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360 Articles

OPEC: Too Close to Call - Oil & Gas 360

Venezuelan Production Reaches Record Low

1,488 MBOPD is 31% below 2016’s daily output OPEC released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. Total OPEC oil production fell sharply this month, with many countries reporting declines. The cartel produced 31,958 MBOPD in March, down 201.4 MBOPD from February output. This is the largest reported single[Read More…]

April 12, 2018 - 5:44 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Abu Dhabi National Oil Company (ADNOC) and Total Get Together for Offshore Gas Development

Abu Dhabi National Oil Company (ADNOC) and Total Get Together for Offshore Gas Development

Companies sign 40-year concession agreements to develop Umm Shaif’s giant gas cap, Nasr and Lower Zakum; Total paid ADNOC $1.4 Billion in participation fees   Total has signed two new 40-year concession agreements with the Supreme Petroleum Council of the Emirate of Abu Dhabi (United Arab Emirates) and the Abu Dhabi National Oil Company (ADNOC). In the frame of these[Read More…]

March 19, 2018 - 4:39 pm 360 Articles, Closing Bell Story, International, OPEC
Venezuelan Oil Production Continues Steep Slide: OPEC

Venezuelan Oil Production Continues Steep Slide: OPEC

Total OPEC production down 8.1 MBOPD OPEC has released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. Total OPEC production fell slightly in January, dropping by 8.1 MBOPD to 32,302 MBOPD. This slightly offsets the increase in production reported by the group last month. The largest increases in production were[Read More…]

February 12, 2018 - 5:56 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC: Too Close to Call - Oil & Gas 360

OPEC Cut Compliance Rises to 118% on Venezuelan Production Decline

Nigerian actions confirm it will not cap its oil output OPEC has released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. The cartel increased production in December, partially reversing the significant decline seen last month. Total OPEC production grew by 42.4 MBOPD in December, compared to a drop of 116[Read More…]

January 18, 2018 - 5:19 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Ukraine

Ukraine Cuts its Natural Gas Royalty Rate to 12%

New law guarantees government won’t forcibly take assets On Dec. 30, 2017, Ukraine President Petro Poroshenko signed a new law reducing the natural gas royalty rate on all new wells drilled after Jan. 1, 2018 from 29% to 12%. “The Agreement for the Encouragement and Protection of Investment” ties Ukraine and the OPEC Fund for International Development (OFID) together in[Read More…]

January 5, 2018 - 5:35 pm 360 Articles, Closing Bell Story, E&P, Finance, International, Law, OPEC
Saudi Arabia 2018 Budget Shifts Away From Oil Revenues

Saudi Arabia 2018 Budget Shifts Away From Oil Revenues

Saudi Arabia plans to spend $261 billion in 2018. The budget will set a record for Saudi Arabia, as it looks to reform the country’s economy and reduce reliance on oil revenues. Forbes reported that Saudi Arabia plans to cut gasoline subsidies, creating a 80% price jump in January 2018. The article notes that gasoline prices were very low –[Read More…]

December 29, 2017 - 3:13 pm 360 Articles, Closing Bell Story, Energy News, Finance, International, OPEC
China and OPEC Getting Cozy Fast

China and OPEC Getting Cozy Fast

A turning point in relations OPEC announced today that its second high level meeting with China produced good will all around and it listed agreements between the countries as to the development of oil resources and sharing technologies to do so. “Both parties agreed that the meeting marked a turning point in relations between China and OPEC. The importance of[Read More…]

December 20, 2017 - 12:51 pm 360 Articles, China, Closing Bell Story, OPEC
OPEC Production Falls October-November, Compliance Hits Record Levels

OPEC Production Falls October-November, Compliance Hits Record Levels

Cut compliance at 115% OPEC has released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. Production from the cartel fell in November, as countries reaffirmed their commitment to output cuts. Total OPEC production fell by 133.5 MBOPD to 32,448 MBOPD in November, a significant decrease. According to Bloomberg, OPEC compliance[Read More…]

December 13, 2017 - 5:41 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC, Non-OPEC Group Agrees to Production Cuts Through 2018

OPEC, Non-OPEC Group Agrees to Production Cuts Through 2018

We are in this for the long term: OPEC Supply from the participating countries will be fully adhered to: “I’m going to be breathing down the necks of the other 24 countries, making sure that everybody stays the course” – Al-Falih The contribution of shale in 2017 was “quite moderate” – Al-Falih With the past couple of days of meetings[Read More…]

December 1, 2017 - 1:54 pm 360 Articles, Closing Bell Story, Commodity Pricing, E&P, OPEC
What OPEC (Saudi) Desperately Needs and Why Thursday’s Meeting is Vital

What OPEC (Saudi) Desperately Needs and Why Thursday’s Meeting is Vital

OPEC breakevens go far beyond simply paying to service wells As OPEC prepares for its 173rd regular meeting this week, individual member countries must decide what oil price they really need. OPEC countries all use the revenue from oil and gas production to fund sometimes massive social programs. These programs, in theory, are the OPEC countries’ toss of a bone[Read More…]

