Oil cuts working, market in balance by end-March: Kuwait minister
The world oil market is taking longer than expected to rebalance but the glut should go by the end of March and OPEC need not take further action to curb Continue Reading
Ecuador Abandons The OPEC Deal: Who’s Next?
Ecuador announced its withdrawal from the OPEC agreement this week, a move that could shake the foundation of a deal that was already starting to show some cracks. “We need Continue Reading
Libya’s NOC chief to attend OPEC, non-OPEC meeting: statement
The head of Libya’s National Oil Corporation (NOC) said on Tuesday he would lead a Libyan delegation to a meeting of OPEC and non-OPEC oil producers in St Petersburg, Russia Continue Reading
OPEC June Production Data
The above chart does not include the 14th member of OPEC that was just added, Equatorial Guinea. I do not have historical data for Equatorial Guinea so I may not Continue Reading
Commodity Weekly: Heightened Intra-OPEC Competition on Horizon
With the efficacy of OPEC-led cuts clearly in doubt, it would behoove cartel members to prioritize individual self-interest. This opinion piece presents the opinions of the author. It does not Continue Reading
Big Oil Just Woke Up to Threat of Rising Electric Car Demand
The world’s biggest oil producers are starting to take electric vehicles seriously as a long-term threat. OPEC quintupled its forecast for sales of plug-in EVs, and oil producers from Exxon Mobil Corp. Continue Reading
Kuwait says premature for OPEC to cap Libya, Nigeria oil output
OPEC member Kuwait said on Friday it would be premature to cap Nigerian and Libyan oil production as the two African countries’ output needed to stabilize further. The market is Continue Reading
Libya gains balance Nigerian oil loss
Officials from a state oil company in Libya brief representatives from Norwegian energy company Statoil about the potential to bring production back to normal levels. Photo courtesy of the Libyan Continue Reading
IEA Less Confident on Oil Rebalancing as OPEC Supply Rises
The rebalancing of global oil markets has become less certain, with OPEC production rising and little evidence that bloated stockpiles are shrinking as expected, the IEA says. (Bloomberg) — The Continue Reading
International Energy Agency OMR
Global oil supply rose by 720 kb/d in June to 97.46 mb/d as producers opened the taps. Output stood 1.2 mb/d above a year ago with non-OPEC firmly back in growth mode. Non-OPEC production Continue Reading