Tag: cuts
OPEC building on success of oil output cuts – IEA
Current numbers for first quarter of 2018 imply a stock build of 0.8mb/d Over the last few months, questions lingered about whether OPEC producers were seriously committed to their agreement to cut output and balance the market, according to the International Energy Agency. While there may still be doubts about some of them, the market heavyweights have […]
OPEC signals cuts extension, oil traders ponder response: Kemp
Some analysts concluded even a 6 month extension would not be enough to bring stock levels down By John Kemp Saudi Arabia’s energy minister has indicated OPEC will extend its current production cuts for at least another six months to the end of 2017 and maybe further. “Based on consultations that I’ve had with participating […]
Saudi Arabia cutting oil production, but not other OPEC members : Kemp
Compliance excluding Saudi Arabia, Kuwait averaged just 50% in January By John Kemp LONDON – Saudi Arabia and its Gulf allies have accounted for almost all the production cuts delivered by OPEC so far as the kingdom resumes its familiar role as swing producer. Saudi Arabia cut production by 564,000 barrels per day in Jan., or […]
Saudis, Russia to diverge on speed of oil output cuts – Kemp
By John Kemp LONDON (Reuters) – OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of 2017. Saudi Arabia and its Gulf allies are expected to implement most of their cuts immediately, but other producers […]
OPEC targeting $55/b oil, meeting non-OPEC exporters in Istanbul
Boutarfa had urged his fellow ministers to agree to a 1 million b/d cut below OPEC current production levels OPEC is aiming for an oil price of $55/b, Algerian energy minister Noureddine Boutarfa said Thursday, adding that the producer group could set its output ceiling lower than the tentative deal reached last week, if needed, […]
Saudi Arabia gambles it can raise oil prices without losing too much market
By John Kemp LONDON, Sept 30 (Reuters) – The Organisation of the Petroleum Exporting Countries surprised oil traders and analysts by announcing a production deal following a hastily convened extraordinary meeting in Algiers on Wednesday. The Algiers agreement seems to have been designed to engineer an increase in prices by changing market sentiment rather than reducing the […]
Saudis, Iran dash hopes for OPEC oil deal in Algeria
Several sources said Algeria and Qatar were also talking to Iran in a bid to rescue a deal By Rania El Gamal, Alex Lawler and Vladimir Soldatkin ALGIERS (Reuters) – Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources said the […]
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