Beware the friendly Russian bear. While the world's biggest oil exporter has offered growls of support for a hard-won OPEC accord to cut output, that will probably amount to no more than mere noise. And without Russian participation, the agreement may lack teeth.
OPEC’s decision last month to reverse its policy of unfettered production and cut oil output to boost prices may be at odds with the industry’s most important long-term trend: demand for what they produce could start falling within 15 years.
OPEC’s effort to secure cooperation of non-members in a global deal to curb crude output will roll on from Istanbul to Vienna, with Russia on board but growing internal differences over sharing the burden of cuts.
Not a day passes without OPEC making oil and gas headlines, and today is surely no exception. Seemingly in lockstep with OPEC, the market is once again pacified on the promise that changes to the global oil supply glut are a' comin'.
The pound resumed its downward slide on Monday, dipping below 1.24 against the US dollar as short positions reached record highs and fears of a so-called “hard Brexit” continued to spook markets.
Saudi Arabia's oil minister actually did it. He stood up and U-turned on behalf of the world's biggest crude exporter, much to the relief of fellow OPEC leaders.
A pile up of tankers waiting in the North Sea suggests a glut is building again in the market where benchmark crude is traded, highlighting the task facing OPEC as it seeks to rein in a global glut.
Iran, fresh from an OPEC meeting where it won significant concessions from regional rival Saudi Arabia, will accelerate the rejuvenation of its sanctions-ravaged energy industry on Tuesday when the state producer signs a new-model oil investment contract.
After weeks of speculation, OPEC showed it still has the power to surprise last week with its announcement of an agreement to cut back oil output for the first time in eight years. While short-term celebrations were rife, the question remains: Was the group just calling our bluff that its informal meeting would amount to more of the same, or will something actually be done?
Electric car makers may breath a sigh of relief from OPEC’s decision to curb oil output, which if it holds may help tilt the argument in favor of greener transport.
The preliminary announcement by OPEC of a deal to cap production between 32.5 and 33 million barrels per day has given a welcome shot in the arm to the upstream market. While the specifics will be announced by OPEC at their November meeting in Vienna, on the face of it, it’s a hugely positive signal for the sector and points to a near term turn in the market.
Refiners in the world’s biggest oil market, already struggling with a profit-sucking glut of refined fuel, face another hindrance if OPEC members cut supplies of crude.
Oil majors led the charge as the London market burst back through the 6,900 mark following investor cheer over an output-limiting deal struck by the Opec oil cartel.