Tag: OPEC
Column: OPEC’s focus on oil stocks risks prices overshooting
Oil stocks overhang compared to 5-yr average has narrowed significantly By John Kemp LONDON – The Organization of the Petroleum Exporting Countries (OPEC) is sticking doggedly to its plan to cut commercial oil inventories down to the five-year average to rebalance the oil market. But in doing so, the organization risks tightening the market too […]
Crude oil prices increased in 2017, and Brent-WTI spread widened
US crude oil production increased in 2017 by 384,000 b/d, more growth forecast to 2030 Crude oil prices ended 2017 at the highest levels since 2013 and West Texas Intermediate (WTI) crude oil prices averaged $51/b in 2017, up $7/b from the 2016 average, and ended the year at $60/b, $6/b higher than at the […]
Oil prices pare early session gains after Flynn plea
Oil prices originally buoyed by OPEC deal announcement Oil prices pared early gains on Friday as concerns about President Donald Trump’s exposure to Robert Mueller’s probe into Russian meddling in the US election campaign last year impacted the market. Wall Street’s main indexes all fell by over 1 per cent following an ABC report that […]
Is $60 oil a new normal for the industry? – IEA
Strong demand in oil still expected in the short term Oil Market Report, International Energy Agency The events in Saudi Arabia have added extra momentum to the rally that has driven oil prices from lows of $45/bbl (Brent) in late June to around $63/bbl recently, according to the International Energy Agency. To date, we have […]
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 […]
Oil demand could plateau in 2030’s due to EVs: OPEC
OPEC oil demand to reach 33.10 million bpd in 2019: Report In a report by OPEC, the cartel says if consumers rapidly adopt electric vehicles, world oil demand will reach a plateau during the second half of the 2030’s. “In just a few years, EVs have gone from being completely unaffordable, impractical and not particularly nice, […]
OPEC supply pact likely to continue to end of 2018
OPEC supply pact initially set to expire in June 2017 The OPEC supply pact is likely to continue throughout all of next year, despite potential cartel output disruptions, according to Reuters’ OPEC sources. Since the beginning of January, most OPEC producers along with Russia and nine other oil producing nations, cut their overall output by […]
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 […]
September unplanned global oil supply disruptions fall to lowest level since January 2012
Disrupted volumes in Canada returned to production over five-month period Unplanned global supply disruptions fell to 1.6 million barrels per day (b/d) in Sept., the lowest level since Jan. 2012, according to the U.S. Energy Information Administration. Over the past six months, unplanned oil supply disruptions have fallen by more than 1.0 million b/d, as […]
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 […]
Connect
Connect with us on the following social media platforms.