Oil Slips as Doubts Grow Over OPEC Deal
Oil futures fell Friday as investors cashed in their recent gains and skepticism grew over a tentative agreement to cut production among members of the Organization of the Petroleum Exporting Continue Reading
OPEC ‘Understanding’ Is Easily Misunderstood
OPEC headquarters in Vienna “You keep using that word. I do not think it means what you think it means.” The much heralded meeting of oil producers in Algeria led Continue Reading
OPEC Oil Output To Increase In September Ahead Of Freeze
Despite OPEC’s decision on Wednesday to scale back production, the oil trade bloc will produce oil at record rates in September, according to the results of an industry survey conducted Continue Reading
Deal or No Deal, OPEC’s Freeze Talks Are Already Succeeding
OPEC has scared short sellers with talk alone: Credit Suisse Verbal intervention without action may backfire: Commerzbank Even as speculation builds over whether OPEC will clinch an output deal with Continue Reading
OPEC August Production Data
I told Dennis that I was not going to post anymore but I just found a lot of time on my hands and decided to update the OPEC numbers from Continue Reading
Oil market awash with crude, Opec says
Oil markets will remain awash with crude well into 2017, Opec warned on Monday, as the resilience of the US shale industry and new streams of oil production threaten to Continue Reading
OPEC Says Non-OPEC Output Stronger Than Expected
OPEC said Monday that crude-oil output from rival producers is turning out to be stronger than expected and will result in a bigger glut of petroleum than previously believed this Continue Reading
OPEC points to larger 2017 oil surplus as rivals keep pumping
OPEC raised its forecast of oil supplies from non-member countries in 2017 as new fields come online and U.S. shale drillers prove more resilient than expected to cheap crude, pointing Continue Reading
Why OPEC Will Put The Brakes On At $60 Oil
OPEC says a price near $60 will avoid added shale production Recently renewed talks of a production freeze among OPEC and some non-OPEC producers including Russia have helped to bolster Continue Reading
Iran, Nigeria Have Right to Raise Oil Output, Algiers Host Says
Libya also has right to increase production: Minister Bouterfa Algeria to host talks to stabilize oil market later this month OPEC and other producers can reconcile talks aimed at stabilizing Continue Reading
Wild Cards in Play During Run-Up to OPEC Freeze Meeting
Another day, another set of headlines about who’s on first – and indeed, who’s even a player – in the latest iteration of a potential OPEC (Organization of the Petroleum Continue Reading
Saudi, Algeria oil ministers to meet OPEC head in push for output deal
Algeria’s energy minister will meet his Saudi counterpart and OPEC’s secretary-general in Paris on Friday as part of moves towards clinching a global deal on stabilizing crude output to support Continue Reading
Can An OPEC Deal Influence Oil Prices At All?
Offshore Oil Rig Saudi Arabia and Russia announced their cooperation to stabilize global oil markets, and while crude oil jumped on the news, it quickly gave back more than half Continue Reading
What’s Really Going On With The OPEC Freeze?