November 28, 2017 - 5:39 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Source: Sweetcrudereport.com

Crude Oil on the Rise

Saudi Arabias move to dispel doubts over Russia’s readiness to extend output curbs sent WTI and Brent crude oil benchmark prices up 2.32% and 2.10%, respectively. Recently Saudi Arabia’s Energy Minister Khalid AL-Falih said that OPEC will announce the extension of production when the group meets on November 30. OPEC and non-OPEC countries including Russia made a deal in to[Read More…]

November 17, 2017 - 5:20 pm 360 Articles, Closing Bell Story, OPEC
OPEC: Too Close to Call - Oil & Gas 360

OPEC Oil Production Gets a Haircut

Overall production down 150.9 MBOPD; Iraq v. Kurdistan trouble takes out 131 MBOPD OPEC has released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. October was a good month for OPEC cuts, with compliance rising. Numerous countries saw oil production decrease, with total OPEC output falling by nearly 151 MBOPD.[Read More…]

November 13, 2017 - 6:21 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC: Too Close to Call - Oil & Gas 360

Brent Remains Above $60 – OPEC Mulls Cut Extension

Prices highest since mid-2015 Brent is holding at two-year highs, with trading above $60 per barrel continuing for a second day. Both WTI and Brent did not show any significant movement in the day, ending up 0.41% and 0.86%, respectively. The price changes themselves are less significant than that the gains of Friday were not erased. Oil prices are being[Read More…]

October 30, 2017 - 5:56 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC Oil Production Up on Libya, Nigerian Gains

OPEC Oil Production Up on Libya, Nigerian Gains

Production ticks up 88.5 MBOPD OPEC released its Monthly Oil Market Report, outlining the state of the oil trade and the effects of the group’s output cuts. The group’s overall production increased by 88.5 MBOPD in September, but this was primarily due to just a few countries. Libya and Nigeria, the only countries still exempt from the production cut agreement,[Read More…]

October 12, 2017 - 4:47 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
234 MBOPD of Oil Production Forced to Pause

234 MBOPD of Oil Production Forced to Pause

Unrest Forces Field Shutdown Oil production in Libya was forced to decrease today, in the latest of a series of disruptions that is becoming all-too familiar. The Sharara oilfield, the largest field in Libya was forced to shut in production yet again, as armed groups disrupted activity. According to Bloomberg, Sharara produced about 234 MBOPD the day before workers were[Read More…]

OPEC Influence May Crumble Sooner than Later: Storm Clouds Billowing Over Members

OPEC Influence May Crumble Sooner than Later: Storm Clouds Billowing Over Members

Venezuela, Nigeria, Iraq, Iran face strong uncertainty near-term; IPO diluting Saudi loyalty to OPEC Just when OPEC seems to have finally found success in chipping away at a global oil glut with its production cuts helping to rebalance the global oil market and lift prices, the group’s near-term future is anything but certain. Several member countries will likely face challenges[Read More…]

September 29, 2017 - 5:15 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Our Production is Falling: OPEC

Our Production is Falling: OPEC

95% current compliance with production cut targets OPEC released its Monthly Oil Market Report today, outlining the state of the oil trade and the effects of the group’s output cuts. The group’s production decreased by 79.1 MBOPD in August, bringing it closer to full cut compliance. Nigeria up significantly, Libya down Nigeria was the only country to significantly increase production,[Read More…]

September 12, 2017 - 5:18 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC: Too Close to Call - Oil & Gas 360

OPEC Production Up on Libya, Nigeria Growth

Total production up 172.6 MBOPD OPEC released its Monthly Oil Market Report today, outlining the state of the oil trade and the effects of the group’s output cuts. Total OPEC oil production increased in July, by 172.6 MBOPD, which does not help Like last month, this month’s MOMR reports that Libya showed the largest increase in oil production in July.[Read More…]

August 10, 2017 - 5:41 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Oil Drops On Libya Sharara Field Restart

Oil Drops On Libya Sharara Field Restart

275 MBOPD comes back after disruptions Oil prices dropped today as Libya resumed production from its largest oil-producing field, with WTI falling 2% to  $48.62/bbl in intraday trading. Libya’s Sharara field, located in western Libya, resumed production on Monday, according to Libya’s NOC. The Sharara field was producing about 275 MBOPD in late July, meaning the field accounts for more[Read More…]

August 7, 2017 - 5:30 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
How On Earth Will We ‘Normalize’ Oil Markets? OPEC Looks Inward

How On Earth Will We ‘Normalize’ Oil Markets? OPEC Looks Inward

JMMC recommends capping Nigerian production OPEC may increase its efforts to moderate the global oil market, based on the results of its meeting in St. Petersburg today. OPEC’s oil cuts were implemented with the hope that temporarily reduced output would allow global inventories to return to normal levels and markets to stabilize. However, in large part this has not occurred[Read More…]

July 24, 2017 - 5:35 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC: Too Close to Call - Oil & Gas 360

