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360 Articles

Saudis Expect 6-Mo. Limit on Production Cuts

Saudis Expect 6-Mo. Limit on Production Cuts

“It’s unlikely that we will need to continue [production cuts past June.]” – Khalid al-Falih OPEC may not continue oil production cuts after the middle of the year, according to estimations from Saudi Minister of Energy and Industry Khalid al-Falih. The group is scheduled to meet in May to discuss whether or not production cuts should continue. “Based on my[Read More…]

January 16, 2017 - 5:21 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Prices, Promises and a Pumped Up U.S. Rig Count

Prices, Promises and a Pumped Up U.S. Rig Count

Oil in 2017 In WTI near month contracts, oil was trading above $55+ to start off the year, then it fell into a downward slog, dropping 4% to sub-$52 today. It feels like oil prices have been a tale of two continents as 2017 unfurls. On one hand there have been media stories that shed positive light of late as to OPEC[Read More…]

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Floating storage in Iran down nearly 50% in the last three months – up to 30 cargoes Iran is using the recent uptick in oil prices to sell off crude oil that has been sitting in offshore storage since the end of international sanctions. The Islamic Republic sold more than 13 million barrels of oil that was held in tankers,[Read More…]

January 6, 2017 - 2:32 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Dana Gas Iraq Operations

Doubt Surrounds OPEC Deal as Iraq Struggles to Make Cuts

Iraq may owe international oil companies compensation for lost production Less than a week into the new year, many oil market experts are beginning to wonder if OPEC will be able to follow through with its production cuts. Already Iraq, the group’s second-largest producer, appears to be facing problems in implementing cuts as the cash-strapped country looks to lower output[Read More…]

Source: theiet.org

Iran Qualifies 29 Companies for Oil & Gas Tenders

Iran qualifies international companies from CEPSA to Wintershall to take part in oil and gas tenders Iran has qualified 29 international companies to bid in tenders for oil and natural gas development projects as the company seeks foreign investment to revitalize its industry following the end of international sanctions. The companies approved for tenders include those from Germany, France, Italy,[Read More…]

Venezuela Plans to Cut 95 MBOPD as Markets Await OPEC Compliance

Venezuela Plans to Cut 95 MBOPD as Markets Await OPEC Compliance

Venezuela plans to cut production roughly 4% as OPEC prepares to lower output Venezuela said Tuesday that it plans to cut production by 95 MBOPD, or roughly 4% of its 2.4 MMBOPD of total production, as OPEC prepares to implement its production deal. Starting January 1, OPEC will cut back its output by 1.2 MMBOPD, while non-OPEC countries contribute an[Read More…]

December 28, 2016 - 4:28 pm 360 Articles, Closing Bell Story, Commodity Pricing, OPEC
Oil Prices Likely to Rally Through the End of 2016

Oil Prices Likely to Rally Through the End of 2016

Oil prices up over 1.5% as the end of the year approaches Both international and U.S. crude benchmarks were up over 1.5% Tuesday as oil prices continue to rally and 2016 draws to a close. U.S. crude oil prices have surged more than 25% since mid-November following the announcement that OPEC plans to cut production by roughly 1.2 MMBOPD starting[Read More…]

December 27, 2016 - 5:17 pm 360 Articles, Closing Bell Story, Commodity Pricing, OPEC
Source: Iraqenergy.org

Kurdistan Will Not Cooperate with Iraq on Production Cuts

Kurdistan says Iraq will need to shoulder the burden of cuts Iraq’s central government in Baghdad will be responsible for meeting the production cuts set forth in the OPEC production deal without Kurdistan, according to Kurdish news network Rudaw. Kurdish officials have dismissed claims that the Kurdistan Regional Government (KRG) will cooperate with the Iraqi central government on production cuts.[Read More…]

December 27, 2016 - 3:01 pm 360 Articles, Closing Bell Story, OPEC
Source: Bashneft

Non-OPEC Producers agree to Cut the Equivalent of China, India 2017 Demand Growth

Non-OPEC cuts will rely on natural decline curves Oil prices continued to rise Monday on news that non-OPEC producers had come together over the weekend and agreed to cut 558 MBOPD, equal to the anticipated demand growth next year in China and India, according to data from the IEA. Taken together with OPEC’s 1,200 MBOPD cut, announced November 30, the[Read More…]

December 12, 2016 - 5:29 pm 360 Articles, Closing Bell Story, International, OPEC
If OPEC Actually Cuts, Could Oil See $67?

