The 10 OPEC members obligated to reduce oil output under the landmark agreement signed late last year achieved 91% of their required cuts in January , with their production falling Continue Reading
Investors are betting big that OPEC’s cuts are real. Money managers are the most bullish ever on West Texas Intermediate crude for a second week as signs show OPEC and Continue Reading
With the first month of the Organization of the Petroleum Exporting Countries’ deal now behind us, official production and export numbers are hard to find. The early results, though, are Continue Reading
Iraq significantly reduced oil output in January, according to industry sources and export data on Wednesday, but has yet to reach levels expected by OPEC from its second largest producer. Continue Reading
Russian Energy Minister Alexander Novak has announced that global oil output was cut by 1.4 million barrels per day last month, in the aftermath of the deal between OPEC and Continue Reading
OPEC appears to have persuaded investors that it’s making good on promised production cuts. Money managers are the most optimistic on West Texas Intermediate oil prices in at least a Continue Reading
OPEC oil output is set to fall by 900,000 barrels per day (bpd) this month, a company that tracks OPEC supply said on Friday, pointing to a strong start by Continue Reading
Just a few months after oil prices began to crash from its US$100 level in 2014, BP’s chief executive Bob Dudley warned the industry that it needed “to prepare for Continue Reading
OPEC appears to have persuaded investors that it’s making good on promised production cuts. Money managers are the most optimistic on West Texas Intermediate oil prices in at least a Continue Reading
No compatible source was found for this media. Are Producers Complying With OPEC’s Output Cuts? Oil supplies from OPEC are plunging this month as the group implements production cuts aimed Continue Reading
OPEC production cuts haven’t slowed the search for more oil in the Middle East. Baker Hughes Inc., which will soon be the world’s second-largest oil services provider, called the Middle Continue Reading
Oil prices have been struggling to rise beyond the low $50s per barrel. Not helped by news this week that Libya’s production has hit a 3-year high at 715,000 barrels Continue Reading
Amid speculation whether Iraq would really play along with the OPEC production cuts, the oil minister of the cartel’s no.2 producer said on Monday that the country had already cut Continue Reading
OPEC and non-OPEC producers left their meeting in Vienna Sunday claiming 100% commitment with plans to cut output, but market watchers will have to wait a little longer for hard Continue Reading
OPEC’s two biggest suppliers to the U.S. shrugged off a vow by President Donald Trump to end dependence on the group’s oil, saying the world’s biggest economy would continue to Continue Reading
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC’s headquarters in Vienna, Austria December 10, 2016. A committee of Continue Reading
Compliance is great — it’s been really fantastic,” Al-Falih said Sunday. “Based on everything I know, I think it’s been one of the best agreements we’ve had for a long Continue Reading
Oil was flat this week as rising U.S. shale production and a bearish inventory report continued to put pressure on WTI and Brent. Crude oil inventories rose by another 2.4 Continue Reading
No compatible source was found for this media. OPEC’s Barkindo: ‘So Far, So Good’ on Production Cut Deal Representatives of OPEC and several other major oil producers will start arriving Continue Reading
Saudi Arabian Energy Minister Khalid al-Falih said on Friday that 1.5 million of an agreed upon 1.8 million barrels per day (bpd) of oil had been taken out of the Continue Reading
OPEC is facing headwinds with rising production from rivals, the International Energy Agency said Thursday, the latest warning that OPEC’s efforts to take barrels out of the market could backfire. Continue Reading
Global oil stocks have already started falling, but they need to drop by another 270 million barrels so that OPEC can say that the oil market is coming to balance, Continue Reading
Oil prices rose Thursday after the International Energy Agency’s monthly report suggested global oversupply is easing. The Paris-based IEA said production from the Organization of the Petroleum Exporting Countries was Continue Reading
When OPEC and Russia meet this weekend to gauge progress on their oil-supply deal, they’ll be trying to dispel the shadow of previous unfulfilled promises. Oil prices rose 20 percent Continue Reading
When OPEC and Russia meet this weekend to gauge progress on their oil-supply deal, they’ll be trying to dispel the shadow of previous unfulfilled promises. Oil prices rose 20 percent Continue Reading
