Most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move, Iranian Oil Minister Bijan Zanganeh was quoted as Continue Reading
The OPEC Monthly Oil Market Report is out with OPEC’s crude oil production numbers for March 2017. All data is through March 2017 and is in thousand barrels per day. Looking at the Continue Reading
The oil market is rebalancing in the short term, and demand will continue to grow in the long term, Saudi Aramco Chief Executive Amin Nasser said at the Columbia University Continue Reading
Rise in U.S. output leading to short-term price drop: Nasser Aramco IPO is “on track” and “everything is going well” The global oil market is moving closer to balance even Continue Reading
OPEC cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in February, suggesting that its effort to clear a Continue Reading
OPEC states cut oil output in March by more than they pledged under supply curbs, according to figures the exporter group uses to monitor its supply, extending a record of Continue Reading
OPEC appears to be slowly winning the battle against a global overhang of crude and oil products as inventories in onshore and floating storage decline. The price of oil may Continue Reading
Riyadh hasn’t taken a final decision on the production curbs OPEC will meet in Vienna late next month to discuss its policy Saudi Arabia is likely to support extending OPEC Continue Reading
U.S.-Russian relations took a turn for the worse over the past week after American airstrikes in Syria. U.S. Secretary of State Rex Tillerson is in Moscow this week for discussions. Continue Reading
U.S. oil exports jumped to a record high in February, rising by a whopping 35 percent from a month earlier. At over 1 million barrels per day (mb/d), the U.S. Continue Reading
Non-OPEC Oman will continue to cap its crude oil output at 970,000 bpd this year if OPEC and non-OPEC countries were to extend the production cuts through the end of Continue Reading
OPEC Secretary General Mohammed Barkindo said he has emerged “encouraged” from a meeting over the weekend with Iraqi officials about the country’s compliance levels with the OPEC/non-OPEC production cuts agreed Continue Reading
Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo. “I remain Continue Reading
Top Oil Ministry officials say Iraq is fully complying with an agreement to cut production. A worker checks the valve gears of pipes linked to oil tanks at Turkey’s Mediterranean Continue Reading
Russia has cut crude oil production by 200,000 barrels daily , Energy Minister Alexander Novak said. That’s two-thirds of the amount it agreed to cut under the OPEC-non-OPEC agreement closed Continue Reading
OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies Continue Reading
Major oil traders gathered in Switzerland this week said they expected OPEC and non-OPEC producers to extend their pact to curb output in the second half of this year, providing Continue Reading
The OPEC deal is turning out to be a failure, but has it led the Saudi’s to abandon the deal? Have they cheated on their numbers? These were the questions Continue Reading
Crude oil prices lost traction early Monday after parties to an OPEC-led production deal delayed action on a possible extension until next month. Crude oil prices got support Friday as Continue Reading
Oil prices are subdued to start the week, as the weekend’s compliance meeting has done little to allay oversupply fears. As WTI continues to trek on in forty-dollardom, hark, here Continue Reading
In a statement , the joint committee of seven oil ministers from the parties to the cut said that the deal could be extended for another six months, depending on Continue Reading
To extend or not extend? Officials from OPEC and a select few non-OPEC countries met over the weekend to review the state of the oil market, monitor their progress and Continue Reading
Iranian Oil Minister Bijan Zanganeh told reporters on Tuesday that a global oil cuts deal is likely to be extended, but that time is needed to discuss the subject thoroughly Continue Reading
You don’t need a fancy degree in petroleum engineering to figure out what has been weighing on oil prices—grade school math will do the trick. U.S. benchmark prices rallied from Continue Reading
Oil producers pledged to consider extending their pact limiting supply, as half a dozen nations said more time was needed to drain swollen stockpiles. Five OPEC members and Oman backed Continue Reading
Major oil producers are considering extending their recent cuts to output in a fresh bid to boost prices. Countries in the oil cartel Opec and several other oil nations started Continue Reading