Ahead of the OPEC meeting in Algeria, Oilprice.com sat down with Robin Mills, an expert on Middle East energy strategy and economics, to get a clearer view of the forces Continue Reading
OPEC’s Crude Is Too Sour for This Oil-Market Upstart
High-sulfur crude not suitable for its refineries: Dongming Chinese refiner gets more than 50% of oil from Africa, Latam OPEC’s biggest producers are playing second fiddle to smaller suppliers in Continue Reading
Donald Trump’s oil man urges Russia and Opec to cut output
Harold Hamm, Donald Trump’s top energy adviser, has urged Russia and Opec to rein in oil production in an effort to raise prices, saying US companies have already lowered output Continue Reading
OPEC Output Rises to Record Before Talks With Russia on Freeze
Gains in Iraq, Iran, Kuwait counter Nigeria losses: survey Saudi Arabia pumps at all-time peak of 10.69 million b/d OPEC’s crude production climbed to a record last month as increased Continue Reading
Russia Backs OPEC Deal With Wild Card for Iran’s Output
Shale Well The latest chapter in the oil production freeze chatter saw Russia and Saudi Arabia issuing remarks about a possible deal, but while the Saudi foreign minister said that Continue Reading
OPEC Pumps Record Crude In August
Oil Asia OPEC’s crude production increased by 40,000 bpd in August over July to a record-high in recent times, with Saudi Arabia likely setting a fresh output record, according to Continue Reading
Saudi minister says OPEC moving to common position on oil output changes
Minister of Foreign Affairs of the Kingdom of Saudi Arabia, Adel al-Jubeir gives a speech at Peking University in Beijing, China, August 31, 2016. Saudi Arabia’s minister of foreign affairs Continue Reading
OPEC oil output hits record as Gulf gains counter African losses
OPEC’s oil output is likely in August to reach its highest in recent history, a Reuters survey found on Wednesday, as extra barrels from Saudi Arabia and other Gulf members Continue Reading
Saudi minister says OPEC moving to common position on oil output changes
Saudi Arabia’s minister of foreign affairs said on Thursday that it would be reasonable for the kingdom to go along with other producers in changes to oil production. Adel al-Jubeir, Continue Reading
EIA: OPEC oil revenue down nearly 50 percent
Net revenue for members of the Organization of Petroleum Exporting Countries from oil dropped nearly 50 percent year-on-year, U.S. analysis found. Crude oil prices began their descent from $100 per Continue Reading
OPEC’s Barkindo: Oil producers show realisation action needed on output
OPEC Secretary-General Mohammed Barkindo sees a growing understanding inside and outside the oil producers’ group that action is needed to manage crude production in order to support prices, he said Continue Reading
OPEC’s Output Freeze: What Has Changed Since Doha?
It’s possible that OPEC is crying wolf with hints of an output freeze next month in Algiers; but it’s also possible that they are ramping up production to take the Continue Reading
OPEC Chief Said to Visit Iran and Qatar Before Group’s Talks
OPEC’s secretary-general will visit members Iran and Qatar next month, just weeks before the group holds informal talks in Algeria, according to a person with direct knowledge of the matter. Continue Reading
Goldman Sees Possible OPEC Output Freeze as Self-Defeating
Deal would show cooperation from new Saudi energy minister Production cap may support prices, producer supply gains OPEC and some producers from outside the group may agree to freeze output Continue Reading
OPEC Just Triggered The Biggest Crude Oil Short Squeeze In History
Ever since the February crash, when oil tumbled to 13 years lows, and when OPEC started releasing tactical headlines at key inflection points about an imminent oil production freeze (which Continue Reading
‘Well-Timed’ OPEC Talk Forces Oil Bears Into Record Reversal
Speculators cut wagers on falling WTI crude price by 26%: CFTC OPEC could freeze output as big members pump flat-out: Khelil OPEC has done it again. Talk of a potential Continue Reading
Nigeria oil minister says OPEC cuts unlikely, Algeria meeting could help price
Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could Continue Reading
OPEC’s Former Head Says Conditions Right for Oil-Freeze Deal
Nations now willing to cap volumes as they’re pumping flat-out Big producers have taken all the market share they can: Khelil OPEC is on course to strike an output-freeze deal Continue Reading
Iran Undecided On Joining OPEC’s Production Meeting
