OPEC
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News
Oil Plunges Below $57 Following Coronavirus and OPEC+ Cuts Delays
Oil dropped below $57 per barrel Tuesday, pressured by concerns over the impact on oil demand from the coronavirus epidemic in China and a lack of further action by OPEC and its partners to support the market. Forecasters, including the International Energy Agency (IEA), have pared 2020 oil demand estimations because of the coronavirus. Although new cases in mainland China…
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Crude Oil
Russia Hits Record Oil Production for Post-Soviet Era Despite OPEC+ Cuts
Crude oil and condensate production in Russia reached a record high for the post-Soviet era last year, regardless of Moscow’s key role in supporting the ongoing output cuts of the OPEC+ alliance. Based on figures from Russia’s energy ministry, Russia produced 11.25 million barrels per day (BPD) of crude oil and condensate in 2019—up from 11.16 million BPD a year…
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Crude Oil
Iran’s Step Back & Return To Negotiations
Oil extended losses below $60/bbl on the prospect of easing tensions between the U.S. and OPEC member Iran, and because the Gulf of Mexico, producers began resuming operations after a storm. Futures fell as much as 3.2% in New York on Tuesday, after Secretary of State Mike Pompeo stated Iran, which has been hit by American sanctions over its weapons…
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Crude Oil
Stop The Production Of GOM Oil By Storm Barry
Oil traded near $60/bbl after a storm shut almost three-quarters of U.S. Gulf of Mexico crude production, at the same time as lingering demand considerations proceed to mark the outlook. Aftertimes raised 0.2% in New York. About 73% of crude production in the Gulf of Mexico was halted as of Sunday, but some producers are preparing to return employees to…
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News
New Oil Surplus Strategy Of OPEC
A week after OPEC agreed to maintain oil production restrained till early next year, the group’s first forecasts for 2020 revealed it faces an even longer and tougher challenge. The OPEC (Organization of Petroleum Exporting Countries), which pumps 40% of the world’s oil, estimated that it’s producing about 560,000 bpd more than will likely be wanted subsequent year as the…
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Natural Gas
Saudis Dig-In for Shale Battle as OPEC and Its Allies Extend Cuts to 2020
Saudi Arabia, OPEC’s ruling producer, will keep doing the heavy lifting as the cartel and its allies have been all but pressured to extend their effort to counter the U.S. shale boom right into a fourth year. In a gathering on Tuesday, OPEC and ten non-members including Russia rubber-stamped the cartel’s earlier determination to continue manufacturing limits for an additional…
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Crude Oil
Oil Prices Drop Before the G-20 Summit, OPEC to Hold a Meet
Oil prices eased this Friday as traders awaited an update on the Sino-U.S. trade war from a scheduled weekend assembly of the two countries’ presidents on the G20, and eyed next week’s OPEC gathering. Brent crude futures were down by 35 cents, or 0.5%, at $66.20 per barrel by 0644 GMT. U.S. West Texas Intermediate (WTI) crude futures were down by 30 cents,…
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Crude Oil
OPEC Ally Fans Out to Australia, Canada in Global Gas Drive
Kuwait plans to boost generation from Canadian shale fields by two thirds and enhance the output of natural gas in Australia as the OPEC allies ramp up efforts to search out and develop overseas fields of the gasoline. The international upstream arm of state-owned Kuwait Petroleum Corp. sees the output of about 20,000 boed at its Canadian shale gas venture…
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News
OPEC Prepares for Critical Meeting, Resolution on Oil Output Cuts
The assembly of the Organization of the Petroleum Exporting Countries and its associates in early July is coming at a particularly vital and risky time for oil. Costs have been backed by leading producers’ output cuts, rising tensions in the Middle East, but also pressured by forecasts of a slowdown in world demand. “The OPEC meeting is essential, as an…
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