OPEC Compliance Dives as Angola, Saudi Arabia Increase Production

Compliance falls below 100% OPEC’s grip on the oil market seems to be slipping away, as its newest Monthly Oil Market Report shows production rising, despite cuts. In its MOMR, OPEC gives two sources of production, levels directly reported by companies and levels reported by secondary sources such as Platts. Each country’s directly reported values are not considered reliable, though,[Read More…]

July 13, 2017 - 5:26 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
More OPEC Producers Turn to Public Markets

More OPEC Producers Turn to Public Markets

Abu Dhabi looks to publicly list parts of its national oil company The United Arab Emirates plans to list part of its national oil company on public markets in order to create new revenue streams and gain access to new markets amid low oil prices. The Abu Dhabi National Oil Company (ADNOC) is considering an IPO of minority stakes in[Read More…]

July 10, 2017 - 5:01 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC Output Pierces Ceiling at 32.5 MMBOPD

OPEC Output Pierces Ceiling at 32.5 MMBOPD

According to the latest S&P Global Platts OPEC survey released July 6, 2017, OPEC’s crude oil output increased by approximately 500,000 BOPD within the last two months, pushing the organization’s total output to 32.49 MMBOPD. OPEC’s June output was 220,000 BOPD larger than May’s output, Platts said. Rises in production from Libya and Nigeria assisted in keeping the organization’s output[Read More…]

July 6, 2017 - 4:00 pm 360 Articles, Closing Bell Story, OPEC, Politics
OPEC: Too Close to Call - Oil & Gas 360

OPEC’s Share of U.S. Crude Imports Nears All-Time Lows

Only 40% of imported crude came from OPEC in 2016 OPEC’s share of U.S. oil imports has been declining, and has dropped sharply over the last few years. In 1990, OPEC supplied 62% of all crude imported into the U.S. This share gradually declined until 2008, as Canadian output grew and displaced imports from overseas. After 2008, the combination of[Read More…]

June 28, 2017 - 5:28 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC Compliance at Record 106%: Reuters

OPEC Compliance at Record 106%: Reuters

Bloomberg’s numbers are less OPEC cut compliance has hit its highest point in in this round of cuts, according to a story released by Reuters today. Total cut compliance, including both OPEC and non-OPEC countries, reached 106% in May, Reuters reports. OPEC countries are displaying 108% compliance with their share of cuts, while non-OPEC producers are in 100% compliance. According[Read More…]

June 21, 2017 - 5:41 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Non-OPEC Supply Growth will Hold Down Prices: EIA, IEA

Non-OPEC Supply Growth will Hold Down Prices: EIA, IEA

International oil prices are contingent upon both the worldwide growth in oil production and the worldwide growth in oil inventories. Understanding the balance of these movements, and interpreting those movement is undertaken by the Energy Information Agency (EIA) and the International Energy Agency (IEA), in order to better evaluate and predict oil price movements. In the U.S., and across the[Read More…]

Saudi Arabia Now Targeting U.S. Data to Boost Prices

Saudi Arabia Now Targeting U.S. Data to Boost Prices

As production cuts fail to raise prices further, Saudi Arabia looks to influence U.S. data to strengthen commodity prices Crude oil prices hit a five-week low Wednesday as OPEC production rose and U.S. inventories showed smaller than expected draws. OPEC has been trying to bolster oil prices with a production cut deal, but increased output from Libya and Nigeria, both[Read More…]

June 15, 2017 - 1:22 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC Production Up in May with New Oil from Libya and Nigeria

OPEC Production Up in May with New Oil from Libya and Nigeria

Countries exempt from the OPEC production deal are ramping up production Even as the Organization of Petroleum Exporting Countries looks to rebalance markets through coordinated production cuts within its ranks and with other non-members, production from the group is up. OPEC released its June Monthly Oil Market Report Tuesday showing that its production grew 0.34 MMBOPD to 32.1 MMBOPD in[Read More…]

Saudi Arabia Cutting Exports to Asia by 300 MBOPD

Saudi Arabia Cutting Exports to Asia by 300 MBOPD

Saudi Arabia will be shipping less crude to Asia in June as it prepares for stronger local demand Saudi Arabia, the world’s top oil exporter, will reduce the number of barrels it sends to Asian markets in July by about 300 MBOPD from June levels. State-run Saudi Aramco will supply full contracted volumes to at least five Asian buyers mainly[Read More…]

June 12, 2017 - 1:34 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Exempted Nigeria Returns 20% of OPEC’s Cuts to Market

Exempted Nigeria Returns 20% of OPEC’s Cuts to Market

Shell lifts force majeure on Forcados oil in Nigeria Royal Dutch Shell (ticker: RDSA) lifted force majeure on exports of Nigeria’s Forcados oil grade, returning about 250 MBOPD to world markets, according to shipment data obtained by Bloomberg. Europe’s largest oil company placed the crude grade under force majeure – meaning the company could miss contractual obligations due to circumstances[Read More…]

June 7, 2017 - 3:59 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC