EIA And OPEC Send Oil Prices Tumbling
The double whammy of yesterday’s EIA drilling productivity report – showing rampantly rising shale production next month – combined with a bearish OPEC monthly oil market report, has sent oil Continue Reading
Can OPEC Resist The Temptation To Cheat?
OPEC’s monthly report for February was released Tuesday morning, and total output appears to have fallen from 32.097 million bpd in January to 31.958 million bpd. Members which agreed to Continue Reading
OPEC Cracks?
One of my go-to analysts on oil production is former Italian oilman Leonardo Maugeri, who now works at the Belfer Center at Harvard University. In my book, The End of Continue Reading
Iran Continues To Ignore The OPEC Deal
All data below is in thousand barrels per day and is through February 2017. (Click to enlarge) OPEC crude oil production dropped to 31,958,000 bpd in January. That was a Continue Reading
Kuwait Becomes First OPEC Nation to Call for Longer Oil Cuts
Kuwait wants OPEC to extend output cuts beyond June, becoming the producer group’s first member to call for more time to balance the global oil market as the rally that Continue Reading
OPEC’s Best Signal of Success No Longer Looks So Promising
When OPEC announced production cuts last year, the most reliable indicator of oil-market supply started signaling a shortage ahead. Now it’s pointing the other way. In the weeks after OPEC’s Continue Reading
New Oil Price War Looms As The OPEC Deal Falls Short
Last November, OPEC orchestrated an impressive feat: corralling all (or nearly all) of its members to sign on to relatively aggressive production cut deal, and then actually convincing everyone to Continue Reading
How Likely Is An OPEC Deal Extension?
Damned if they do and damned if they don’t. This is OPEC’s precarious position after the recent fall in oil to below $50 per barrel. Oil prices will tank if Continue Reading
The OPEC Deal Is Facing Its Biggest Test
OPEC’s strategy to balance the oil market and bolster prices is facing its biggest test. The producer group is aiming to revamp the market by eroding a crude inventory surplus Continue Reading
CERAWeek: OPEC done bearing ‘burden of free riders’
Maintaining a stable world oil market is a global responsibility and not one that should fall squarely on the shoulders of the Organization of Petroleum Exporting Countries, two of the Continue Reading
Saudis tell U.S. oil – OPEC won’t extend cuts to offset shale: sources
Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production Continue Reading
Oil Companies Take to Thrifty Bets
The world’s biggest oil companies are getting thrifty. Oil prices have made a modest comeback from the lows hit a little over a year ago, but energy companies such as Continue Reading
OPEC cut 40 percent more in February than pledged in oil deal: Kuwait
Kuwait Oil Minister Essam Al-Marzouq said on Wednesday that OPEC’s compliance with an oil output cut reached last year stood at 140 percent in February, while non-OPEC members compliance was Continue Reading
OPEC Offers Olive Branch To U.S. Shale
Anybody who is anybody in the world of oil is gathering in Houston this week for the IHS CERAWeek Conference, an annual get-together of top industry analysts, executives and government Continue Reading
OPEC and Resilient Shale Companies Learning to Coexist
U.S. shale producers won’t quit pumping oil, and OPEC is learning to deal with that. That’s the message emerging from this year’s CERAWeek energy conference, where the mood as thousands Continue Reading
Shale Helped Offset Some Global Declines in Oil Production, OPEC Leader Says
Without the U.S. shale revolution, the global economy probably would have been mired in deep crisis, said Mohammad Barkindo, secretary-general of the Organization of the Petroleum Exporting Countries, on Tuesday. Continue Reading
Oil output cuts past June must include non-OPEC members: OPEC Secretary General
OPEC Secretary General Mohammad Barkindo listens during a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader/File Continue Reading
Oil to Hit $40 If OPEC Fails to Expand Cuts, Pioneer Says
Oil prices will tumble to $40 a barrel if OPEC doesn’t extend its pact later this year to cut output, according to one of the most prominent producers in the Continue Reading
Opec reverses its hedge fund condemnation
Opec once decried hedge funds as a malign influence on the oil market. Now it is seeking their opinion. Mohammad Barkindo, secretary-general of the oil exporters’ cartel, said on Tuesday Continue Reading
Saudi Energy Minister Says OPEC Will Remain Stabilizing Force for Oil Prices
Saudi Arabia’s energy minister said Tuesday that the Organization of the Petroleum Exporting Countries will continue to be the world’s “only catalyst” for stabilizing oil prices, but he warned that Continue Reading
IEA Doubles Forecast for New OPEC Oil by 2022 as Iraq Ramps Up
OPEC will increase its production capacity by about twice as much as previously thought, led by expansion in Iran and Iraq, the International Energy Agency said. The Organization of Petroleum Continue Reading
Too early to discuss oil deal’s extension: Russia, Iraq
Russia and Iraq said on Monday it was too early to discuss an extension of a historic deal to curb oil output beyond June while cash-strapped Angola supported the move Continue Reading
Too soon to say if OPEC should extend output curbs: Iraq
The Iraqi oil minister said on Monday that it was too early to say if OPEC should extend output curbs and that Baghdad was ready to participate if the producer Continue Reading
OPEC not entirely in compliance with production deal
While compliance with an OPEC-led agreement to curb production is strong, the way the deal was configured reveals output above a threshold, a survey found. A survey from S&P Global Continue Reading
Iraq, Angola Signal Willingness to Extend OPEC Oil Output Cuts
Two OPEC members signaled a willingness to extend the group’s production curbs into the second half of the year as the global rally in prices shows signs of stalling. “We Continue Reading
Inventories are responding to OPEC cuts: secretary general
Oil inventories onshore and offshore are responding to production cuts implemented by OPEC, the secretary general of the organization, Mohammad Barkindo, said on Sunday. OPEC-led production cuts have helped raise Continue Reading
Is A Second OPEC Cut On The Cards?
