EV Insights: OPEC meeting vs OPEC decisions
Speculation around whether or not OPEC will call time on production has resurfaced.
OPEC
Three-day oil price rise grinds to a halt
Oil halted below $46 a barrel after the biggest three-day gain since April.
Iraqi Parliament finally approves Prime Minister’s oil boss choice
Iraq’s parliament today hired a new oil minister as part of an overhaul aimed at tackling corruption, a news report said.
Oil bulls take heart as OPEC rekindles hopes of output freeze
All it took was a few words from OPEC to encourage oil bulls.
Saudi, Iran show no sign of scaling back output post-OPEC oil price talks
Saudi Arabia and Iran are giving no ground in their market share war, just days after OPEC announced an informal meeting to discuss ways to stabilize falling prices.
Venezuela’s Maduro says he discussed oil prices with Saudi King
Venezuelan President Nicolas Maduro said he spoke to Saudi Arabia’s king about boosting oil prices and is reaching out to the heads of state of fellow producers Russia, Iran and Qatar as his country reels under the crude crash.
Oil falls as informal OPEC talks seen unlikely to tighten supply
Oil dropped from the highest close in two weeks as investors weighed whether OPEC’s informal talks next month will lead to tightening supply and delegates signaled there are no plans to revive an output freeze.
Oil prices lift on news of planned OPEC talks
Oil advanced after OPEC’s president said the group would hold informal talks in Algiers next month and predicted the current bear market would be short lived. Futures climbed as much as 3.3 percent in New York. Members of the Organization of Petroleum Exporting Countries are in “constant deliberations” on stabilizing the market and oil prices are expected to rise in the latter part of 2016, according to a statement on OPEC’s website attributed to Mohammed bin Saleh Al-Sada, Qatar’s energy and industry minister and the group’s current president. "This is a very formal announcement to an informal meeting and that has bullish implications," said Jason Schenker, president of Prestige Economics LLC in Austin, Texas. "The statement said OPEC expects the market to be balanced before long, and that the group believes the drop in prices is temporary."
Oil seen by Kuwait trading as high as $60 until at least 2018
Crude oil will rise to a range of $50 to $60 a barrel until at least 2018 as demand increases and markets absorb an oversupply that’s led to lower prices over the last two years, according to the acting oil minister of OPEC member Kuwait.
OPEC sees rising crude demand in 2017 as Saudis pump near record
OPEC forecast higher demand for its crude next year as the global surplus fades, while Saudi Arabia pumped near-record levels amid peak summer consumption.
Abu Dhabi merger to build oil producer dwarfing OPEC’s Libya
Abu Dhabi’s proposed merger of two of its largest sovereign investment funds would create a global energy business that produces more oil than OPEC member Libya and with more assets than ConocoPhillips.
Saudi energy minister sees oil market supply and demand “almost balancing”
Oil markets are improving as supply and demand are seen to be almost balancing, according to Saudi Arabia's energy minister.
OPEC oil revenue plunges $438billion to 10-year low
OPEC said its oil revenue plunged by $438billion to a 10-year low last year, as an increase in export volumes failed to compensate for the collapse in prices.
Iran names new oil rep to OPEC
Iran has named oil ministry senior analyst Behrouz Beik Alizadeh as its new representative at OPEC.
Nobody wants to wear the oil crown that makes OPEC richer
The world’s biggest oil importer. The title nobody wants.
Iran oil sales to Europe put Russian noses out of joint
The return of Iranian oil to the international market is hurting Russia’s main crude grade, forcing it to trade at the biggest discount in two years.
Global upstream investment slashed by $1trillion since oil price fall says Wood Mac
The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production, according to consultant Wood Mackenzie.
IEA sees oil market balancing in 2017
The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency said.
As oil hits $60 the shale guys are jumping back in
Crude’s advance of more than 90% from a 12-year low earlier this year has US shale producers starting to return to their drilling rigs, threatening to slow further gains.
OPEC unity keeps oil near $50, sends speculators to sidelines
OPEC meetings aren’t what they used to be.
Opinion: OPEC meeting yields little change in policy
As expected, the OPEC meeting concluded in Vienna on 2 June without agreement on a production ceiling.
Oil falls sharply after OPEC members fail to reach agreement
Oil prices have fallen sharply after members of the Opec cartel failed to reach an agreement on how to to tackle the global supply glut.
OPEC to hold a steady course – keeps on pumping
OPEC plans to stick to its policy of unfettered oil production after members failed to agree on a new output ceiling, according to a delegate at the group’s meeting in Vienna.
Saudi Arabia considers surprise deal to repair OPEC’s divisions
Saudi Arabia is ready to consider a surprise deal with fellow OPEC members, attempting to mend divisions that had grown so wide many dubbed the group as good as dead.
Opinion: What can we expect from today’s OPEC meeting?
The industry is waiting expectantly for the OPEC meeting in Vienna today, at what is proving to be an interesting time for oil and gas. Despite a modest increase in oil prices recently, there is continuing speculation about a production freeze and extra attention has also been fixed on Khalid al-Falih in his new role as Saudi Arabia’s oil minister. Mr al-Falih replaced the long serving Ali al-Naimi in early May and all eyes are on him to see how he performs and whether he continues his predecessor’s tough line towards Iran. Indeed, commentary on his presence at the summit has already begun, with analysts using his early arrival on Monday as an indication of his commitment to the half-yearly meeting this Thursday.