Tag Archives: opec

US shale to ‘attack’ OPEC oil customers

By 2018, US shale oil will become one of the top ten exporters of oil in the world. Its export volume could reach more than 2,800 million barrels per day. It could become the highest exporter of oil to the United Kingdom, which is higher than any of OPEC member, …

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Lower oil prices, incomes, more borrowings

This is the reality of the situation in all oil producing countries irrespective of how high or low their oil production rate is. Following the OPEC decision in November 2014 to let oil production cut loose and allow every member to freely produce, the oil prices began to decline, reaching …

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OPEC output at 2017 highs due to Kuwait, Saudi curbs – Nigeria, Libya exempted from cuts

LONDON, July 1, (RTRS): OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by …

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Despite weak oil, OPEC still pockets more dollars – Group looked at deepening crude cut, not in rush

LONDON, June 28, (RTRS): With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning …

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Kuwait oil minister optimistic markets will slowly rebalance – OPEC, non-OPEC exceed targeted output cuts: Al-Marzouq

KUWAIT CITY, June 22, (Agencies): Kuwait’s Oil Minister Essam Al-Marzouq said on Thursday that he was optimistic that oil markets will gradually return to balance supported by the record compliance with the oil supply-cut pact by OPEC and non-OPEC. Says OPEC and non-OPEC oil producers reached the highest compliance level …

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OPEC and US shale oil drillers are on collision course – Non-OPEC output will increase by 1.5 mln bpd in 2018: IEA

The oil market is on an unsustainable course with output from US shale and other non-OPEC sources increasing rapidly, while OPEC and its allies trim production to reduce inventories and prop up prices. The International Energy Agency (IEA) projects non-OPEC output will increase by 1.5 million barrels per day (bpd) …

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Crude oil in need of miracle – OPEC unable to stem decline

OIL market is in need of a miracle … or is it better to say OPEC is in need of a miracle of increased oil prices before they dive below $40 per barrel? It seems the oil organization is unable to stop the decline. No further action can be taken …

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Russia’s role in OPEC – Oil prices seen stable

OPEC’s agreement last Thursday was reached smoothly within a short time. All members of OPEC as well as Russia and other non-OPEC countries unanimously agreed to the historic deal that will last until the end of the first quarter of next year. This accord was reached and enforced because of …

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Kuwait’s minister says OPEC and non-OPEC could deepen oil cuts – Saudi, Russia, Iraq support extending cuts by 9 months

VIENNA, May 24, (RTRS): OPEC and non-member oil producers could deepen output cuts or extend them for a year at a meeting in Vienna this week, Kuwait said on Wednesday, as they seek to clear a global stocks overhang and prop up the price of crude. The top oil producer …

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OPEC heads toward supply cut extension as Saudi signals most participants on board – Iran happy staying within output ceiling, Russia committed

RIYADH, May 21, (RTRS): OPEC and other oil producers are on course to agree an extension of supply cuts at a meeting on Thursday, with Saudi Arabia saying most participants are on board with the plan to rein in a global supply glut. Saudi Arabia’s energy minister said on Sunday …

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