MercoPress, en Español

Montevideo, July 19th 2018 - 04:00 UTC

Tag: OPEC

  • Saturday, July 14th 2018 - 07:48 UTC

    Venezuela’s oil crisis gets worse: Production keeps falling

    The problems plaguing Venezuela’s oil industry are well-publicized, but the situation continued to deteriorate in June

    Venezuela’s oil production plunged by another 47,500 barrels per day (bpd) in June, compared to a month earlier. An exodus of workers and field shut downs were reported for the month, pointing to a grim near-term future that could see total production dip below 1 million barrels per day (mb/d) by the end of the year.

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  • Friday, July 6th 2018 - 08:16 UTC

    The new oil cartel threatening OPEC

    China and India account for 17% of global oil consumption and they are the ones that would be the hardest hit if prices rise as a result of OPEC's actions.

    When reports emerged that India and China are in talks about forming an oil buyers' club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.

  • Monday, July 2nd 2018 - 08:25 UTC

    Saudi Arabia prepared to help with Trump's request “to pump more oil”, but gives no specifics

    Trump wrote on Twitter that he had asked the king in a phone call to boost oil production ”to make up the difference...Prices to (sic) high! He has agreed!”

    President Donald Trump said over the weekend that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets.

  • Tuesday, June 26th 2018 - 08:35 UTC

    Latest member to join OPEC expects to raise oil production by 65%

    Congo Brazzaville joined OPEC last week and plans to open up its oil industry, which the government says is dominated by Total SA and Eni SpA, to new investors

    The Republic of Congo expects to raise oil production by as much 65% this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said.

  • Saturday, June 23rd 2018 - 10:29 UTC

    OPEC ministers agree to increase oil supplies, but volume has to be decided

    On Friday, OPEC members agreed to start pumping more oil, though the agreement will not end the group's 18-month-old deal to limit output

    OPEC ministers announced a deal on Friday that will increase oil supplies from the producer group, which has been capping output in order to balance the market and boost prices for the last 18 months. The agreement came after a week of tense negotiation at OPEC's headquarters in Vienna, Austria. Top OPEC producer Saudi Arabia faced the challenge of convincing a handful of reluctant producers including Iran, Iraq, and Venezuela to support an output hike.

  • Wednesday, May 30th 2018 - 08:35 UTC

    Shipping emissions the greatest challenge to oil price hikes

    On January 1, 2020, the IMO will enforce new emissions standards designed to significantly curb pollution produced by the world's ships.

    The most prominent driver of oil prices over the next two years is not likely to come from OPEC, Iran or Venezuela, but rather in the shape of a shipping revolution, analysts have warned. New rules coming into force in approximately 18 months' time are seen as a source of great concern for some of the world's biggest oil producers.

  • Thursday, May 17th 2018 - 18:02 UTC

    IEA: High Oil Prices “Taking A Toll” On Demand

    Venezuela's production is plummeting, and output is 550,000 bpd below it's agreed upon target as part of the OPEC deal.

    Geopolitics has taken over the oil market, driving oil prices up to three-year highs. The inventory surplus has vanished, and more outages could push oil prices up even higher. Yet, there are some signs that demand is starting to take a hit as oil closes in on $80 per barrel.

  • Wednesday, March 7th 2018 - 09:40 UTC

    Venezuela oil production 1.5 million bpd short of its historic output

    Venezuela’s oil production fell 13% in 2017 to a 28-year low of about 2.072 million bpd., an estimated 1.5 million bpd short

    Venezuela’s oil production is running 1.5 million barrels per day (bpd) short of its historic output but it is something that the country must address itself, Ecuador oil minister Carlos Perez said. Caracas should address the shortfall on its own, added Perez on the sidelines of the CERAWeek energy conference in Houston.

  • Monday, March 5th 2018 - 08:25 UTC

    Beware: OPEC and US shale industry scheduled to meet and share dinner in Houston

    OPEC Secretary General Mohammad Barkindo and other OPEC officials are expected to hold a dinner on Monday with U.S. shale firms on the sidelines of the conference.

    Oil prices rose early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other global oil players are set to gather in Houston as CERAWeek, the largest energy industry conference, begins on Monday.

  • Friday, August 4th 2017 - 07:08 UTC

    Venezuela diverting oil to Russia's Rosneft, ignoring contracts in the US

    Venezuela's oil output has declined since 2012 with the fall accelerating this year amid a lack of investment and payment delays to suppliers.

    Venezuela's state-run PDVSA has reduced crude sales to its U.S. refining unit Citgo Petroleum while increasing supply to Russia's Rosneft, following a plan signed in May to catch up on overdue deliveries, according to PDVSA documents, sources from the company and its joint ventures.

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