Overall OPEC production fell in December according to a survey by Reuters, mostly due to a 400,000 barrel per day cut made by Saudi Arabia. Iran and Libya posted involuntary production declines. Reuters file photo [Read more] [Read more]
OPEC and some non-OPEC oil ministers met in Vienna last week and agreed to curb their output by 1.2 million b/d in order to address growing surpluses and dropping oil prices in the market. OPEC [Read more] [Read more]
Oil prices climbed on Thursday after industry sources reported that Russia has agreed for the need for crude output cuts for 2019. Equinor photo. Oil prices up over 2 per cent US oil prices jumped [Read more] [Read more]
NOPEC, or No Oil Producing and Exporting Cartels Act has been dormant for years as past presidents have signalled they would veto any move to pass the legislation. Anadarko photo. NOPEC could open OPEC up [Read more]
Following the oil shocks of the 70s, OPEC members never resorted to the oil weapon – not out of goodwill to consumers but because it did not work and did long-term harm to their own economies. [Read more]
OPEC’s Secretary General Mohammad Barkindo said on Thursday that the cartel sees the oil market well supplied and in concerned that an increase in production could cause another supply glut. Reuters photo by Heinz-Peter Bader. [Read more]
Oil prices have already risen to a level that has contributed to a slowdown in economic growth and oil consumption in the past. Equinor photo. Oil prices drop Thursday, but sit at over $84/barrel By [Read more]
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]
@2020 Energi Media Ltd., | Thoughtful Energy Journalism
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