OPEC is facing headwinds with rising production from rivals, the International Energy Agency said Thursday, the latest warning that OPEC’s efforts to take barrels out of the market could backfire. Continue Reading
The Organization of Petroleum Exporting Countries (OPEC) cut oil production by 221,000 barrels per day in the last month of 2016, bringing the bloc’s total output to 33.08 million bpd Continue Reading
The new January OPEC Monthly Oil Market Report is out with crude only production numbers for December 2016. All charts are in thousand barrels per day. Indonesia has left OPEC Continue Reading
OPEC signaled a falling oil supply surplus in 2017 on Wednesday as the producer group’s output declines from a record high and outside producers show positive initial signs of complying Continue Reading
OPEC’s Barkindo: ‘So Far, So Good’ on Production Cut Deal Two weeks into OPEC’s first agreement to cut production in almost a decade, its top official’s assessment is “so far, Continue Reading
There was one significant part of last year’s OPEC deal that was absent, and it may prove to be its undoing. Just weeks into the deal and days from a Continue Reading
OPEC expects demand for its own crude to fall this year but is mindful that the return of US shale could dent positive early signs on non-OPEC compliance with the Continue Reading
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC’s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader World Continue Reading
The Energy Department gave oil bulls a sobering reminder Tuesday: Shale oil production is rising strongly, particularly from the Permian Basin in western Texas and New Mexico. Putting an exclamation Continue Reading
Saudi Arabia, Kuwait and Algeria may have cut their respective production below the levels they had promised in the OPEC deal, because all three are eager to show not only Continue Reading
Doubts about whether all parties to an OPEC-led agreement to cut production will do enough to balance markets pushed oil prices lower early Friday. Saudi Arabia, the de facto leader Continue Reading
OPEC will present its Monthly Oil Market Report on the 18th of January, at a time when OPEC and non-OPEC members are making their first production cuts in line with Continue Reading
U.S. shale is getting in the way of a New Year’s resolution by OPEC to cut production and boost the market. Producers and merchants increased their bets on lower West Continue Reading
Venezuela’s President Nicolas Maduro holds speaks during his annual report of the state of the nation at the Supreme Court in Caracas, Venezuela January 15, 2017. REUTERS/Carlos Garcia Rawlins Venezuela Continue Reading
OPEC’s subtle message that the US should join its production cut pledge with other non-OPEC nations – in the interest of global market stability – is unlikely to get an Continue Reading
Doubts about whether all parties to an OPEC-led agreement to cut production will do enough to balance markets pushed oil prices lower early Friday. Saudi Arabia, the de facto leader Continue Reading
Just two weeks into the OPEC supply-cut deal and a day after Saudi Arabia signaled that it had cut more than pledged, the cartel itself does not see more than Continue Reading
A big obstacle is emerging for the Organization of the Petroleum Exporting Countries’ plan to raise oil prices with output cuts: vast global reserves of crude that threaten its power Continue Reading
After the excitement around Opec agreeing oil supply cuts with Russia and other non-members at the end of last year, attention in 2017 has quickly shifted to the next key Continue Reading
Global oil inventories will start to fall by the second quarter of the year, and crude-producing countries will decide in May whether to extend their collective output cuts beyond the Continue Reading
Saudi Arabia has cut oil output to its lowest in almost two years, its energy minister said on Thursday, as the world’s largest oil exporter leads OPEC’s drive to eradicate Continue Reading
As OPEC producers begin cutting back their output, UAE energy minister Suhail al-Mazrouei said Wednesday producers were committed to making the necessary cuts, but it was premature to discuss whether Continue Reading
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC’s headquarters in Vienna, Austria December 10, 2016. OPEC expects to Continue Reading
Global oil inventories will start to fall by the second quarter of the year, and crude-producing countries will decide in May whether to extend their collective output cuts beyond the Continue Reading
The progress made by a group of major producers from OPEC and outside the organization towards cutting oil output by a combined 1.8 million b/d will be assessed next week Continue Reading
