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Montevideo, June 25th 2017 - 03:34 UTC

Tag: Organization of the Petroleum Exporting Countries OPEC

  • Thursday, May 25th 2017 - 19:07 UTC

    Today's stunted oil prices could cause oil price shock in 2020

    Eurasia Group forecasts about 7 million barrels per day (MMbbl/d) of new crude supply by 2022.

    As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil's immediate future. As Saudi Arabia announces plans to slash production and move their economy away from oil dependency, many industry insiders are predicting that the now over-saturated market will reach an equilibrium with higher commodity prices by 2018 and U.S. shale production will continue to grow along with global demand.

  • 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.

  • Thursday, December 1st 2016 - 15:30 UTC

    Russia ready to do its part as OPEC countries agree on oil output cut

    Russia ready to follow suit after OPEC countries agree to cut down oil production, says minister Alexander Novak

    As the Organization of Petroleum Exporting Countries (OPEC) has reached a deal among all 14 members to cut oil production for the first time since 2008, Russia's Energy Minister Alexander Novak said his country was ready to do its part by reducing 300,000 barrels per day in the first half of 2017, provided OPEC adheres to the level of 32.5 mln barrels daily adjusted for Indonesia and on condition of maximum reciprocity from other non-OPEC countries. Russia is not an OPEC member.

  • Monday, November 28th 2016 - 09:36 UTC

    Doubts about OPEC's production cut agreement make crude oil prices dive

    Uncertainty over output cutdowns keeps pushing oil prices down

    Oil prices fell over 1 percent Monday in Asia following a decline of more than 3 percent Friday over disagreement between members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC exporters like Russia. Brent crude futures LCOc1 were trading at $46.40 per barrel at 0035 GMT (7.35 a.m. ET), down 84 cents, or 1.8 percent, from their last close, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 74 cents, or 1.6 percent, at $45.32 a barrel.

  • Thursday, November 3rd 2016 - 07:53 UTC

    OPEC Crude Basket Drops to $44.53

     Drop in crude price announced

    The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries dropped to $44.53, the OPEC Secretariat said on Wednesday in Vienna.

  • Friday, September 30th 2016 - 15:00 UTC

    Where will oil prices go after Algiers?

    Goldman Sachs revised down its estimate for oil prices for the end of this year, lowering its 4th quarter estimate from US$50 to US$43 per barrel

    Saudi Arabia and Iran may yet come to terms on some sort of production arrangement, but the outcome of the negotiations in Algeria this week may not do much to rescue oil prices. Following the media spectacle, the oil markets may have to shift their attention back to the supply and demand fundamentals, which are not reassuring

  • Tuesday, September 6th 2016 - 18:21 UTC

    Russia and Saudis agree to “act together” to lift price of oil from its two-year slump

    Russia's energy minister, Alexander Novak, hailed the cooperation as marking a “new era” in relations between Moscow and Riyadh.

    Energy ministers from the world's two largest oil producers, Russia and Saudi Arabia said on Monday that their countries had agreed to “act together” to lift the price of oil out of its two-year slump, though they provided few details as to how they planned to achieve that goal.

  • Monday, August 29th 2016 - 04:11 UTC

    Venezuela and Iran announce new “dynamic bilateral relations”

    Maduro made the announcements in Caracas next to with Iranian Foreign Minister Mohammad Javad Zarif, in the final leg of his South American tour

    Venezuelan President Nicolas Maduro named Chief General Jesus Gonzalez as the country's new ambassador to Iran on Saturday, while announcing the beginning of a new dynamic era in Caracas-Tehran bilateral relations.

  • Saturday, June 4th 2016 - 09:29 UTC

    OPEC summit fails to agree on a clear oil policy output strategy

    Tensions between the Sunni-led kingdom and Shiite Iran had blighted several previous OPEC meetings, but the strains were less acute on Thursday in Vienna

    The Organization of the Petroleum Exporting Countries failed to agree on a clear oil-output strategy on Thursday as Iran insisted on steeply raising its production, though archrival Saudi Arabia promised not to flood the market and sought to mend fences within the organization.

  • Monday, April 18th 2016 - 08:40 UTC

    Leading oil exporters can't agree to cap production; Iran did not attend

    Qatar'a Sada said the general conclusion was more time was needed “to consult among ourselves in Opec and non-Opec producers”

    The meeting of the world's leading oil exporters to discuss capping production has ended without agreement. After hours of talks in Qatar, the country's energy minister Mohammed bin Saleh al-Sada said that the oil producers needed “more time”.

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