Category: Global

The OPEC Monthly Oil Market Report is just out with the crude only production numbers for the 12 OPEC countries. The data below is in thousand barrels per day and the last data point is September 2015. OPEC 12 OPEC 12 crude only production was up 109,000 barrels per day in September but that was after the August production numbers were revised down by 82,000 bpd. OPEC crude only production now stands at 31,571,000 pbd. That is just 12,000 bpd above June production but still 100,000 bpd below their peak in July of 2008. Saudi Arabia Saudi Arabia was down 48,000 bpd in September to 10,225,000 bpd. That is 174,000 bpd below their latest peak in June. The big gainer in September was Iraq, up 80,100 bpd in September. That is still 5,000 bpd below their latest peak in July. The UAE hit a new high in September, up […]

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U.S. oil output will decline in 2016 for the first time in eight years as producers slash spending, the Organization of the Petroleum Exporting Countries said Monday, while the producer group continues pumping at high levels . In its closely watched monthly oil market report, OPEC slashed its U.S. oil production forecast by 280,000 barrels a day next year, to 13.538 million barrels a day, a number that includes natural gas liquids. That would be about 60,000 barrels a day less than in 2015, the first decline since 2008. The finding is consistent with what the U.S. Energy Information Administration said last week, predicting that U.S. crude production would average about 8.9 million barrels a day in 2016, down from 9.2 million barrels a day in 2015. OPEC said lower oil prices were forcing U.S. oil producers to cut spending and causing their wells to deplete faster than expected. […]

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The Permian Basin in Mentone, Texas. U.S. crude output peaked at 9.6 million barrels a day in April U.S. oil production is projected to decrease in 2016 for the first time in eight years, according to OPEC. Total output of crude and natural gas liquids is forecast to fall 0.5 percent to 12.47 million barrels a day next year, the Organization of Petroleum Exporting Countries said in its monthly market report Monday. The decline is being driven by the fall in prices, which has curbed spending, OPEC said. U.S. oil drillers have idled more than half the nation’s rigs since last October, data from oilfield-services company Baker Hughes Inc. shows. "What happens with shale production next year is highly uncertain," Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by phone. "Recent reports on drilling and production justify a pessimistic forecast. It’s not surprising that […]

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OPEC pumped the most crude in three years as it predicted stronger demand for its oil in 2016 while supplies elsewhere falter. The Organization of Petroleum Exporting Countries said it pumped 31.57 million barrels a day last month, the most since 2012, according to its monthly market report. OPEC sees production outside the group shrinking by 130,000 barrels a day next year as the U.S. shale boom sputters. “The oil industry has experienced a rapid fall in global upstream spending,” OPEC’s Vienna-based secretariat said. “In 2016, the postponing or canceling of upstream projections will likely continue, resulting in contraction” of supplies. Oil prices have rallied about 10 percent in the past month as drilling cutbacks in the U.S. and reduced energy investment globally suggest the surplus in world oil markets will eventually dissipate. OPEC Secretary-General Abdalla Salem El-Badri said in Kuwait on Monday that the market may be “balanced” […]

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OPEC Secretary-General Abdullah al-Badri addresses a news conference after a meeting of OPEC oil ministers at OPEC’s headquarters in Vienna November 27, 2014. The secretary-general of the Organization of the Petroleum Exporting Countries said on Sunday that he was confident of seeing a more balanced oil market in 2016. "We need to keep investing, it is essential for our industry…I remain confident that our industry’s best days are yet to come," Abdullah al-Badri told an oil industry conference in Kuwait. He said non-OPEC oil output had contracted recently, and that he did not believe the fundamentals of the market warranted a drop in oil prices. (Reporting by Rania El Gamal; Writing by Andrew Torchia )

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OPEC Secretary General Abdalla el-Badri said Tuesday he was concerned about the impact of low oil prices on investment and the consequences for future supply, but insisted that rebalancing world oil markets was the responsibility of all producers and not a burden to be borne by OPEC alone. Badri also predicted that oil prices would rise from current six-year lows of below $50/b in the next few months, although he did not say how much improvement he expected. "We have an overhang of 200 million [barrels] in the market. All of us should work together, OPEC and non-OPEC…all of us have to work together to see how we can get rid of this 200 million barrel overhang," he told the annual Oil & Money conference in London. "I’m really disturbed," he said, referring to the wave of investment cuts announced by oil companies this year in response to the […]

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OPEC crude output fell this month, led by declines in the group’s three-biggest producers. Output from the Organization of Petroleum Exporting Countries fell by 233,000 barrels to 32.048 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 35,000 barrels lower to 32.281 million a day because of changes to the Iraqi, Nigerian and Ecuadorean estimates. Crude futures in London and New York market are down 24 percent this quarter amid speculation that the global supply glut will grow as Chinese economic growth slows. OPEC agreed on June 5 to retain its collective output target of 30 million barrels a day, a level that it’s exceeded for 16 months, according to data compiled by Bloomberg. Brent crude for November settlement rose 19 cents, or 0.4 percent, to $48.42 a barrel on the London-based ICE Futures Europe exchange at […]

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