OPEC’s coordinated effort to curtail global supply has so far managed to put a floor under oil prices, which have been sitting modestly above US$50 since the deal was announced Continue Reading
As Non-OPEC Compliance Hits 60%, Oil Prices Remain Stagnant
When is 60 percent compliance a good thing? When it’s not 40 percent… That is the latest status on the non-OPEC nations who agreed to November’s production cut, as discussed Continue Reading
US Crude Oil Production Boost On Collision Course With OPEC Cuts
Subdued production in 2017 may give way to crude production boost of 1 million barrels per day by 2018 as US exploration and production companies reveal plans to spend more Continue Reading
OPEC Deal Cancelled Out By Rising Shale Output
U.S. oil production continues to rise, threatening to offset much of the output reductions from OPEC, and yet again pushing out the time horizon for the oil market balancing. There Continue Reading
OPEC Struggling To Hold On To Asian Market Share
Two years ago, OPEC took steps to increase its market share. It continued with this same policy for two years by pumping oil in an oversupplied market. The result: oil Continue Reading
OPEC: We’re at 86 percent compliance to cuts
Parties to an agreement to limit crude oil production starting in January were 86 percent in line with commitments, a joint OPEC, non-OPEC group said. Members of the Organization of Continue Reading
Total CEO Says OPEC Needs to Prolong Cuts to Eliminate Surplus
Total SA CEO Calls U.S. Shale Oil Industry Dynamic OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global Continue Reading
OPEC chief sees higher compliance with oil cut, says confidence returning
OPEC and outside producers including Russia will boost compliance with agreed oil output curbs in a bid to clear a supply glut that has weighed on prices, the group’s secretary Continue Reading
OPEC Chief Sees No U.S. Threat as Shale Production Rises
OPEC’s most senior official said he would meet U.S. shale producers next month, as he sought to allay fears his cartel could be hurt by resurgent American output and the Continue Reading
Exclusive: OPEC could extend or deepen supply cut if oil glut persists – sources
OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said. Continue Reading
OPEC cuts not doing the job, analyst says
Production cuts from the Organization of Petroleum Exporting Countries aren’t enough to cut global crude oil supplies, a market analyst said Thursday. OPEC members, and coordinating non-member states, last year Continue Reading
OPEC notes role as market stabilizer
The secretary-general of OPEC said market stability was a primary objective for the production group, but noted the importance of spare capacity. Mohammad Sansui Barkindo, the secretary-general of the Organization Continue Reading
Can Saudi Arabia Carry OPEC Through Spring?
Faced with budget strains amid low oil prices, Saudi Arabia ditched its pump-at-will policy and brought together the diverse group of OPEC nations to agree to production cuts late last Continue Reading
Investor Honeymoon With OPEC Falters as Shale Drilling Booms
IEA Sees OPEC Achieving 90% Production Cut Compliance There are limits to investors’ love affair with OPEC. After unprecedented optimism that the Organization of Petroleum Exporting Countries will manage to Continue Reading
Oil output cuts working quicker than expected, signals Opec
Steep Opec production cuts could ease an oil market surplus quicker than expected in 2017, the oil cartel signalled in its first output assessment since a deal to curb supplies Continue Reading
OPEC 310,000 Barrels Per Day Above Production Cut Goal
The new January OPEC Monthly Oil Market Report is out with crude only production numbers for January 2017. All charts are in thousand barrels per day. (Click to enlarge) OPEC Continue Reading
Oil Producers Comply With OPEC Deal to Cut Output, but for How Long?
When OPEC and other major oil exporters agreed late last year to limit production as a way to bolster teetering prices, many saw it as a shaky deal by a Continue Reading
Saudi Arabia Tells OPEC It Cut Oil Output by Most in 8 Years
No compatible source was found for this media. Tom Petrie Says Oil’s on Path to Successful Rebalancing Saudi Arabia told OPEC that it cut oil production by the most in Continue Reading
Investor Honeymoon With OPEC Falters as Shale Drilling Booms
There are limits to investors’ love affair with OPEC. After unprecedented optimism that the Organization of Petroleum Exporting Countries will manage to ease a global supply glut, money managers reduced Continue Reading
Oil Jumps as IEA Sees Record OPEC Cuts Compliance, Rising Demand
Oil jumped as the International Energy Agency said OPEC had achieved record initial compliance of 90 percent with their cuts agreement, while demand grew faster than expected. Futures gained as Continue Reading
IEA Says OPEC Reaches Record Compliance With Agreed Cuts
OPEC members have reached a record compliance of 90% with their agreed output cuts, the International Energy Agency said Friday. The Organization of the Petroleum Exporting Countries on Nov. 30 Continue Reading
OPEC Ministers Say the Market Might Need More Oil Cuts
Oil Declines on Projected U.S. Crude Stockpiles OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to re-balance the market, Continue Reading
Some OPEC members bucking trend
An industry survey finds some OPEC members moving against the grain despite near-full compliance with managed production decline agreement. File photo by A.J. Sisco/UPI Feb. 8 (UPI) — Members of Continue Reading
Are These OPEC Members Sabotaging The Output Deal?
OPEC provide a shot in the arm for oil prices this week when S&P Global Platts reported a much higher than expected compliance rate for the month of June. So Continue Reading