OPEC and its partners will fulfill their implementation of a deal to cut output, having already announced 60 to 70 percent of the promised curbs, Kuwait said. Countries including Saudi Continue Reading
The agreement between OPEC and non-cartel oil producers to reduce supply would help draw down the huge global inventory build by the third quarter of this year, S&P Global Platts Continue Reading
The promise of production cuts from OPEC and its partners sent oil rallying in 2016. Now traders want proof they’re delivering on those vows. It won’t come easy. The challenge: Continue Reading
OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of Continue Reading
OPEC’s oil output in December fell from a record high ahead of a deal to cut production, a Reuters survey found on Thursday, helped by attacks on Nigeria’s oil industry Continue Reading
As OPEC starts to make its production cuts work, the true impact of its actions is perhaps most in evidence in an obscure part of the physical oil market. While Continue Reading
The promise of production cuts from OPEC and its partners sent oil rallying in 2016. Now traders want proof they’re delivering on those vows. It won’t come easy. The challenge: Continue Reading
Iraq has begun implementing measures to reduce national oil output in keeping with an OPEC decision, the oil minister said on Thursday. “Iraq affirms its commitment to the OPEC decision Continue Reading
Saudi Aramco has started talks with customers globally to discuss possible cuts of 3 percent to 7 percent in February crude loadings to comply with OPEC production cuts, four sources Continue Reading
The OPEC-fueled market recovery hasn’t been felt yet in Texas, where the energy sector appears to have bottomed out, an economist said. The Texas Alliance of Energy Producers estimates total Continue Reading
OPEC’s crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group’s supply before deliberate cuts take effect this month. Nigeria’s daily output Continue Reading
There is a wide variety of opinions on whether or not OPEC will deliver on its promised cuts of 1.2 million barrels per day, and a lot hangs in the Continue Reading
Amidst the wave of populism sweeping through the world, the triggering of Article 50 in May, the fear in the Eurozone of the cessation of Quantitative Easing, and the prospects Continue Reading
OPEC is currently pumping crude at a record rate yet has managed to fool algos and “experts” into bidding up crude to multi-month highs on “promises” it will cut a Continue Reading
Following an announcement regarding an increase in oil production, Iran’s oil minister said there are no guarantees an OPEC production ceiling will be enforced. Iran is the only party not Continue Reading
A year-end gain in crude oil prices on the first full trading day after the Christmas holiday was boosted by OPEC and signals from a top Russian oil producer. Crude Continue Reading
After pulling off the biggest oil-market deal in a decade, OPEC faces a new balancing act in 2017: boosting prices without igniting shale. The first shale boom spurred a global Continue Reading
Heading into the New Year with oil prices above US$50, both OPEC and the U.S. shale industry are claiming victory in the latest oil war battle—and both expect to benefit Continue Reading
OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. Hedge funds have amassed Continue Reading
OPEC’s efforts to hold market share in Asia by keeping its customers, which take about two-thirds of its exports, supplied amid wider output cuts could prolong the global fuel glut Continue Reading
The first half. No, the second. Certainly this year. Or next. That’s the range of views you’ll hear if you ask the International Energy Agency, OPEC, Saudi Arabia and the Continue Reading
OPEC’s first supply cut deal in eight years came as good news for a Swiss family business founded by an economics analyst who once helped the then Rhodesian government procure Continue Reading
Even if OPEC complies with its production cut targets, depending on natural crude production declines in non-OPEC countries won’t remove enough crude inventory to reset the market, analysts say. Although Continue Reading
Investors remain cautious on spending after a two-year slump OPEC’s deal to cut production and boost prices gives oil companies the opportunity to shake off two years of layoffs and Continue Reading
Iraq is selling more crude oil to its biggest customer, China’s Unipec, people familiar with the matter say, digging a deeper foothold in the global supply market just before production Continue Reading
OPEC pointed on Wednesday to a growing oil supply surplus next year unless members implement their deal to curb output from record levels and outside producers also deliver on cutback Continue Reading