A worker checks the valves at Al-Sheiba oil refinery in Basra, Iraq, January 26, 2016. OPEC and rival oil producers are meeting in Kuwait on Sunday to review their progress Continue Reading
OPEC and allies reviewing the impact of their oil cuts this weekend face a market with an unambiguous message: their work is far from done. As producers meet in Kuwait Continue Reading
Oil prices are heading down again on swelling U.S. crude oil inventories, with Brent dropping below $50 per barrel for the first time this year. The OPEC deal that has Continue Reading
OPEC and allies reviewing the impact of their oil cuts this weekend face a market with an unambiguous message: their work is far from done. As producers meet in Kuwait Continue Reading
From casual observation, one might be forgiven for referring to the OPEC production cut in place since November 2016 as the “Saudi production cut.” That’s because Saudi Arabia, OPEC’s leading Continue Reading
Russia and Saudi Arabia head to this weekend’s OPEC committee meeting as the tortoise and hare of a global deal to cut oil supply, with Moscow sticking to a slow Continue Reading
Russia is likely to play along with what’s expected to be another six months of OPEC production cuts despite lackluster compliance, a new report finds. Members of the five-member committee Continue Reading
In a research note, Goldman Sachs has effectively demoted OPEC from a price setter to a mere inventory manager, with the cartel’s long-term control over international oil prices diminishing thanks Continue Reading
At the start of March, we showed a fascinating chart from Rystad Energy, demonstrating how dramatic the impact of technological efficiency on collapsing U.S. shale production costs has been: in Continue Reading
Oil prices are heading down again on swelling U.S. crude oil inventories, with Brent dropping below $50 per barrel for the first time this year. The OPEC deal that has Continue Reading
Geopolitical rivals Saudi Arabia and Iran may be headed for another OPEC showdown, as the producer group enters negotiations over extending oil production cuts in force since January. Saudi Arabia Continue Reading
At the start of March we showed a fascinating chart from Rystad Energy, demonstrating how dramatic the impact of technological efficiency on collapsing US shale production costs has been: in Continue Reading
It’s been six months now that oil prices have been reacting to OPEC, first to the possibility of an agreement, and then to the production cut deal itself, forged by Continue Reading
OPEC oil producers increasingly favor extending beyond June a pact on reducing crude supply to balance the market, sources within the group said, although Russia and other non-members need to Continue Reading
The new January OPEC Monthly Oil Market Report is out with crude only production numbers for February 2017. All charts are in thousand barrels per day. All data below is Continue Reading
WTI traded to a 3.5 month low on Tuesday at $47.09 after OPEC members shook production cut deal confidence for a second straight week. Saudi Arabia contributed to bearish concerns Continue Reading
Eleven non-OPEC oil producers that joined a global deal to reduce output to boost prices delivered 64 percent of promised cuts in February, an industry source said on Friday, still Continue Reading
OPEC will have to extend its oil output curbs in order to sustain a recovery in prices, as a revival in crude production outside the group may scupper its efforts Continue Reading
Global oil inventories rose for the first time in six months in January, despite OPEC’s production cuts, but if the group maintains its output limits, the market may tilt into Continue Reading
The U.S. shale cowboys are back on their horses and leading a strong recovery in the oil patch that is not expected to falter even as WTI prices dropped last Continue Reading
Global oil inventories rose for the first time in six months in January, despite OPEC’s production cuts, but if the group maintains its output limits, the market may tilt into Continue Reading
OPEC said on Tuesday oil inventories had continued to rise despite the start of a global deal to cut supply and raised its forecast of production in 2017 from outside Continue Reading
When OPEC reached a deal last year to cut oil output, the decision to exclude Nigeria and Libya from the restrictions was seen as a risk to the group’s efforts Continue Reading
Some members of OPEC are producing more oil and Saudi Arabia has breached a psychological threshold for February, based on the organization’s first report since enacting production limits for members Continue Reading
