Tag: Oil Supply
Opinion: Oil prices tumble after OPEC rollover
Oil prices down over four per cent after OPEC meeting By John Kemp LONDON, May 26 (Reuters) – Ministers from OPEC and non-OPEC oil-exporting countries agreed on Thursday to extend existing production cuts for a further nine months to the end of March 2018. Front-month Brent futures prices reacted by closing down $2.50 per […]
OPEC supply cuts extended nine months to grapple with global glut
OPEC supply cuts time line extended, no deepening of cuts On Thursday, members of the Organization of Petroleum Exporting Countries along with some non-cartel members, including Russia, agreed to extend the OPEC supply cuts deal to March, 2018. OPEC producers will continue to cut about 1.2 million barrels per day (b/d) for the next nine months and […]
Closing in on deal to extend OPEC supply cut to March 2018
Current OPEC supply cut pact runs out in June Members of the Organization of Petroleum Exporting Countries and non-OPEC nations who participated in the OPEC supply cut pact are close to securing a deal which would see the agreement to clear the stubborn global oil glut be extended for an additional nine months. On Thursday, OPEC representatives […]
Opinion: OPEC meets again but has it had an impact on oil prices?
Structural factors in oil market more important than OPEC cuts By John Kemp LONDON, May 24 Ministers from OPEC and non-OPEC oil exporters are meeting in Vienna today and tomorrow to decide whether to extend production cuts that have been in effect since the start of the year. The formal conference comes after extensive […]
OPEC supply cuts could be deepened, extended: sources
Panel reviewing options for OPEC supply cuts An OPEC panel reviewing options available to cartel members looking for ways to drain global crude inventories is considering deepening and extending the OPEC supply cuts agreement, according to Reuters sources. OPEC and 11 non-OPEC members participating in the production cut agreement will meet in Vienna next week to […]
Iraq favours extending OPEC supply cut
Russia, Saudi Arabia look to extend OPEC supply cut to March, 2018 On Tuesday, the prime minister of Iraq said his country is committed to reducing the global oil glut and will support an extension of the OPEC supply cut in line with any OPEC decision, according to a Reuters report. On May 25, OPEC […]
Saudi Arabia, Russia agree to push OPEC supply cut to March 2018
OPEC supply cut extension announcement boosts oil prices Oil prices were up on Monday after the world’s two top oil producers, Saudi Arabia and Russia, agreed that the OPEC supply cut pact should be extended until March 2018 to tackle the global crude glut. In a statement issued by Saudi Energy Minister Khalid al-Falih and his […]
Opinion: India’s gasoline boom stalls
Retail gasoline prices rose by around 10 per cent between January 2016 and January 2017 By John Kemp LONDON, May 12 – India’s gasoline consumption has flattened out in recent months after tremendous growth between 2014 and 2016. India’s motorists consumed 581,000 barrels of gasoline per day between February and April, according to the Petroleum […]
OPEC supply cut pact likely to be extended, bigger oil cut unlikely: delegates
OPEC supply cut deal reduces output by 1.8 million b/d OPEC and non-OPEC members participating in the OPEC supply cut agreement will likely extend the deal beyond the original June expiry date, according to a Reuters report on Thursday. Three OPEC delegates who spoke with Reuters downplayed the possibility of increasing the cut beyond the 1.8 […]
Opinion: Rising US oil production knocks OPEC off course
US oil production up to 9.031 million b/d in February By John Kemp LONDON, May 2 – US oil production is surging, complicating OPEC’s efforts to rebalance the oil market. US production rose by more than 450,000 barrels per day (b/d) in the five months ending in February, according to the U.S. Energy Information Administration (EIA). […]
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