According to a report by Reuters, Saudi Arabia is set to quietly add extra crude to the market in the coming months, however, the kingdom is worried that rising US production will lead to an [Read more]
OPEC net oil export revenues are expected to increase 30 per cent in 2018. This forecast increase follows higher anticipated annual crude oil prices in 2018 and more than offsets slightly lower crude oil production [Read more]
John Kemp argues that most of the changes in the power behind the oil market can be traced back for 20 years or more, though some of them have recently accelerated, such as the recent [Read more]
The real negotiations now take place between Riyadh and Moscow, behind closed doors and far away from OPEC headquarters in Vienna, reflecting their market calculations, and relationships with the United States. AFP/Getty Images photo by [Read more]
Iran’s OPEC governor, Hossein Kazempour, says US President Donald Trump is wrong to think that Saudi Arabia and other producers, including Russia, will be able to compensate for millions of barrels of crude taken out [Read more]
While speaking in Calgary on Tuesday, Suhail al-Mazrouei told a TD investor conference that Canada should build pipelines to transport its oil and natural gas or risk investment shifting to the US. Reuters photo by [Read more]
Saudi oil output hit 10.70 million barrels per day (b/d) in June to compensate for falling Venezuelan and Libyan production due to instability in the two OPEC countries. Saudi oil output increase has angered Iran, [Read more]
The preservation of the OPEC+ group masks the fact real power in the oil market has shifted decisively to Saudi Arabia and Russia, with some political input from the United States. OPEC photo. Oil market [Read more]
Just ahead of the OPEC meeting on Friday, participants at the cartel’s ministerial committee meeting say they are getting closer to an agreement that would likely see OPEC output increase by about 1 million b/d. [Read more]
Oil prices were mixed on Wednesday with West Texas Intermediate rising after the US Energy Information Administration reported a drop in US crude stocks. Brent prices slipped ahead of the OPEC meeting scheduled for later [Read more]
Representatives from major US shale oil producing companies met with OPEC at least twice this year and are set to meet with the cartel in Vienna next week. Continental Resources photo. US shale billionaire Harold [Read more]
EIA expects OPEC crude oil production will average 32.0 million b/d in 2018, a decrease of about 0.4 million b/d from 2017 In the June 2018 update of its Short-Term Energy Outlook (STEO), EIA forecasts Brent crude [Read more]
Oil production to reach 5.4 milliion b/d in 2023, more than current production from any OPEC member other than Saudi Arabia Oil production in the Permian Basin, already a major force in global supply growth, [Read more]
Last month, US President Donald Trump the “highest level” of US sanctions would be implemented against Iran after the US abandoned the Iran sanction relief agreement. AP photo by Evan Vucci. OPEC asked to support [Read more]
Record high US crude exports to Asia are cutting into traditional Russian and OPEC markets and the widening discount between Brent crude and WTI prices is encouraging buyers to diversify. Bloomberg News photo by Eddie [Read more]
After US President Donald Trump complained about rising oil prices, Saudi Arabia and Russia are considering boosting Russian and OPEC output by about 1 million barrels per day. Anadarko photo. Russian, OPEC output curbed by [Read more]
Russian and Saudi natural gas production expanded significantly in 2017, at 8% and 6% year-on-year growth The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record [Read more]
OPEC says the recent oil rally that saw prices close in on $80/barrel is a short-term spike mostly due to geopolitics, more than a supply shortage. Getty Images photo by Akos Stiller. Oil rally not [Read more]
New MARPOL (International Convention for the Prevention of Pollution from Ships) limits on sulfur content in marine fuels starting in 2020 could result in 1-1.8MMb/d of additional refinery runs to produce higher volumes of marine [Read more]
Saudi Arabia needs oil prices and revenues to go even higher in the coming years to pay for the kingdom’s transformation away from oil. Saudi Aramco photo. Oil prices have risen 175 per cent since [Read more]
@2020 Energi Media Ltd., | Thoughtful Energy Journalism
Get the eBook, The New Alberta Advantage: Technology, Policy, and the Future of the Oil Sands, written by our founder and publisher, Markham Hislop, for FREE.
Sign up now and get exclusive access to your FREE download in the next newsletter and receive Energi Media Weekly Update straight to your inbox too!
