OPEC’s Barkindo says balanced oil market is in sight
There is no doubt that in the wake of efforts by global oil producers to curb production that the crude market is rebalancing, and doing so at an accelerating pace, Continue Reading
OPEC compliance with oil output cut deal at 86 percent: IEA head
The Organization of Petroleum Exporting Countries (OPEC) has a compliance rate with their output cut pledges of about 86 percent, Fatih Birol, the executive director of the International Energy Agency Continue Reading
Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary
OPEC and its partners may not need to extend the November 2016 crude oil production cut agreement beyond its March 2018 deadline if everyone fully complies with their quotas, Kuwait’s Continue Reading
Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
Russia’s oil producer Gazprom Neft is ‘holding its nose’ to the OPEC/non-OPEC production cut deal because it has made the company cut its production growth targets, Gazprom Neft’s first deputy Continue Reading
Is OPEC Considering Deeper Output Cuts?
The oil price, as measured by the most traded Brent Crude number, has been relatively stable since the agreement to limit output was implemented last year and excess inventory has Continue Reading
OPEC again raises demand forecast for its oil, points to 2018 deficit
OPEC forecast higher demand for its oil in 2018 on Wednesday and said its production-cutting deal with rival producers was getting rid of a glut, pointing to a tighter market Continue Reading
OPEC’s oil price forecast near a make-or-break point for U.S. shale
The price for crude oil next year should be around the so-called Goldilocks number for shale oil drillers in the United States, OPEC economists said. The Goldilocks scenario refers to Continue Reading
How OPEC Continues To Cheat On Its Own Deal
OPEC Monthly Oil Market Report. All data is through September 2017 and is in thousand barrels per day. (Click to enlarge) The above chart does not include the 14th member Continue Reading
OPEC September Oil Production
All data below is based on the latest OPEC Monthly Oil Market Report . All data is through September 2017 and is in thousand barrels per day. The above chart Continue Reading
OPEC To Take Drastic Action Despite Shale Slowdown
WTI recently dipped below $50 per barrel for the first time in a month, erasing the strong September rally. It’s no coincidence that after two weeks of price declines, OPEC Continue Reading