OPEC yet to agree on final deal as Iran seeks exemptions
Saudi Arabia’s energy minister said he wasn’t confident OPEC would reach a deal on Friday to cut oil output as sources said the producer group’s leader had yet to agree Continue Reading
New OPEC President Starts With a Disadvantage: He’s From Venezuela
It is a potentially explosive cocktail. “This is the last year you would want Venezuela as the president,” said Helima Croft, chief commodities strategist at Canadian broker RBC. Related: Is Continue Reading
OPEC works on deal to cut output, still needs Russia on board
OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a Continue Reading
As OPEC Meets, Sizing Up Its Power and Its Politics
On Thursday, over 200 oil industry representatives, financial analysts and journalists are expected to crowd into a basement auditorium at the headquarters of the Organization of the Petroleum Exporting Countries. Continue Reading
OPEC Oil Output Rises As Saudis Pump At Record While Iran Slumps
OPEC’s crude oil production increased by 40,000 bpd from October to 33.08 million bpd in November, as Saudi Arabia pumped at record highs, more than offsetting—together with the UAE—the drop Continue Reading
OPEC Urges Nigeria, Libya To Join Oil Production Cuts; Iran Balks
OPEC is trying to persuade Libya and Nigeria to join cuts if the cartel agrees to reduce production, delegates told S&P Global Platts , while the OPEC and non-OPEC leaders Continue Reading
OPEC, Russia move closer to cutting oil output
OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude. OPEC Continue Reading
Kuwait says long-term cooperation agreement expected between OPEC, non-OPEC countries
Kuwait’s oil ministry said on its Twitter account on Wednesday that a long-term cooperation agreement is expected to be signed between OPEC and non-OPEC countries. OPEC meets on Thursday in Continue Reading
Iran: Don’t Count On A New OPEC Deal
OPEC’s meeting this Thursday in Vienna may not lead to an agreement to start reducing production, Iran’s OPEC governor said, as quoted by S&P Global Platts. Hossein Kazempour Ardebili said Continue Reading
Could Iraq Be The Next OPEC Member To Exit?
Even more cracks may be forming within OPEC, even as market pundits continue to analyze Qatar’s decision two days ago to withdraw from the oil producing cartel. Michael Cohen, head Continue Reading
Iran seeks exemption from OPEC oil cuts because of US sanctions: oil minister
Iran will seek an exemption from any OPEC production cut agreement, its oil minister said Wednesday, potentially complicating the group’s already fraught negotiations. “Iran should be excluded from any decision Continue Reading
OPEC+ Gears Up For Production Cuts
Oil gained for a second day in a row on Tuesday, pushed up by a trade war truce, pending OPEC+ production cuts, and surprise mandatory output reductions in Canada. (Click Continue Reading
NOPEC Act Is A Big Concern For OPEC Members
A proposed U.S. legislation that could pave the way for suing OPEC for market manipulation is a “big concern” among the cartel and may weigh on the message from the Continue Reading
OPEC works on deal to cut output, still needs Russia on board
OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a Continue Reading
Saudi-Russia Ties Raise Concerns Among OPEC Members
“They have to stop doing this,” one OPEC official said, referring to private talks between Russia and Saudi Arabia. “It’s not justice. The lives of entire populations are at stake.” Continue Reading
The Most Likely Outcome Of The OPEC Meeting
The OPEC+ meeting is set to kickoff, with a press conference scheduled for Thursday afternoon in Vienna. While there seems to be a vague outline of an agreement in hand, Continue Reading
Pressure builds on Saudi oil minister at OPEC after Qatar snub
Shaken by Qatar’s surprise plan to drop out of the producer group, OPEC still needs to reassure a nervous oil market when it meets later this week. Responsibility for delivering Continue Reading
OPEC urges Libya, Nigeria to join oil output cuts
Highlights Both countries still want exemptions from quotas Output recoveries may weaken their cases Delegates say it’s time they help rebalance the market Vienna — Libya and Nigeria could be Continue Reading
OPEC works on deal to cut output, still needs Russia on board
OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a Continue Reading
Qatar’s OPEC Exit May Just Be The Beginning
Much has already been written over the last 24 hours by pundits and analysts alike about Qatar’s decision to leave the Organization of the Oil Exporting Countries (OPEC) by January Continue Reading
Gas-focused Qatar to exit OPEC in swipe at Saudi influence
Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show Continue Reading
Iran says OPEC members who increased output should take lead on cuts
Qatar’s decision to quit OPEC shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel, a top Iranian official said, adding that any supply Continue Reading
Oman: Qatar’s Withdrawal From OPEC May Lead To Retaliation
Qatar’s withdrawal from OPEC is a surprise for Oman’s oil minister Mohammed bin Hamad Al Rumhi, who said in an interview with S&P Global Platts on Monday that Qatar might Continue Reading
OPEC works on deal to cut output, still needs Russia on board
OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a Continue Reading
Qatar’s Irrational Decision To Leave OPEC
OPEC’s future is once again up in the air after the decision by Qatar to leave the oil cartel on January 1 2019. Saad Al Kaabi, Qatar’s minister of energy, Continue Reading
OPEC works on getting its message right to a skeptical and confused oil market
When OPEC ministers announce this week how much oil they plan to pump in the coming months, they’ll be talking to a skeptical market searching for direction. Receive daily email Continue Reading
Oil’s Deja Vu Moment: OPEC Meets Amid Price Rout