If OPEC Actually Cuts, Could Oil See $67?

OPEC deal reality: a whole lot of ifs… In a webcast that Drilling Info hosted this week the group looked at the possible outcomes of oil supply, demand and pricing in the foreseeable future. Drilling Info analysts concluded that if OPEC cuts successfully, prices can go as high as $67 per barrel in 2017, which would grow production in the U.S.[Read More…]

December 9, 2016 - 11:54 am 360 Articles, Closing Bell Story, Commodity Pricing, OPEC
OPEC Compliance Might Cause Global Crude Deficit in 2H 2017

OPEC Compliance Might Cause Global Crude Deficit in 2H 2017

Demand could outstrip supply in the back-half of next year, but only if OPEC and non-OPEC producers follow through on cuts Oil prices leapt over $50 per barrel following OPEC’s agreement to cut production last week, and they could be headed higher next year as the decision leads to a supply deficit in the second-half of 2017. If both OPEC[Read More…]

December 7, 2016 - 5:07 pm 360 Articles, Closing Bell Story, OPEC
Source: Bloomberg

OPEC Cut Puts Forward Curve in Backwardation for First Time in Two Years

E&Ps Locking in Cash Flows and Sales Prices OPEC’s agreement to cut production levels has kicked off a rush among shale oil companies to hedge their oil price risk above $50 for 2017 and 2018. The number of E&Ps selling oil for delivery next year has pushed the WTI forward curve into slight backwardation after two years of contango. Compare[Read More…]

OPEC Production Sets Record – Oil Prices Fall

OPEC Production Sets Record – Oil Prices Fall

Skepticism remains about OPEC deal as group’s production chalks up another record high Both U.S. and international crude oil benchmarks WTI and Brent were down over $1 per barrel today following a rally in prices brought on by last week’s OPEC production agreement. Oil prices shot over the $50 per barrel mark after OPEC announced it would cut 1.2 MMBOPD[Read More…]

You Can Thank Putin for OPEC’s Cut

You Can Thank Putin for OPEC’s Cut

Russian President Vladimir Putin’s key role in brokering the OPEC agreement The price of crude oil continues to climb past $50 per barrel following OPEC’s deal to cut 1.2 MMBOPD of production Wednesday. A number of non-OPEC producers will join the organization in lowering output, chiefly Russia, which has agreed to reduce its production 300 MBOPD from post-Soviet highs. Russian[Read More…]

December 1, 2016 - 5:10 pm 360 Articles, Closing Bell Story, International, OPEC
OPEC Reaches a Production Deal and Brent Hits $50, Now What?

OPEC Reaches a Production Deal and Brent Hits $50, Now What?

OPEC deal to cut 1.2 MMBOPD could return market to balance in the first half of 2017 Crude oil prices surged Wednesday following news from OPEC that the group agreed to cut 1.2 MMBOPD of production after two years of producing near capacity in a bid for market share. OPEC agreed to cap production at 32.5 MMBOPD, which, along with[Read More…]

November 30, 2016 - 5:34 pm 360 Articles, Closing Bell Story, OPEC
OPEC Agrees to a 1.2 MMBOPD Cut

OPEC Agrees to a 1.2 MMBOPD Cut

“We have made great success today” –  OPEC announces first cut since 2008 “We have made great success today. We reviewed all scenarios… [and] we have been able to reach an agreement,” Qatar energy minister and president of the OPEC Conference, Mohammed Bin Saleh Al-Sada said in the introduction to a press conference announcing a production cut by the Organization of Petroleum Exporting[Read More…]

