US Demands For More Oil Could Backfire
This week the State Department accused OPEC of hiding spare capacity exceeding 1.4 million barrels daily. It urged the cartel to use it to stop the oil price rally that Continue Reading
US wants OPEC spare capacity output, but path forward is complicated
The US and OPEC appear to be talking past each other when it comes to the producer bloc’s spare output capacity. The two sides don’t agree on the definition of Continue Reading
Saudi crown prince says Opec working to keep oil prices down
Opec and its allies have been responding to requests from the US for increased oil production and doing what they can to prevent prices rising, Saudi Arabia’s Crown Prince Mohammed Continue Reading
IEA Asks Majors Oil Producers To Boost Production
Rising oil prices are hurting consumers, Fatih Birol, the Executive Director of the International Energy Agency (IEA), says, calling on major all producers to do the best they can to Continue Reading
Rising use of plastics to drive oil demand to 2050: IEA
Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday. Despite government efforts to Continue Reading
IEA Asks Majors Oil Producers To Boost Production
Rising oil prices are hurting consumers, Fatih Birol, the Executive Director of the International Energy Agency (IEA), says, calling on major all producers to do the best they can to Continue Reading
IEA: Petrochemicals set to be the largest driver of world oil demand
Petrochemicals—components derived from oil and gas that are used in all sorts of daily products such as plastics, fertilizers, packaging, clothing, digital devices, medical equipment, detergents and tires—are becoming the Continue Reading
OPEC compliance 110% in Sep for 12 members with quotas: Platts survey
Highlights OPEC, allies surpass targeted 1 million b/d increase Saudi Arabia raises output by 110,000 b/d in September Iran drops 100,000 b/d as customers flee Libya pumps most since June Continue Reading
OPEC Accused Of Hiding Spare Capacity
The State Department said figures from the Energy Information Administration suggested that OPEC was withholding 1.42 million bpd of spare capacity and the department was working with the cartel to Continue Reading
OPEC able to raise oil output by 1.3 million barrels per day: TASS cites Saudi’s Falih
Saudi Energy Minister Khalid al-Falih said OPEC is technically able to raise oil output by 1.3 million barrels per day (bpd), the TASS news agency reported on Thursday. The minister Continue Reading