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Global benchmark Brent will remain at around last year’s lowest point in 2019 if OPEC members do not stick to the agreed output cuts, JP Morgan’s head of Asia Pacific oil and gas believes. The Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers sealed a deal on production cuts in early December […]
AP/Karim Kadim In efforts to tackle a global oil glut, OPEC and other supply-cutting nations have been coordinating output levels. After a months-long crude rally, the cartel is meeting this week to discuss increasing supply. Here’s what you need to know. When are the meetings? Friday, June 22: Current members of OPEC — Algeria, Angola, Ecuador, […]
AP/Karim Kadim In efforts to tackle a global oil glut, OPEC and other supply-cutting nations have been coordinating output levels. After a months-long crude rally, the cartel is meeting this week to discuss increasing supply. Here’s what you need to know. When are the meetings? Friday, June 22: Current members of OPEC — Algeria, Angola, Ecuador, […]
Ulet Ifansasti/Getty Despite growing US shale supply, it looks like OPEC’s attempts to rebalance crude markets has succeeded. As seen in the chart below from the Commonwealth Bank, stockpiles of oil inventories held by OECD nations is now back at the average level seen over the past five years.See the rest of the story at […]
OIL bears beware. On February 20th Suhail al-Mazrouei, OPEC’s rotating president and energy minister of the United Arab Emirates, said the 14-member producers’ group is working on a plan for a formal alliance with ten other petrostates, including Russia, aimed at propping up oil prices for the foreseeable future. If it comes to anything, it […]
OIL bears beware. On February 20thSuhail al-Mazrouei, OPEC’s rotating president and energy minister of the United Arab Emirates, said the 14-member producers’ group is working on a plan for a formal alliance with ten other petrostates, including Russia, aimed at propping up oil prices for the foreseeable future. If it comes to anything, it could […]
Thomson Reuters OPEC is targeting oil inventories, cutting production in an attempt to reduce the oil glut of the last couple years. The surplus is declining, but it remains to be seen if that decline will continue. “We will not let go of our current approach until we reach a balanced market,” Saudi oil minister […]
Reuters/RIA Novosti OPEC is set to vote on production cuts in Vienna at the end of the month. If Russia doesn’t agree to cut oil production, prices worldwide could plummet. As the November 30 meeting in Vienna of OPEC and its partners in the oil production cut deal nears, worry has returned among traders: one […]
Thomson Reuters OPEC and its partners may not need to extend the November 2016 crude oil production cut agreement beyond its March 2018 deadline if everyone fully complies with their quotas, Kuwait’s Oil Minister Essam al-Marzouk told media yesterday. Al-Marzouk noted that OPEC’s compliance rate had hit 116 percent, without adding, however, that this figure referred to August production […]
Published time: 6 Oct, 2017 23:57 Russia and Saudi Arabia have each earned $ 40 billion from the 2016 deal between OPEC and non-OPEC countries to cut oil output, said Kirill Dmitriev, CEO of the Russian Direct Investment Fund. International efforts to stabilize oil prices “have been fruitful, bringing oil prices to above $ 55 […]