November 30, 2016 - 1:40 pm 360 Articles, Closing Bell Story, OPEC
OPEC: Too Close to Call - Oil & Gas 360

OPEC Meeting: Too Close to Call

Iran and Iraq Rivalry Will Decide the Outcome The chance of a credible OPEC agreement this Wednesday is 50-50, or a coin-flip according to a recent report by Societe Generale analyzing OPEC’s complex negotiations since its September 28 Algiers meeting. Optimism for a deal has fallen due to Iran and Iraq’s resistance to curbing their output, Saudi Arabia and the[Read More…]

November 29, 2016 - 12:31 pm 360 Articles, Closing Bell Story, Commodity Pricing, International, OPEC
OPEC to Itself:  Can We Make a Deal by Wednesday?

OPEC to Itself: Can We Make a Deal by Wednesday?

Global markets, producers hope for production limit agreement The markets are waiting to see whether or not OPEC will be able to finalize a production agreement this Wednesday as potential spoilers begin to surface. The group agreed in principle to trim its production in September, reversing a decision made Thanksgiving Day 2014 that saw the price oil plummet as the[Read More…]

November 28, 2016 - 6:11 pm 360 Articles, Closing Bell Story, OPEC
Source: Iraqenergy.org

Iraq Ready to Join OPEC Cut

News that Iraq is willing to join OPEC cuts sends prices higher Oil prices turned positive Wednesday as Iraq said it was willing to join an OPEC cut in production. Iraq and Iran have both been holding out on joining the rest of OPEC in production cuts as the former looks for ways to fund its war against ISIS, and[Read More…]

November 23, 2016 - 3:08 pm 360 Articles, Closing Bell Story, OPEC
OPEC Cut or Incoming U.S. Administration?

OPEC Cut or Incoming U.S. Administration?

In 2016 there’s about a week separating Thanksgiving dinner and OPEC’s November meeting. Plenty of time for turkey, dressing, mashed potatoes and football scores to be digested before oil producers head toward the big jug of Tums in anticipation of anything coming out of OPEC. Goldman Sachs echoed the market’s more upbeat sentiment on a potential OPEC production-cutting deal, saying it[Read More…]

November 22, 2016 - 5:26 pm 360 Articles, Closing Bell Story, Commodity Pricing, OPEC
Markets Approach Record Highs, but Will it Stick?

Markets Approach Record Highs, but Will it Stick?

Oil prices pushing markets higher Oil prices rose to a three-week high Monday as investors continue to bet that OPEC will come to an agreement on production. While international crude oil benchmark Brent and U.S. benchmark WTI are still about 39% and 38% below their value on November 21, 2014 – a week prior to OPEC’s initial decision to defend[Read More…]

November 21, 2016 - 3:11 pm 360 Articles, Closing Bell Story, International, OPEC
OPEC Cut Good, Demand Growth Better

OPEC Cut Good, Demand Growth Better

OPEC Production Cut of 1 MMBOPD Would Raise Oil Prices About $3; Equal Demand Growth Would Add another 4$ As OPEC’s November 30 meeting in Vienna draws closer, the outlook for a production cut agreement is mixed. Sentiment has been positive today with WTI rising 5.2% to above $45 after falling 4% in previous trading sessions. A positive report from[Read More…]

November 15, 2016 - 5:30 pm 360 Articles, Analytics, Closing Bell Story, International, OPEC
OPEC: Too Close to Call - Oil & Gas 360

Managed Money Cuts Long Crude Position amid OPEC Disputes

Money managers have reduced their bullish crude oil bets due to disputes among OPEC members on how to implement the output ceiling agreed to in late September. Managers reduced their net long positions by 9% (28 million barrels) the week before November 1. According to Reuters, hedge funds ramped up their net long positions by 218 MMBO in the two[Read More…]

