Tag: Organization of the Petroleum Exporting Countries OPEC

• Thursday, December 12th 2019 - 17:47 UTC

  Venezuela increases oil output amid drive to keep world inventories low

  

  OPEC Wednesday announced that oil pumping in Venezuela in November reached 697.000 bpd. But one country's increase in production may not have a positive impact in the near future in view of OPEC's decision to curb output in an attempt to keep inventories at a level that holds profit margins attractive.

• Tuesday, April 23rd 2019 - 09:00 UTC

  US threatens sanctions on countries that continue to purchase Iranian oil: crude hits six month highs

  

  The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, a move to choke off Tehran's oil revenues which sent crude prices to six-month highs on fears of a potential supply crunch.

• Monday, December 3rd 2018 - 07:18 UTC

  Oil prices recover following on US/China trade conflict 90-day truce

  

  Oil prices surged in early trading on Monday after the United States and China agreed on a truce in their trade conflict and ahead of a meeting by producer club OPEC this week that is expected to result in a supply cut.

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

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

  

  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.

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

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

  

  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.

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

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

  

  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

  

  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

  

  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 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

  

  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.