Oil market still isn’t fully re-balanced, Russia’s Novak says It’s unclear whether inventories will drop at same pace: Falih OPEC and Russia reaffirmed that they’ll persevere with oil-production cuts until Continue Reading
It’s too early in 2018 to discuss stabilization for oil prices, which are down 2 percent from their peak, but up 3.5 percent so far, a Russian official said. Crude Continue Reading
U.S. shale suppliers are forcing OPEC to revise upward its estimates for supplies originating outside the bloc’s member nations, according to the latest data released by the bloc. Non-OPEC production Continue Reading
The latest OPEC Monthly Oil Market Report is out with production numbers for December 2017. All data is in thousand barrels per day. (Click to enlarge) Total OPEC crude only Continue Reading
OPEC raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more, offsetting an OPEC-led deal to clear a supply Continue Reading
The International Energy Agency revised higher its US oil production growth forecasts for 2018, stressing that rapidly expanding shale output is a major factor offsetting Opec-led supply cuts. The latest Continue Reading
Top OPEC officials surely did not expect such a dramatic run up in prices, at least not this early in the year. Both OPEC and the IEA have forecasted a Continue Reading
The situation on the market, not the price of oil, determines Russia’s appetite for complying with the OPEC balancing act, the country’s energy minister said. Russia is among the handful Continue Reading
Alexander Novak . Reuters reports that Novak might discuss the country’s potential exit from the pact in Oman next week. Russia had vowed to cut output by 300,000 barrels per Continue Reading
If any OPEC members have been tempted to cheat on their quotas with oil prices hovering around three-year highs, they have yet to act on it. Higher prices may embolden Continue Reading