Iran has not yet made a decision on whether or not it will join the OPEC meeting next month, and according to officials there, production levels have not reached a Continue Reading
Why An OPEC Production Cap is Unlikely
North Sea Oil Global oil markets have become volatile once more as the Organization of Petroleum Exporting Countries (OPEC) announced on August 8 that they will hold informal talks during Continue Reading
OPEC deal a tough task, as oil output freeze expectations rise
OPEC will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC Continue Reading
OPEC Could Still Tip Next Year’s Oil Deficit Into Surplus: Chart
The re-balancing of oversupplied oil markets is on track as demand climbs and U.S. shale production falters, according to the International Energy Agency. The world will face a 560,000 barrel-a-day Continue Reading
OPEC points to 2017 oil surplus as Saudi output hits record
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, May 30, 2016. Top oil exporter Saudi Arabia boosted its oil Continue Reading
OPEC points to 2017 oil surplus as Saudi output hits record
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, May 30, 2016. Top oil exporter Saudi Arabia boosted its oil Continue Reading
Oil Price Retreat Likely Temporary, But OPEC Weighing Its Options
Recent volatility in oil price based on technical issues, questionable announcements and is ultimately, no reason to panic, analysts say. Coming off a turbulent week in which oil prices dropped Continue Reading
OPEC bullish on oil demand in H2 2016, says current price slide ‘temporary’
OPEC on Monday sounded an optimistic tone about the oil market, saying that higher demand is expected in the third and fourth quarters. The comments, from Qatar energy minister Mohammed Continue Reading
Oil market on path to rebalancing, OPEC monitoring situation: Qatar
Qatar’s energy minister, and current OPEC president, said on Monday the oil market is on the path to rebalancing despite the recent decline in global oil prices, adding that OPEC Continue Reading
OPEC Still Faces the Same Obstacles to Agreeing Oil-Output Limit
Some members aren’t ready to accept production curbs: UBS Holding an informal meeting is a ‘low risk strategy’: Fyfe An informal OPEC meeting next month is unlikely to deliver any Continue Reading
Venezuela says OPEC, non-OPEC countries may meet in ‘coming weeks’
Venezuela’s Oil Minister Eulogio del Pino talks to journalists before a meeting of OPEC oil ministers in Vienna, Austria, June 2, 2016. A meeting between OPEC and non-OPEC countries may Continue Reading
OPEC Plans Informal Talks Next Month, Sees Oil Dip Temporary
Oil prices set to increase in late 2016 as demand recovers Qatar minister says price slide partly linked to Brexit vote The Organization of Petroleum Exporting Countries will hold informal Continue Reading
OPEC to Hold Talks in September
OPEC will hold informal talks at an energy conference in September, the cartel’s president said Monday, as oil-producing nations worry over a recent downturn in the crude market. The Organization Continue Reading
Russia Sees No Need for Oil Freeze Talks Currently, Novak Says
Alexander Novak. Photographer: Christian Marquardt/Getty Images Russia ready to discuss freeze if other nations raise issue Novak may meet Saudi oil minister in Algiers next month Russia sees no need Continue Reading
Venezuela Announces Effort to Reduce OPEC Production Rates
Maduro Eulogio Venezuelan President Nicolas Maduro said on Thursday that his country had begun discussions with the Organization of Petroleum Exporting Countries (OPEC) on mechanisms to increase the global oil Continue Reading
OPEC Output Disrupted in July on Nigeria Attacks, Libya Dispute
Nigeria loses 70,000 barrels a day as rebels target pipelines Total OPEC output rises as group adds 14th member Gabon OPEC’s crude oil output was disrupted in July by militant Continue Reading
Sinking Oil Prices Mean Fragile Unity for OPEC’s New Chief
Mohammed Barkindo becomes secretary general on August 1 OPEC at ‘critical time’ as cost of new strategy hits members When OPEC’s new chief starts next week, he’ll take over an Continue Reading
OPEC delegates say Saudi comments show higher oil price desire
OPEC delegates say comments from top exporter Saudi Arabia, which two years ago led the group to drop its historic role of supporting oil prices, are a change in tone Continue Reading
OPEC sees tighter 2017 oil market, Brexit drag on economy
OPEC on Tuesday gave an upbeat outlook for the oil market in 2017, saying global demand for its crude would be higher than its current production and pointing to a Continue Reading