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Montevideo, November 15th 2018 - 10:32 UTC

Tag: Organization of the Petroleum Exporting Countries OPEC

  • Monday, November 12th 2018 - 18:13 UTC

    Oil producing countries agree on need to cut down crude output due to oversupply

    Producers implemented large cuts starting at the beginning of 2017 but they eased output cuts as of June this year.

    They call it “production adjustments,” but in reality most major oil extracting countries agreed Sunday new strategies regarding crude output were needed in light of the surplus accrued over the past few months.

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  • Thursday, November 8th 2018 - 07:34 UTC

    US oil output hits another record, but prices and world market remain volatile

    Crude output hit 11.6 million bpd, a weekly record, though weekly figures can be volatile. Data for August showed overall production at more than 11.3 million bpd.

    Oil prices slipped on Wednesday, continuing a recent slide after surging U.S. crude output hit another record and domestic inventories rose more than expected. The U.S. Energy Information Administration (EIA) said domestic crude inventories rose 5.8 million barrels in the latest week, more than double analysts’ expectations.

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  • Tuesday, September 25th 2018 - 07:45 UTC

    Oil market turbulence ahead of US sanctions on Iran; OPEC meeting does not plan to increase output

    Meanwhile, US Texas Intermediate crude rose US$ 1.30, or 1.8%, to US$ 72.08, its best settle since July 10

    Brent crude breached US$ 81 a barrel on Monday — its highest level in nearly four years — on the back of a tightening oil market and OPEC leaders signaling they won't be immediately boosting output. Global benchmark Brent crude rose as high as US$ 81.39 a barrel, its strongest level since Nov. 21, 2014.

  • Wednesday, November 8th 2017 - 10:50 UTC

    Oil markets settle lower, but prospects are in place for prices to continue climbing

    Saudi Crown Prince Mohammed bin Salman moved to shore up his power base with the arrest of royals, ministers and investors

    Oil settled lower on Tuesday after rising to the highest since July 2015 the previous day, while tension flared between Saudi Arabia and Iran, and the Saudi crown prince tightened his grip on power.

  • Thursday, July 20th 2017 - 21:19 UTC

    Ecuador steps down from OPEC's agreement to cut output: need of fiscal funds

    ”There’s a need for funds for the fiscal treasury, hence we’ve taken the decision to gradually increase output,” Perez said, according to Bloomberg.

    Ecuador will not honor the Organization of Petroleum Exporting Countries’ (OPEC) agreement to cut oil output, Ecuador’s Oil Minister Carlos Perez said this week. The country, one of OPEC’s 14 member countries, is rethinking its commitment to drop oil production to 522,000 barrels a day.

  • Monday, July 10th 2017 - 17:45 UTC

    Don't hold your breath for deeper OPEC cuts

    “The air is getting thin for oil prices. The price increase just ran out of steam, which is not very surprising, given the news flow of rising OPEC supplies”

    The rally in oil prices over the past two weeks came to a halt on news that OPEC is actually exporting more oil than previously thought. A month ago, oil prices appeared to be higher than they should have been, with weak demand, elevated inventories, and a recognition that the nine-month OPEC extension would be inadequate to balance the market.

  • 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.

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