November 8, 2016 - 6:41 pm 360 Articles, Closing Bell Story, Finance, OPEC
OPEC Downgrades 2020 Price Expectation by $20 per Barrel

OPEC Downgrades 2020 Price Expectation by $20 per Barrel

OPEC’s annual report sees its oil reference point at $60 per barrel in 2020 The Organization for Petroleum Exporting Countries released its annual World Oil Outlook Tuesday, lowering its working assumption for oil prices moving through the end of the decade. OPEC sees its reference basket (ORB) price averaging $40 per barrel in 2016, and increasing $5 per year through[Read More…]

November 8, 2016 - 6:17 pm 360 Articles, Closing Bell Story, Commodity Pricing, OPEC
Creole Spirt, Teekay Tanker Suezmax Tanker, Source: Teekay

Egypt Forced to go to the Oil Spot Market as Arab World Tensions Increase

Saudi Aramco indefinitely halts shipments of oil products to Egypt Saudi Arabia’s state-owned oil giant Saudi Aramco has stopped the flow of oil products to Egypt as tensions between the two and the wider Arab world continue to worsen. Egyptian officials confirmed Aramco notified the oil ministry that it would no longer continue shipments of oil products expected under a[Read More…]

November 7, 2016 - 6:15 pm 360 Articles, Closing Bell Story, International, OPEC
Saudi Arabia Threatens to Raise Production to Hurt Iran

Saudi Arabia Threatens to Raise Production to Hurt Iran

Regional rivalry between Saudi Arabia and Iran could scuttle OPEC production deal Bad blood between Saudi Arabia and Iran could threaten to halt yet another OPEC production deal. Reports from Reuters indicate that Saudi Arabia has threatened to increase production even further in an attempt to damage Iran’s oil profits if the Islamic Republic does not agree to cap its[Read More…]

WTI Down Nearly $2 as Uncertainty around OPEC Continues to Grow

WTI Down Nearly $2 as Uncertainty around OPEC Continues to Grow

OPEC appears to be struggling to close on a production agreement Oil prices dropped Monday as markets continue to lose faith that OPEC will be able to reach a production agreement by the end of November. A meeting this weekend among the group’s members ended without any definitive progress, and non-OPEC members like Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia[Read More…]

October 31, 2016 - 5:40 pm 360 Articles, Closing Bell Story, Commodity Pricing, OPEC
Source: Sweetcrudereport.com

Surprise Crude Draws Continue, Reversing Oil Losses

Oil bounces back after official data shows yet another crude inventory draw Oil prices came back from a nearly 2% decline Wednesday morning following news from the Energy Information Administration that U.S. crude oil inventories fell last week. The oil inventory draw is the seventh time in the last eight weeks that stores of crude went lower despite analysts’ expectations[Read More…]

October 26, 2016 - 4:08 pm 360 Articles, Closing Bell Story, Commodity Pricing, OPEC
Offshore Oil Provided 30% of Global Production in 2015

Offshore Oil Provided 30% of Global Production in 2015

Global Offshore Production Continues to Develop According to new data from the EIA, global offshore oil production (including lease condensate and hydrocarbon gas liquids) in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global oil production. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines from 2010 to 2013.[Read More…]

October 25, 2016 - 6:56 pm 360 Articles, Closing Bell Story, International, Offshore, OPEC
Iran Looks for International Partners in 50 Fields as OPEC Looks to Cap Production

Iran Looks for International Partners in 50 Fields as OPEC Looks to Cap Production

50 fields up for tender in advance of OPEC’s November 30 meeting Iran’s national oil company said Monday that it has offered 50 oil and gas fields to international bidders in the Islamic Republic’s first attempt at attracting foreign investment to its oil and gas industry since the end of international sanctions. Iran’s Oil Ministry announced said 29 of the[Read More…]

October 18, 2016 - 5:26 pm 360 Articles, Closing Bell Story, OPEC