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Montevideo, October 18th 2017 - 18:31 UTC

Tag: OPEC

  • 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.

  • Saturday, July 22nd 2017 - 08:39 UTC

    Venezuelan situation overshadows Mercosur presidential summit

    The family picture of Mercosur presidents and in the second row, representatives from associate and regional countries

    The members of Mercosur trade bloc called for an end to violence in Venezuela in a joint statement on Friday. However again opinions were divided: while Brazil and Argentina sponsored a more explicit warning to President Nicolas Maduro and his regime, Uruguay had it redrafted in a more conciliatory tone and Paraguay finally came out with a compromise option.

  • Tuesday, March 14th 2017 - 21:28 UTC

    Is a second OPEC cut on the Cards?

     U.S. shale has been capping the upside: Brent has not breached US$58 per barrel. Analysts are now mostly predicting oil prices will remain below US$60 this year.

    OPEC's coordinated effort to curtail global supply has so far managed to put a floor under oil prices, which have been sitting modestly above US$50 since the deal was announced at the end of November last year. But resurging U.S. shale has been capping the upside, and Brent has not breached US$58 per barrel. Analysts and experts are now mostly predicting that oil prices will remain below US$60 this year.

  • Wednesday, September 28th 2016 - 12:26 UTC

    Iran-Saudi Arabia can't agree on limiting oil supply: “maybe in November”

    “The gap between OPEC countries is narrowing. I don't expect that an agreement will come out of the consultations tomorrow,” Saudi minister Khalid al-Falih said

    Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.

  • Monday, May 23rd 2016 - 11:28 UTC

    What does the next OPEC meeting have in store?

    The new Saudi oil minister, Khalid al-Falih, will attend his OPEC meeting, but experts doubt he will have the same clout as outgoing  Ali bin Ibrahim Al-Naimi.

    The next OPEC meeting on the 2nd of June will act as little more than a forum for continued altercations between Saudi Arabia and Iran. The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels.

  • Monday, February 1st 2016 - 06:22 UTC

    Venezuelan lobbying for oil production reduction: tour begins Monday in Russia

     “These are four key countries we’ll be meeting as part of the formal proposal Venezuela made to OPEC and non-OPEC countries,” said Del Pino

    Venezuelan Oil Minister Eulogio Del Pino will visit Russia, Qatar, Iran and Saudi Arabia on a tour of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices.

  • Wednesday, September 16th 2015 - 09:18 UTC

    OPEC refuses to cut output pushing higher-cost oil producers out of the market

    The cartel expects demand for its crude next year to average 30.31 million barrels per day (bpd), up 190,000 bpd from last month

    The monthly report from the Organization of the Petroleum Exporting Countries said a weaker outlook for China would contribute to slower global oil demand growth next year. “U.S. oil production has shown signs of slowing,” OPEC said in the report. “This could contribute to a reduction in the imbalance of oil market fundamentals, however, it remains to be seen to what extent this can be achieved in the months to come.”

  • Monday, August 10th 2015 - 06:46 UTC

    Global oil supply more fragile than you think

    The growing acceptance that oil prices could stay lower for longer will kick off a fresh round of cuts in spending and workforces for the oil industry.

    Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary.

  • Thursday, July 23rd 2015 - 08:58 UTC

    Discouraging outlook for commodities this year confirms World Bank

    “All main commodity price indices are expected to decline in 2015, mainly due to abundant supplies, and in the case of industrial commodities, weak demand”

    The outlook for commodities remains grim for this year, except that oil will fall a bit less than previously forecast, the World Bank said. Average prices for fuels such as crude, natural gas and coal will tumble 39% from 2014, while those for materials like metals and fertilisers will fall about 12%, the Washington-based lender said in its quarterly “Commodity Markets Outlook” released Wednesday.

  • Saturday, June 6th 2015 - 08:11 UTC

    OPEC holds production at 30 million bpd; markets react with volatility

    West Texas Intermediate, or light sweet crude, was similarly indecisive, falling before recovering to about $58.9 a barrel, up 1.4%. Oil prices had fallen 5% over the previous two sessions.  Investors

    Crude oil prices were volatile after ministers from the Opec cartel decided to hold production levels at 30 million barrels per day. Brent crude traded in a narrow range around $62 a barrel, before ending the day up 1.8% at $63.15.

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