Tag: OPEC
Citigroup says market should expect oil shortage, not OPEC flood
Oil shortage due to weak investment in exploration, development Citigroup Inc. is calling for players in the crude market to prepare for an oil shortage in 2018, rather than fear a flood of OPEC crude after the cartel’s supply cut pact expires next year. In a Bloomberg report released Tuesday, Ed Morse, the bank’s global […]
Oil prices dip, gasoline futures down as some refineries restart
Oil prices flat despite OPEC production drop As some refineries shut down by Hurricane Harvey began to restart on Friday, oil prices fell slightly in trading and gasoline futures were down. Brent crude was down by 20 cents to $52.66/barrel by 12:33 p.m. EDT and US WTI fell by 9 cents to $47.14/barrel. On Thursday, […]
Higher 2018 oil demand, global oversupply eases: OPEC
Global oil demand up to 32.42 million b/d in 2018: OPEC report In its monthly report, OPEC forecast an increase in oil demand next year, and argued the oil market was strengthening, partly due to the cartel’s production cut. According to the report, the world’s consumption of crude will grow to 32.42 million barrels per […]
Kuwaiti oil minister says OPEC cuts working, market in balance by March
OPEC cuts within range, despite increased production from Libya, Nigeria Kuwait’s oil minister said while the world oil market is taking longer to rebalance than expected and the global oversupply glut should be cleared by the end of March 2018, making further OPEC cuts unnecessary. Essam al-Marzouq told Reuters the cartel does not need to […]
Brent, WTI crude oil prices to average $50 per barrel through 2018
Without further OPEC agreement, EIA expects lower prices in 2018 than forecast Brent crude oil spot prices to average $51/b in 2017 and $52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be $2/b lower than Brent prices in 2017 and 2018, according to the U.S. Energy Information Administration. Daily and […]
OPEC supply cut may go deeper according to Iran, other delegates skeptical
Oil hit seven-month low despite OPEC supply cut deal Iran is hinting that the Organization of the Petroleum Exporting Countries are considering altering the OPEC supply cut deal to make the cuts deeper after oil prices continued to fall on Wednesday. But, Iran says clarity is needed on the effect of the current reduced level […]
Opinion: Oil traders hunt for shale pain threshold
Most shale producers need $45-$50/barrel oil to break even By John Kemp LONDON, June 21 (Reuters) – Crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilising or reversing lower. U.S. exploration and production firms have hired 530 extra drilling […]
OPEC supply cut participants reach 106 per cent compliance in May
OPEC supply cut deal undercut by increased US, Libyan, Nigerian production Participants in the OPEC supply cut pact reached 106 per cent compliance with their pledges, according to Reuters’ sources familiar with the matter. OPEC members taking part in the agreement complied 108 per cent with their commitments while non-OPEC participants’ compliance was at 100 […]
OPEC should heed lessons from Achnacarry Agreement
The Achnacarry Agreement was an early attempt to restrict petroleum production By John Kemp Preamble from the Achnacarry Agreement LONDON, June 20 (Reuters) – OPEC members are struggling to protect their revenues in the face of renewed competition from U.S. shale producers and other suppliers outside the organisation. OPEC’s revenues from petroleum exports have fallen […]
Oil tanker storage at 2017 record high, despite OPEC cuts
Oil tanker storage up to 111.9 million barrels: Kpler SAS On Monday, Bloomberg reported that oil tanker storage is rising, signalling that the market is nowhere near re-balanced, despite moves by OPEC to rein in the global crude oversupply. According to Paris-based tracking company Kpler SAS, 111.9 million barrels of crude were stored on tankers […]
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