OPEC member countries have proposed Iran cap its oil output at 3.92 million barrels per day (bpd) under a production-limiting deal for the whole group, a source familiar with the Continue Reading
To match Exclusive OPEC-OIL/ The energy minister for top OPEC exporter Saudi Arabia said on Thursday he was optimistic about OPEC’s deal to limit oil output and mentioned the lower Continue Reading
Lifting at a rig Millions of barrels of excess crude oil are weighing down tankers that are being filled from pipelines coming from fields where rows of overworked pump jacks Continue Reading
14 of 20 analysts expect OPEC accord at Nov. 30 meeting Only seven say group will settle on individual member targets OPEC will complete an accord to cut production this Continue Reading
Crude supplies expand for third week, longest run since August Iran, Iraq oil ministers skipping informal OPEC talks in Doha Crude oil traded near $46 a barrel as Saudi Arabia Continue Reading
OPEC countries are ready to reach a “forceful” agreement on cutting oil output, Venezuelan President Nicolas Maduro said on Wednesday, following a meeting with OPEC Secretary-General Mohammed Barkindo in Caracas. Continue Reading
OPEC and Russia will meet in Doha on Thursday for another round of talks without ministers from Iran and Iraq, the two countries that pose the biggest obstacle to a Continue Reading
Iraq’s oil minister will bypass energy talks this week in Qatar, where rival producer Saudi Arabia plans to hold talks with Russia on possible collective action to limit production. His Continue Reading
OPEC’s top official heads to Iran, Venezuela and Ecuador Russia, Saudi Arabia to attend informal consultations in Doha OPEC embarked on a final diplomatic effort to secure an oil-cuts deal, Continue Reading
Qatar, Algeria, Venezuela said to lead effort to secure cuts U.S. crude stockpiles forecast to increase a third week Oil rebounded from the lowest close in eight weeks as OPEC Continue Reading
Supply glut that hammered prices is gone, trader says in note ‘The noise surrounding negotiations is often misinterpreted’ Hedge fund manager Pierre Andurand says OPEC is still likely to agree Continue Reading
Qatar, Algeria, Venezuela in shuttle-diplomacy to secure deal Iran and Iraq considering proposals, but so far no agreement OPEC nations embarked on a final diplomatic effort to secure a deal Continue Reading
Qatar, Algeria, Venezuela in shuttle-diplomacy to secure deal Iran and Iraq considering proposals, but so far no agreement OPEC nations embarked on a final diplomatic effort to secure a deal Continue Reading
The oil market is “pretty pessimistic” about OPEC reaching a deal to cut production, BP Plc Chief Executive Officer Bob Dudley said. Oil prices will probably stay around current levels Continue Reading
Group will probably agree on output cuts in Nov.: PIRA’s Ross Prices could drop to $35 if no deal; $60 seen if deal reached OPEC members need to stop bickering Continue Reading
For two years, the Organization of the Petroleum Exporting Countries has appeared powerless to stop a slide in prices that has punished the economies of oil-dependent members, including Saudi Arabia. Continue Reading
OPEC members are making the task of oil market rebalancing harder by maximizing their production ahead of a ministerial conference at the end of November. OPEC output is actually increasing, Continue Reading
Desperate times call for desperate measures. And when things no longer work, you throw them out. OPEC may be just that desperate, and perhaps it is now willing to throw Continue Reading
As if OPEC had an easy job to do in trying to get its own 14 members on the same page about its policies, another major unknown entered the global Continue Reading
OPEC warned in newly released report that oil prices might not rise above $60 per barrel until the end of the decade, in an acknowledgement that an array of bearish Continue Reading
OPEC is hedging its bets regarding peak oil demand, and has included a scenario in its plans that account for it arriving in just over a decade, should the Paris Continue Reading
Given the election is dominating much of the movement in markets today, and given the timely release of OPEC’s World Oil Outlook, today’s post digs into some of the longer-term Continue Reading
Opec has joined a chorus of energy industry voices saying that oil demand might peak within 15 years, as quicker adoption of alternative fuel cars and more aggressive climate targets Continue Reading
Producers in, out of OPEC must act jointly on glut: Barkindo OPEC leader doesn’t want to sound like ‘prophet of doom’ OPEC’s chief warned of prolonged instability in the oil Continue Reading
Global demand for OPEC’s crude oil will rise in the next three years, the group forecast, suggesting its 2014 decision to let prices fall to curb costlier rival supplies such Continue Reading
