OPEC risks Pyrrhic victory with oil policy: Kemp
“If we are victorious in one more battle with the Romans, we shall be utterly ruined,” King Pyrrhus of Epirus complained after winning exceptionally bloody engagements in 280 and 279 Continue Reading
Iran Calls on Oil States to Cut Excess Crude: OPEC Reality Check
As OPEC ministers started to arrive in Vienna, Iran called on fellow members to comply with the group’s production ceiling before ramping up its own supply next year. The appeal Continue Reading
Saudi Oil Minister Pledges to Listen to Other OPEC Members
Saudi Arabia will discuss all issues at the OPEC meeting on Friday and listen to concerns of other members, said the nation’s Oil Minister Ali al-Naimi. “We have a meeting Continue Reading
Saudis Will Discuss Then Decide Policy at OPEC Meeting, Says Ali al-Naimi
Saudi Arabia’s oil minister Ali al-Naimi, under pressure to take action to prop up crude prices at this week’s OPEC meeting, took a conciliatory tone on Tuesday, saying the kingdom Continue Reading
OPEC set to include Indonesian output, hope of non-OPEC talks fade
OPEC is set to debate a technical increase of its production ceiling later this week to accommodate returning member Indonesia, delegates said on Monday, while hopes of a meaningful dialogue Continue Reading
More Russian oil drilling shows its resolve to OPEC
Russian oil firms are drilling more, showing the world’s top crude producer is ready for a longer fight for market share with OPEC, as its industry can carry on even Continue Reading
Oil States Need Price Jump to Balance Budget: OPEC Reality Check
If the Organization of Petroleum Exporting Countries keeps its policy of favoring market share over prices when it meets Dec. 4, most members will probably find themselves unable to balance Continue Reading
OPEC Is Ready to Rumble Over Saudi Output
Pressure is building on Saudi Arabia to rein in its oil output after a year of pumping full tilt, setting up the most contentious OPEC meeting in years. A year Continue Reading
One Year Later and OPEC Still Hasn’t Killed Shale
“No change.” It was roughly one year ago that Kuwait’s oil minister succinctly delivered the message that would turn the oil market on its head. The group of oil producing Continue Reading
Introducing the New OPEC Member That Likes Lower Oil Prices
After defending the interests of oil-exporting nations for five decades, OPEC has made a surprising choice with its newest member: a country that consumes about twice as much crude as it pumps. Indonesia will rejoin the Organization of Petroleum Exporting Countries as its 13th nation next month, almost seven years after suspending its membership. The country says that as OPEC’s only Asian constituent it will provide a vital link to the region where demand is growing fastest. Still, saddled with an oil-import bill of about $13 billion last year, Indonesia makes an unlikely addition to the exporters’ club. “If you’re accepting net-oil importers into the organization, it speaks volumes about the marginalization of OPEC,” said Seth Kleinman, head of energy strategy at Citigroup Inc. Indonesia is “never going to cut” supply, he said. Official explanations that paint Indonesia as a conduit between producers and consumers don’t fully illuminate a […]