OPEC watching Iran, Russia, unlikely to cut output in June
OPEC is very unlikely to cut output at its next meeting in June, even if prices remain extremely low, according to OPEC sources and delegates, as it will be too Continue Reading
OPEC oil output slips from record on Iraqi disruption – survey
OPEC oil output has fallen in February from the highest monthly level in recent history, a Reuters survey found on Monday, due to a halt in Iraq’s northern exports and Continue Reading
OPEC Oil Output Slips From Record in February, Survey Shows
OPEC crude production slipped in February from the highest level in Bloomberg data going back 20 years. The Organization of Petroleum Exporting Countries reduced production by 79,000 barrels to 33.06 Continue Reading
OPEC boxes itself into a corner
Heavyweight oil producer group OPEC stepped into the ring with young upstart US shale back in November 2014 and delivered its best shot. Led by prizefighter Saudi Arabia, it decided Continue Reading
U.S. shale’s message for OPEC: above $40, we are coming back
For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce Continue Reading
OPEC sees further action if output ‘freeze’ deal holds
The world’s biggest oil producers may consider “other steps” to eliminate a persistent global oversupply if a recent deal to freeze current output holds firm for several months, the top Continue Reading
OPEC Unsure How It Can ‘Live Together’ With Shale Oil
Production freeze will be re-evaluated after 3-4 months OPEC and U.S. shale may need a relationship counselor. After first ignoring it, later worrying about it and ultimately launching a price Continue Reading
IEA: Oil supply, demand to rebalance in early 2017
The world’s fuel producers probably won’t curb enough oil production to realign crude supply and demand until early 2017, with the United States making up the bulk of the decline, Continue Reading
IEA Rings `Alarm Bells’ on Deeper Oil Industry Spending Cuts
The oil industry is set to further reduce spending this year as crude prices remain low, according to the head of the International Energy Agency, signaling more pain for oil Continue Reading
Saudis, Russia agree oil output freeze, talks with Iran to follow
Top global oil exporters including Russia and Saudi Arabia agreed on Tuesday to freeze output to tackle a global glut but said the deal was contingent on other producers, with Continue Reading