Iranian oil minister Bijan Zanganeh said on Tuesday that he was still optimistic about implementation of a deal among oil producers to freeze output levels which was reached in Algeria Continue Reading
Global demand for OPEC’s crude oil will rise in the next three years, the group forecast, suggesting its 2014 decision to let prices fall to curb costlier rival supplies such Continue Reading
Lower price expectation offsets gloomier economic forecast Industry must avoid future supply shortfall: OPEC’s Barkindo OPEC raised its forecast for global oil demand next year and through the end of Continue Reading
Opec believes oil demand could peak within 13 years if the Paris climate agreement’s targets are fully implemented, sounding a warning to its members just days after the accord to Continue Reading
After the worst week for oil since January, crude prices firmed up on Monday ahead of Tuesday’s historic election. Oil dropped 10 percent last week, in large part due to Continue Reading
Oil pipelines OPEC Secretary General Mohammed Barkindo offered the market another treat today, saying that Russia is “ on board ” with “the Algiers accord.” This assurance, following numerous other Continue Reading
Oil Rigs Around the time of the February oil crash, we first mused whether OPEC had developed a curious habit of jawboning oil prices higher with the help of flashing Continue Reading
Algeria’s Energy Minister Nouredine Bouterfa said on Sunday he was confident OPEC members would stick to a deal made in Algiers in September to cut output, saying the group’s technical Continue Reading
The world’s richest oil billionaires had $4.6 billion wiped from their fortunes last week when oil capped the biggest weekly loss in almost 10 months as hopes faded that OPEC Continue Reading
Saudis made ‘constructive’ contributions at talks: Barkindo Oil erases recoups earlier losses, remains lower for the week Saudi Arabia didn’t threaten to increase its oil production if other OPEC members Continue Reading
Ali Al-Naimi defends 2014 OPEC ‘pump-at-will’ oil policy Former official says non-OPEC countries need to cut output OPEC can’t cut oil production alone to stabilize the market, according to the Continue Reading
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) said on Monday the group was committed to a deal made in Algiers in September to cut output. “We Continue Reading
Russia, the world’s biggest energy producer, is “on board” with an OPEC agreement to limit crude oil production to help re-balance the market, according to OPEC Secretary General Mohammed Barkindo. Continue Reading
‘OPEC alone is not enough’: Eni CEO Descalzi, on Bloomberg TV CEO sees crude as high as $65 a barrel in next three years Eni SpA’s chief executive officer called Continue Reading
EIA Oil investors are growing more doubtful that OPEC can seal a deal. Money managers reduced bets on higher oil prices by the most since July 2014 after the group Continue Reading
Russia ‘hungry for an agreement’ to boost prices Group needs to cut output 1 million barrels/day to meet target OPEC and Russia will probably be able to reach an accord Continue Reading
OPEC With markets rattled and oil prices tanking after being bombarded on a variety of fronts, OPEC has attempted to bring some calm to the market regarding its optimism that Continue Reading
OPEC Price Band Not very long ago, oil prices traded at well below $20/b and OPEC anxiously came up with a mechanism which it termed as “OPEC Price Band’ $22-$28/b”. Continue Reading
Libya and Nigeria boost oil production by a combined 19% Angolan losses not enough to offset output gains elsewhere The OPEC countries claiming exemption from a deal to limit oil Continue Reading
Iraq is ‘fully committed’ to Algiers accord, Barkindo says Russia and other non-OPEC nations will also play their part OPEC’s most senior official said the organization and other major oil Continue Reading
OPEC officials began talks in Vienna on Friday aimed at working out details of their oil supply-cut agreement, which they concede is looking more complicated by the day. The meeting Continue Reading
A meeting of OPEC national delegates on Friday ended in a deadlock as Iraq and Iran disputed the data being used to allocate production cuts, officials said. Iraq and Iran Continue Reading
As warned one month ago after the farcical OPEC meeting in Algiers, the cartel’s latest jawboning ploy to keep prices artificially higher – if only for one more month – Continue Reading
• Oil moved in a narrow $49-$51 range early this week before settling near $49.70 Thursday afternoon. On the bearish side, Russia and Iraq offered uncooperative sound bites regarding production Continue Reading
Tough negotiations await a group of OPEC experts as they meet their counterparts from other oil producers such as Russia on Oct. 28-29 to hammer out details of an output-capping Continue Reading
