Category: OPEC

OPEC expects oil demand to remain strong through 2017, but downgraded its assessment because of the Brexit result. In its latest monthly Oil Market Report for July, OPEC sees oil Continue Reading

OPEC has captured its largest share of the oil market since 1975, which could be seen as a vindication of the cartel’s strategy over the past two years. But it Continue Reading

Members of the Organization of Petroleum Exporting Countries altered their behavior to limit the role of U.S. shale oil producers, a Norwegian paper found. “There is no consensus in the Continue Reading

OPEC’s oil output has risen in June to its highest in recent history, a Reuters survey found on Thursday, as Nigeria’s oil industry partially recovers from militant attacks and Iran Continue Reading

OPEC said its oil revenue plunged by $438 billion to a 10-year low last year, as an increase in export volumes failed to compensate for the collapse in prices. The Continue Reading

OPEC’s full-year 2016 oil export revenues will probably fall 15 percent, down for the third straight year and possibly the lowest in more than a decade before rising in 2017, Continue Reading

There are two ways of looking at the OPEC meeting in Vienna, and neither is wrong. Firstly it was a success as the Saudis and Iranians managed to be relatively Continue Reading

Saudi Arabia’s new energy minister rallied Opec support for maintaining production on Thursday, as a near-doubling of crude prices since January eased tensions among oil exporters.  Khalid Al Falih said Continue Reading

For a short while it seemed that the Organization of the Petroleum Exporting Countries would start acting like a cartel again by putting a ceiling on the group’s production of Continue Reading

An OPEC flag sits on a table ahead of the meeting in Vienna on Thursday. VIENNA—OPEC broke off its meeting on Thursday without reaching an agreement on oil production , Continue Reading

Oil Rig Sunset OPEC’s strategy in the past have been to maneuver its oil production to bring about market stability. However penetration of U.S. shale oil forced them to alter Continue Reading

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf July 25, 2005. OPEC’s oil output fell in Continue Reading

Venezuela’s Oil Minister and President of the Venezuelan state oil company PDVSA Eulogio del Pino attends a plenary session of the National Oil and Gas Forum in Moscow, Russia, April Continue Reading

The Organization of the Petroleum Exporting Countries isn’t likely to take any coordinated action on crude-oil output at its meeting on Thursday, representatives said, as the group sees signs of Continue Reading

OPEC members gathering in Vienna June 2 are expected to go along with a Saudi Arabia-led policy focused on squeezing out rivals amid signs the strategy is working. That means Continue Reading

For those seeking guidance on Saudi Arabia’s thinking regarding the future of OPEC, the last few weeks’ agenda of the new Saudi energy minister, Khalid al-Falih, might offer a few Continue Reading

The final preparatory gathering of officials from the Organization of Petroleum Exporting Countries before the ministerial meeting on June 2 didn’t discuss any limits on crude output, the latest signal Continue Reading

Poorer oil-producing countries which took out loans to be repaid in oil when the price was higher are having to send three times as much to respect repayment schedules now Continue Reading

The next OPEC meeting on the 2nd of June will act as little more than a forum for continued altercations between Saudi Arabia and Iran The 2 June 2016 OPEC Continue Reading

OPEC member Kuwait does not expect any coordinated action to be decided during the group’s upcoming meeting in Vienna on June 2, the country’s acting oil minister said on Thursday. Continue Reading

OPEC is dead, Rosneft’s head Igor Sechin has told Reuters . In a fine example of stating the obvious – at least to those who have been keeping an eye Continue Reading

Oil-producing nations will discuss an oil output freeze at OPEC’s meeting in June, a senior Saudi oil advisor said on Thursday, keeping open the prospect of action to boost prices Continue Reading

OPEC Secretary-General Abdullah El-Badri attends a news conference after the EU-OPEC Energy Dialog in Vienna June 27, 2011. The oil market will begin rebalancing by the third quarter of this Continue Reading

All charts are updated through March 2016 The latest OPEC Monthly Oil Market Report is out out. The charts are “Crude Only” production and do not reflect condensate production. Also Continue Reading

Major OPEC and other crude producers will meet in Russia, possibly next month, in a new push to agree on an output freeze to shore up oil prices, Iraq’s Deputy Continue Reading

There was much gnashing of teeth as Qatar’s grand meeting of oil producers failed to reach agreement Sunday to freeze production at January levels. Commentators predicted a collapse in oil Continue Reading

The royalty of the global oil world descends on this Persian Gulf outpost this weekend to discuss freezing its collective output, a gambit to end a nearly two-year price rout. Continue Reading

This weekend, 13 countries with little in common will attempt to act as one – by coming to an agreement to curb oil production and prop up prices. But the Continue Reading

Nations representing almost 60 percent of the world’s oil production will gather in Doha on April 17 to discuss freezing their output at January levels in an effort to stabilize Continue Reading

OPEC warns oversupply persists amid record inventories OPEC believes crude supply outside the producer group is set to fall more than expected, with weaker Chinese, Colombian, UK and US oil Continue Reading

An agreement by producing countries to freeze crude production at the Doha meeting on Sunday would have a limited impact on oil flows, the International Energy Agency said Thursday. OPEC Continue Reading

Kuwait hopes that coordination among oil producers inside and outside OPEC will help to stabilize the market, acting oil minister Anas al-Saleh told reporters on Sunday. “As long as there Continue Reading

Nigeria will propose Mohammed Barkindo, former group managing director of state-owned Nigerian National Petroleum Corp., for the position of OPEC secretary-general, according to two people familiar with the matter. Barkindo Continue Reading

Oil ministers from OPEC and non-member countries are looking hard for a recovery in prices, and are hoping their meeting next month will produce an output freeze that can be Continue Reading