U.S. crude and Brent, the global benchmark, each fell 22% last month, the sharpest monthly slide since October 2008. U.S. crude traded below $50 a barrel on an intraday basis Continue Reading
Omani oil minister says he believes there is consensus for output cuts
Omani Energy Minister Mohammed bin Hamad al-Rumhy said on Sunday that he believed there was a consensus among OPEC oil producers that oil output should be cut. Asked if he Continue Reading
Qatar Says It Will Withdraw From OPEC
Qatar Energy Minister Saad al-Kaabi said the country would withdraw from the organization by January 2019 at a press conference Monday, state-run company Qatar Petroleum said on its Twitter account Continue Reading
Why a critical OPEC meeting may end with confusion and lower oil prices
Russia’s Energy Minister Alexander Novak, Saudi Arabia’s Energy Minister and OPEC conference president Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo attend a meeting of the Organization of the Petroleum Continue Reading
After Trump calls, Gulf OPEC members cover most of Iran oil loss: Reuters survey
OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran Continue Reading
OPEC Economic Panel Recommends Output Cut From October Levels
OPEC and its Russia-led allies are meeting Dec. 6 and Dec. 7 in Vienna to debate cutting as much as 1.4 million barrels a day from their collective output, after Continue Reading
Saudi Arabia Squeezed As OPEC Meeting Nears
Oil prices dipped over the week, but the next few days will be volatile due to escalating geopolitical concerns and trade war tensions. Oil prices dipped in early trading, but Continue Reading
Russia’s Oil Minister: Oil Prices Are Good Where They Are
“In my view, the current price range of oil is comfortable for both producers and consumers,” said Russia’s Energy Minister Alexander Novak in an interview with news agency TASS. The Continue Reading
Saudi energy minister goes to OPEC with a weak hand: Kemp
Saudi Arabia’s energy minister, Khalid al-Falih, must play a bad hand of cards as well as he can at next week’s meeting of OPEC and non-OPEC oil producers in Vienna. Continue Reading
OPEC says low prices hurt US shale companies too, boosting the case for oil output cuts | S&P Global Platts
Prices below $60/b are hurting US shale producers and potentially strengthening OPEC’s hand to introduce tighter quotas and output cuts when the group and its allies meet next week, according Continue Reading
Exclusive: Russia accepts need for oil cuts, bargains with Saudi on details – sources
Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC but is still bargaining with the producer group’s leader, Saudi Arabia, over the timing and Continue Reading
Oil investors still on edge, waiting on OPEC’s word
Global oil markets are nervously eyeing OPEC’s upcoming meeting for clarity on future supply as the dust settles after a full-fledged rout in crude markets over the last several weeks. Continue Reading
Gazprom Neft’s thirst for oil shows Russian dilemma on OPEC pact
In the green-to-golden steppe some 1,500 km east of Moscow, a unit of Gazprom Neft, Russia’s third-biggest oil producer, is drilling hard as it eyes a production hike of 20 Continue Reading
Russia oil minister met producers to discuss OPEC cooperation – sources
Russian Energy Minister Alexander Novak met Russian oil companies on Tuesday to discuss cooperation between OPEC and non-OPEC oil producers, according to two sources who were informed that the meeting Continue Reading
Column: Oil market power ebbs from OPEC to the troika
The Organization of the Petroleum Exporting Countries has been marginalized as critical decisions about the oil market are taken by a troika of the United States, Russia and Saudi Arabia. Continue Reading
Can OPEC+ Halt The Oil Price Slide?
Oil prices continue to plumb new depths, but some analysts think the selloff has gone too far. Brent prices fell to $62 per barrel by mid-week, hitting nearly a one-year Continue Reading
Trump And OPEC Face Off Over Production Cuts
“Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!” President Continue Reading
OPEC refuses to panic amid oil market rout
Brent slumps over 6% to $58.45/b in London Concern on oversupply weigh on sentiment OPEC set for crunch meeting on December 6 London — OPEC is showing no public signs Continue Reading
Saudis Mull Quiet Cuts to OPEC Production
Under such a scenario, the Organization of the Petroleum Exporting Countries would announce plans to retain current output targets, first set in 2016. That move would imply a production pullback Continue Reading
Saudi Arabia will respond to weak oil demand, energy minister Falih says
Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he sees weak oil demand in January and said the kingdom would respond accordingly to cool the global market’s anxiety. Continue Reading
Iraq says OPEC, allies will address oil price slump at Vienna meeting
Baghdad — OPEC and its allies will work to stabilize the oil market and reverse the slump in prices when they meet in Vienna in two weeks, Iraq’s deputy oil Continue Reading
DOJ is Said to be Reviewing Anti-OPEC Legislation
The Department of Justice is formally reviewing antitrust legislation aimed at reining in OPEC’s power over oil markets, according to a department official. While the study is ongoing, there is Continue Reading
UAE: OPEC Very Likely To Agree To Oil Production Cuts
OPEC will very likely agree to cut oil production at its upcoming meeting in early December, although the size of the cuts is yet to be decided, Ahmed al-Kaabi, Governor Continue Reading
OPEC will work to stabilize markets at next meeting: Iraqi deputy minister
Iraqi Deputy Oil Minister Fayadh al-Nema said on Wednesday that OPEC will work to stabilize oil markets, crude prices and supplies at its next meeting. “OPEC and non-OPEC producers will Continue Reading