Tag: OPEC

Friday, September 14th 2018 - 09:07 UTC
US, the world's top crude oil producer, but global geopolitical uncertainty prevails

The U.S. Energy Information Administration (EIA) said that the U.S. likely surpassed Saudi Arabia and Russia earlier this year to become the world’s top crude oil producer. The EIA based its disclosure on preliminary estimates in its Short Term Energy Outlook which is released every month.
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Friday, September 14th 2018 - 08:50 UTC
Maduro in China after more financial support to prop Venezuela's collapsing economy and oil output

Venezuelan President Nicolas Maduro is travelling to China to discuss economic agreements, as the crisis-struck OPEC nation seeks to convince its key Asian financier to disburse fresh loans.
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Wednesday, August 22nd 2018 - 08:49 UTC
Oil price war to begin: Saudi Arabia and Iran reignites the market

The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.
Saturday, July 14th 2018 - 07:48 UTC
Venezuela’s oil crisis gets worse: Production keeps falling

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.
Friday, July 6th 2018 - 08:16 UTC
The new oil cartel threatening OPEC

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

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%

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

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

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

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.