Tag: OPEC

• Friday, November 21st 2014 - 07:04 UTC

  Iran negotiations, OPEC meeting loom for oil markets

  

  As November draws to a close, there are two major events that could profoundly change the oil markets. With the clock ticking, the 5 permanent members of the UN Security Council plus Germany (P5 plus 1) are negotiating down to the wire with Iran over its nuclear program.

• Friday, November 14th 2014 - 07:13 UTC

  Early signs of a pullback in drilling activity

  

  With oil prices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oil prices have dropped around 30% since summer highs, raising fears among producers across the globe.

• Thursday, November 13th 2014 - 05:44 UTC

  Crude price falls to a three year low, created by shale boom and Libya restart

  

  West Texas Intermediate, WTI crude closed at a three-year low on Wednesday with prices under pressure from the growing oil glut created by the U.S. shale boom and the restart of Libya's largest operational oilfield.

• Friday, October 17th 2014 - 06:53 UTC

  Russia's Gazprom forecasts oil at 70 dollars a barrel in the short term

  

  The global oil market slump looks likely to continue, with prices possibly nearing 70 dollars a barrel in the short term, an official of Russian gas producer Gazprom said. Crude fell more than on dollar a barrel on Thursday to a four-year low below 83 a barrel as growing concerns over the global economy stretched a four-month rout.

• Wednesday, October 15th 2014 - 08:16 UTC

  Oil prices hit new lows with prospects of further slide; excess supply, weak demand

  

  Global oil prices have fallen further after the International Energy Agency (IEA) reported higher output and cut its forecast for demand growth. Brent crude fell 2.72 to 86.17 dollars a barrel before seeing a slight recovery, while US crude dropped 1.75 to 83.99.

• Friday, October 3rd 2014 - 07:11 UTC

  Oil at its lowest point in more than two years as Saudis defend market share

  

  Price cuts by key exporter Saudi Arabia helped send global crude prices to their lowest point in more than two years Thursday before they recovered in late trade.

• Thursday, January 9th 2014 - 18:45 UTC

  Violence threatens to thwart Iraqi oil resurgence

  

  By Nicholas Cunningham - A wave of violence has swept parts of Iraq at the start of 2014 as the central government fights back against Al-Qaeda aligned militants in Anbar Province. The Islamic State of Iraq and the Levant (ISIL) reportedly took control of Ramadi and Fallujah, bombing police headquarters and killing dozens.

• Wednesday, November 13th 2013 - 00:09 UTC

  OPEC admits shale oil boom, mostly in the US, will have an impact on world supply

  

  OPEC said on Tuesday its rivals will produce more oil than expected this year, as it continued backpedaling from its previous skepticism over the significance of a US shale boom. The views of the Organization of the Petroleum Exporting Countries show it is narrowing its differences with oil consumers on the impact of resurgent North American output.

• Tuesday, July 23rd 2013 - 08:15 UTC

  Santos and Maduro agree to open a new chapter of neighbourly relations

  

  Venezuelan President Nicolas Maduro and Colombian counterpart Juan Manuel Santos on Monday agreed to turn the page on a diplomatic dispute triggered when Santos met with Venezuela's main opposition leader in May.

• Thursday, April 25th 2013 - 05:46 UTC

  China to overtake US as main oil importer by 2014 says OPEC

  

  China is on course to overtake the US as the world’s top crude importer by 2014, as the Asian country’s growing refining capacity boosts demand and America’s fracking boom cuts the need for foreign oil, OPEC said in its monthly report.