Saturday , April 21 2018

Tag Archives: opec

‘Mission accomplished’ for OPEC – Oil prices moving towards a level of $70/barrel and above

Finally, the oil organiation is to announce shortly that its mission to balance the high oil inventory in the tanks to its five-year average will be reached soon. The present balance is an excess of 35 million barrels which OPEC, with the participation of Russia, can bring to order with …

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OPEC is struggling as it meets shale producers – Cartel walking on a tight rope

The oil organization has no choice but to find ways to communicate with its most vigorous competitor. USA shale producers are pumping oils as much as possible without any signs of slowing down and stopping their surge. They are now heading towards being the largest oil producers, aiming to surpass …

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OPEC chief expects 2018 oil market balance – Producers continue to trim output

ABU DHABI, Feb 27, (AFP): OPEC chief Suhail al-Mazrouei said Tuesday he expected the global oil market to be balanced this year, as producers continue to trim production following a 2014 market crash. “I am optimistic that this year, we will achieve a market balance” between supply and demand, Mazrouei, …

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US leads, Norway exits, and OPEC in the waiting – OPEC must think on long-term basis

Last week was bad news for OPEC from all angles. Nothing seemed to go right for the oil organization, as oil prices fell by more than $8 per barrel despite OPEC’s full adherence to daily productions cuts of 1.8 million barrels. USA is bound to become the top leader in …

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Kuwait hails OPEC’s role for maintaining market

Deputy Prime Minister and Minister of State for Cabinet Affairs Anas Al-Saleh on Tuesday lauded the key role undertaken by the Organization of Petroleum Exporting Countries (OPEC) for achieving the crude market balance. The minister made the statement during a meeting with the visiting OPEC’s Secretary — General Mohammad Sanusi …

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Kuwait’s Al-Rashidi says any exit from supply cuts to be gradual – OPEC sees balanced market by late 2018

DAMMAM, Saudi Arabia, Dec 13, (RTRS): Kuwait’s oil minister said on Wednesday the oil market was expected to rebalance towards the end of 2018 and any strategy to exit a deal on supply cuts between OPEC and non-OPEC oil producers would be gradual. “Market fundamentals have improved significantly in the …

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Iraq says Kirkuk oil swap deal with Iran for one year – ‘Subject to renewal’

KUWAIT, Dec 10, (RTRS): Iraqi Oil Minister Jabar al-Luaibi said on Sunday that a deal signed with Tehran to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil is for one year and subject to renewal. The agreement signed on …

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OPEC await Russia’s call

OPEC’s meeting in Vienna last Thursday didn’t last long. Like the previous meetings, it needed a simple nudge from Moscow, which happened. Thus, an agreement was reached to extend the current production cuts of 2.8 million barrels per day until the end of 2018. OPEC is no longer in the …

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General deal seen among oil producers to extend cuts – Crude prices drop on pre-OPEC nerves

VIENNA, Nov 29, (Agencies): Kuwait Oil Minister Essam Al-Marzouq said Tuesday a ministerial market monitoring committee would examine oil output levels for October and producers’ commitment to production cuts, then refer recommendations to an OPEC meeting. Ministers from OPEC and non-OPEC will thoroughly discuss on Thursday whether to extend production …

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‘Kuwait produces 3.15 mln bpd, committed to OPEC output deal’ – Oil and gas measurement is an essential issue – KOC

KUWAIT CITY, Nov 19, (KUNA): Kuwait’s crude output stands at 3.15 million barrels per day (bpd) at present, and the country is fully committed to the production ceiling set by OPEC, a senior official in the oil industry said on Sunday. Deputy CEO of the Kuwait Oil Company (KOC) Ismail …

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