Tag: Oil Supply
Column: Key issues for OPEC oil ministers meeting in Vienna
OPEC ministers must reassure bullish investors, calm fears of a price spike By John Kemp LONDON, Nov 29 (Reuters) – Ministers from the Organization of the Petroleum Exporting Countries and their allies meeting in Vienna on Thursday must make a series of fairly straightforward decisions but weigh the risks carefully. Ministers must consider six basic […]
Column: US shale producers renew challenge to OPEC
US shale producers add more rigs By John Kemp LONDON, Nov 27 – US shale producers have started adding more drilling rigs in response to rising oil prices and improving confidence about the outlook for 2018. Experience shows changes in the number of rigs drilling for oil in the United States tends to follow changes […]
Column: Options for extending OPEC supply cut pact
Political leaders, oil traders push for extension of OPEC supply cut pact By John Kemp LONDON, Oct 26 (Reuters) – Senior officials from the Organization of the Petroleum Exporting Countries and its allies are already discussing an extension of their production accord beyond its scheduled expiry at the end of March 2018. Current production limits […]
Column: OPEC must think about exit strategy
OPEC, allies half-way toward goal of reducing oil inventories By John Kemp LONDON, Oct 25 – Smoothly exiting from the current output pact, and perhaps replacing it with another agreement, has become the most important policy question for the Organization of the Petroleum Exporting Countries and its allies. Under the current “declaration of cooperation”, issued […]
Column: Hedge fund positions in oil look stretched
Fund managers bet on more price increases By John Kemp LONDON, Sept 25 (Reuters) – Hedge fund positions have become strongly bullish on the outlook for all parts of the petroleum complex, amid signs global crude stocks are declining and fuels will be short supply after hurricane-related refinery outages. But with so many fund managers already betting […]
Global oil stocks declining on strong demand: IEA
Global oil stocks falling, markets tightening In its monthly report, the International Energy Agency says global oil stocks are falling on increased demand from Europe and the US as well as decreased OPEC and non-OPEC production. The agency also raised its 2017 global oil demand growth estimate to 1.6 million barrels per day (b/d) from […]
Opinion: Saudi Arabia curtails crude flow to United States
Saudi Arabia crude exports to US at slowest rate since 2015 By John Kemp LONDON, July 21 (Reuters) – Saudi Arabia is making good on promises to curtail oil shipments to the United States with the likely intention to drain visible inventories and support prices. The United States imported an average of 524,000 barrels per […]
Opinion: US drilling costs start to rise as rig count climbs
Drilling costs up 8 per cent in June compared to Nov. 2016 By John Kemp LONDON, July 14 (Reuters) – US oil and gas exploration and production companies are paying more to hire drilling rigs as the number of rigs still idle after the slump declines. Drilling costs were up by 8 per cent in […]
Halliburton: Oil prices to spike in 2020 after massive industry cuts
Oil prices tumbled to a low of $26.05 in February 2016 Halliburton believes the worse crash in oil prices in a generation will lead to a spike in oil prices by 2020. The global glut of crude has resulted in tumbling oil prices and has forced oil companies to cut about $2 trillion in investments, […]
OPEC oil output at 2017 high on increased Libyan, Nigerian production
OPEC oil output up by 280,000 b/d A study by Reuters found that in June, OPEC oil output was up by 280,000 barrels per day (b/d) and reached its highest point this year due to increased production from Libya and Nigeria. The cartel’s increase occurred despite high compliance with the OPEC supply cut agreement by […]
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