For OPEC, there are few enemies more fearsome than the tiny Oklahoma town of Cushing. With oil inventories at Cushing creeping near an all-time high, U.S. benchmark futures prices are Continue Reading
Global oil demand will rise more strongly than expected next year, although it is too soon to assess fully the impact of a joint cut in supply by the world’s Continue Reading
Global oil markets will swing from surplus to deficit in the first half of 2017 as OPEC and other producers follow through on an agreement to cut supply, according to Continue Reading
OPEC pumped at record high levels in November posing a challenge to the petroleum cartel’s… OPEC pumped at record levels in November, a top energy watchdog said Tuesday, posing a Continue Reading
Iraq is committed to cutting its production to comply with a global pact to support prices, the country’s oil minister said, adding he was nevertheless confident OPEC’s No. 2 producer Continue Reading
For the first time in 15 years, the Organization of Petroleum Exporting Countries has sealed a global petroleum-cuts deal that includes non-members such as Russia. Can the parties to the Continue Reading
On paper, OPEC’s supply deal could drain almost half the global oil glut within six months. Record inventories accumulated since 2014 will dwindle at a rate of about 760,000 barrels Continue Reading
OPEC’s decision to cut output for the first time in eight years has put a rocket under oil prices. They’ve gained almost 20 percent since Nov. 30 when OPEC officials Continue Reading
Oil prices at $60 a barrel would be “ideal” for OPEC as higher levels risk sparking a recovery in competing supplies from the U.S., according to Nigeria’s petroleum minister. The Continue Reading
The Saudis have managed to come through with a double win. Following the production cuts agreed to by OPEC members, the Saudis were able to work with Russia and other Continue Reading
Global oil markets will swing from surplus to deficit in the first half of 2017 as OPEC and other producers follow through on an agreement to cut supply, according to Continue Reading
OPEC managed to convince almost a dozen non-OPEC producers to take part in oil production cuts over the weekend, and the news immediately sent international benchmarks higher, prompting a fresh Continue Reading
Saudi Oil Minister Khalid al-Falih emerged from the OPEC meeting room on Saturday evening having endured months of secret petro-diplomacy, late-night phone calls and, a few times, disagreements that almost Continue Reading
In reaching November’s landmark agreement to reduce oil production, OPEC members labored for months to overcome their mutual suspicions and frequent mistrust. But reaching the deal could turn out to Continue Reading
The global crude oil market is starting to resemble a gigantic game of chess, with a bold opening gambit by OPEC and its allies giving them an advantage, but the Continue Reading
Russia’s oil producers have started preparations to meet the nation’s pledge to curb output as part of the “historic” pact between OPEC and 11 producers outside the group, Energy Minister Continue Reading
Two days before OPEC ministers gathered in Vienna on Nov. 30, Iran’s oil minister passed a message to his boss, President Hassan Rouhani, people familiar with the matter said: Saudi Continue Reading
In EIA’s December Short-Term Energy Outlook (STEO), both the West Texas Intermediate (WTI) and Brent crude oil 2017 price forecasts increased by about $1 per barrel (b) from the November Continue Reading
Venezuela and Saudi Arabia were the only two OPEC members showing production declines, highlighting challenges ahead for a production deal, Platts reported. S&P Global Platts reported total crude oil production Continue Reading
The OPEC logo is seen outside their headquarters in Vienna, Austria, October 24, 2016. Only five of 14 non-OPEC oil producers have agreed so far to meet the group on Continue Reading
OPEC’s landmark oil-production deal may prove effective in running down global inventories, but analysts hold little hope for much of a rise in prices, a Reuters poll showed on Thursday. Continue Reading
Russia plans to meet with some OPEC and non-OPEC nations on Friday to discuss unresolved issues related to a planned oil-output cut before wider talks the following day in Vienna, Continue Reading
OPEC is likely to bring the oil market into balance by the middle of next year, but its production cut looks set to fall short of its stated goal of Continue Reading
Two days before OPEC ministers gathered in Vienna on Nov. 30, Iran’s oil minister passed a message to his boss, President Hassan Rouhani, people familiar with the matter said: Saudi Continue Reading
