegates say, as surging production from those countries is complicating the cartel’s plans Continue Reading
Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort Continue Reading
A ministerial committee monitoring an OPEC-led pact on cutting oil production will not discuss the possibility of further cuts at its regular meeting on July 24, OPEC’s secretary-general said in Continue Reading
Russian President Vladimir Putin says his country is committed to a multilateral effort to stabilize the energy markets through coordinated production declines. File Photo by Yuri Kadobnov/Pool/EPA July 7 (UPI) Continue Reading
Just a day after Russia’s Energy Minister Alexander Novak said that the OPEC/non-OPEC production cut pact was working and that there was no need to make immediate additional moves, an Continue Reading
A report Thursday from oil pricing group Platts stated that more production is possible from OPEC members Libya and Nigeria, adding to supply-side concerns. A survey of production from members Continue Reading
While the oil market is increasingly questioning if OPEC/non-OPEC’s production cuts have any effect, Russia’s Energy Minister Alexander Novak weighed in on Thursday, saying that the production cut pact was Continue Reading
Ships chartered by two oil traders responsible for a significant share of Iran’s fuel exports last year failed to transmit their location and the origin of their cargo—red flags for Continue Reading
A month ago, oil prices appeared to be higher than they should have been, with weak demand, elevated inventories, and a recognition that the nine-month OPEC extension would be inadequate Continue Reading
OPEC June crude oil output 32.49 mil b/d, up 220,000 b/d from May: Platts survey OPEC almost 600,000 b/d above ceiling, with Equatorial Guinea Rises in Libya, Nigeria, Saudi Arabia Continue Reading
Crude production rises for second straight month, survey finds Libya and Nigeria added 130,000 barrels a day last month OPEC’s crude production rose to the highest this year in June Continue Reading
Iraqi oil minister Jabar al-Luaibi said on Monday he would wait for the outcome of OPEC’s upcoming committee meeting before pronouncing on whether or not the group of producers needs Continue Reading
OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two Continue Reading
While all eyes are riveted on how much U.S. shale output is undermining OPEC’s production cuts and any oil price gains, other non-OPEC producers are also increasing crude production, and Continue Reading
If you apply the insights of the literature on disruptive innovation, last week’s fall in oil prices could well place members of the Organization of Petroleum Exporting Countries in a Continue Reading
Just a month has passed since OPEC rolled over the production cuts, but the still high inventories and the latest drop in oil prices have renewed comments, rumors, and possibly Continue Reading
Libyan oil production is fluctuating between 950,000 barrels per day (bpd) and “close to” 1 million bpd, rising from around 935,000 bpd earlier this week, a Libyan oil source with Continue Reading
As Opec glares at the surge in US shale production that is threatening to derail its attempt to balance the oil market, it may also want to cast an eye Continue Reading
“All hope abandon, ye who enter here,” is the warning inscribed above the gate of Hell, according to the Italian poet Dante Aligheri (“The Divine Comedy”, Inferno, Canto III, 1308-1320). Continue Reading
Julian Lee is an oil strategist for Bloomberg First Word. Previously he worked as a senior analyst at the Centre for Global Energy Studies. It may be too soon to Continue Reading
When OPEC leader Saudi Arabia pledged in May to do “whatever it takes” to defend world oil prices, it didn’t expect the market to be testing its resolve just one Continue Reading
Oil traders have become increasingly doubtful that OPEC will manage to cut crude stocks down to the five-year average in 2018 and keep them there. Calendar spreads for Brent futures Continue Reading
Deeper cuts weren’t seriously discussed this week: delegates Resurgent Libyan, Nigerian production presents new challenge Oil’s back in a bear market and investors remain unmoved by last month’s agreement to Continue Reading
A multilateral effort to ease global oil supply-side strains on the market hasn’t worked as designed, a Kuwaiti official said Thursday. Photo by Oskari Porkka/Shutterstock June 22 (UPI) — The Continue Reading
Iran’s Oil Minister Bijan Zanganeh talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. OPEC Continue Reading
Cutting back on production levels is a difficult task for members of the Organization of Petroleum Exporting Countries, Iran’s oil minister said Wednesday. Iran ranks third among OPEC member states Continue Reading
OPEC and non-OPEC oil producers’ compliance with a deal to cut global output has reached its highest in May since they agreed on the curbs last year, reaching 106 percent Continue Reading
Libya—whose production has been hampered by civil unrest, political divides, and oil export terminals blockades over the past few years—is now targeting to further increase its oil output. Its most Continue Reading
The oil guru who predicted the market rout in 2014 said OPEC and its allies should have gone much further when they extended their supply deal last month. (Bloomberg) — Continue Reading
The International Energy Agency had a nasty surprise for OPEC and its partners in the oil output cut agreement today. According to the authority, non-OPEC production in 2018 will increase Continue Reading
All data below is based on the latest OPEC Monthly Oil Market Report . All data is through May 2017 and is in thousand barrels per day. OPEC crude only Continue Reading
Amid reports of inventory increases, further surges in future non-OPEC supply and prices lying stagnant in the $40s, it’s becoming clear that the OPEC deal to extend production cuts in Continue Reading
Help In a meeting that unfolded -– at least to S&P Global Platts OPEC specialist Herman Wang ‘s eyes — just like the Eurovision pop song contest, OPEC and its Continue Reading
The recent OPEC agreement to extend production cuts for a further nine months has had a mixed response from industry commentators. For some, it’s an example of OPEC’s new steadfastness Continue Reading
Russian Energy Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. Russian Energy Minister Alexander Novak said on Sunday there was Continue Reading
The OPEC logo is seen outside their headquarters in Vienna, Austria May 24, 2017. Two weeks after an OPEC-led deal to extend oil output cuts until March, some OPEC delegates Continue Reading
FILE PHOTO: Pipelines are seen at the industrial zone at the oil port of Brega, Libya, January 12, 2017. OPEC’s battle against an oil glut is under threat as unsold Continue Reading
There is no evidence the global oil producers’ pact needs to be adjusted now, Saudi Arabian Energy Minister Khalid al-Falih said on Saturday, describing the recent weakness in crude prices Continue Reading
The biggest question in oil markets is what OPEC should do once its deal to cut output ends next spring. Goldman Sachs Group Inc. has an answer, but it requires Continue Reading
Crude oil demand will have to put supply in its place before prices will manage a sustainable rally. Despite six months of lauded compliance with its own production quotas, OPEC’s Continue Reading
OPEC is working on establishing a legal relationship with its partners in the crude oil production cut agreement. This would mean a larger oil cartel controlling possibly more than half Continue Reading
OPEC and non-OPEC producers have only just agreed to extend their crude oil production cut deal through to March next year, but one of the key architects of the agreement, Continue Reading
OPEC and the non-OPEC producers that are part of the production cut deal may consider deepening the output cuts at the cartel’s next meeting in Vienna in November, Saudi Arabia’s Continue Reading
A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger OPEC discussed cutting its oil Continue Reading
OPEC and Russia added more detail to their vision for a permanent alliance between oil producers currently working to clear a global surplus. When the 24-nation coalition agreed last week Continue Reading
Well, if it’s the end of May, it must be time for another OPEC meeting. And sure enough it was. Yet again, the representatives of the OPEC nations got together Continue Reading
First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas. The history of the relationship between OPEC and the U.S. Continue Reading
Those new to financial markets, and energy trading in particular, were probably somewhat puzzled by the price action in oil futures this week following the announcement by OPEC and some Continue Reading
At its conference in Vienna, OPEC announced a nine-month extension of its November 2016 deal to cut production. Markets were singularly unimpressed with the decision, which had been baked into Continue Reading
