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360 Articles

How Big is Saudi Aramco?

How Big is Saudi Aramco?

By Tyler Losier, Energy Reporter, Oil & Gas 360 The staggering size of Aramco: Saudi Arabia’s state-owned oil company In 1933, the government of Saudi Arabia signed a concession agreement with the Standard Oil Company of California, creating an entity known as the California Arabian Standard Oil Company. Two years later, drilling began, and in 1938, famed geologist Max Steineke[Read More…]

We Will Retain Production Cuts Nine More Months: OPEC+

We Will Retain Production Cuts Nine More Months: OPEC+

I have no doubt U.S. shale will peak, plateau and decline By Bevo Beaven, Editor, Oil & Gas 360 At today’s press conference following OPEC’s annual meeting in Vienna, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, also the chairman of the Joint Ministerial Monitoring Committee of OPEC+ (OPEC plus non-OPEC countries), said the OPEC+ group had[Read More…]

Source: Islamic Republic News Agency

Oil Spikes After ‘Suspicious’ Tanker Attacks in Middle East

By Tyler Losier, Energy Reporter, Oil & Gas 360 Two vessels seriously damaged after seemingly intentional strike Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as markets opened today. U.S. officials are blaming Iran for the incidents; however the country has vehemently denied any involvement. Source:[Read More…]

Taking questions after OPEC/non-OPEC joint production cut announcement on Dec. 7, 2018: left to right - Alexander Novak, Minister of Energy for the Russian Federation, Khalid A. Al-Falih, Saudi Arabia’s Minister of Energy, Industry & Mineral Resources, Suhail Mohamed Al Mazrouei, the UAE Minister of Energy & Industry and president of the conference. Far right: OPEC Secretary General Mohammad Sanusi Barkindo of Nigeria.

World’s Daily Crude Oil Production Up to 75.8 Million Barrels in 2018 while OPEC Output Dips 

Largest crude oil demand growth came from Asia, Pacific regions and North America By Bevo Beaven, Editor, Oil & Gas 360 The OPEC oil cartel published its Annual Statistical Bulletin this week. The book highlights some interesting facts from the group’s 14 member countries’ crude oil exploits in 2018: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya,[Read More…]

June 7, 2019 - 11:52 am 360 Articles, Closing Bell Story, Crude Oil News, E&P, OPEC
Khalid A. Al-Falih, Saudi Arabia’s minister of Energy, Industry & Mineral Resources speaks to reporters following the OPEC press conference Dec. 7, 2018.

OPEC Swings Cancel Each Other Out

Overall production down 3 MBOPD in flat month By Richard Rostad, analyst, Oil & Gas 360 OPEC production was nearly flat in April, as the wild swings seen in different cartel members cancelled each other out, according to the group’s Monthly Oil Market Report. Overall OPEC production fell by only 3 MBOPD in April, meaning the group produced 30,031 MBOPD[Read More…]

May 14, 2019 - 6:18 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Taking questions after OPEC/non-OPEC joint production cut announcement on Dec. 7, 2018: left to right - Alexander Novak, Minister of Energy for the Russian Federation, Khalid A. Al-Falih, Saudi Arabia’s Minister of Energy, Industry & Mineral Resources, Suhail Mohamed Al Mazrouei, the UAE Minister of Energy & Industry and president of the conference. Far right: OPEC Secretary General Mohammad Sanusi Barkindo of Nigeria.

OPEC Production Drops to Three-Year Low

Saudi Arabia, Venezuela, Iraq show largest monthly drops By Richard Rostad, analyst, Oil & Gas 360 OPEC production fell sharply in March, as several countries reported sharp declines in production according to the cartel’s Monthly Oil Market Report. Total OPEC output fell by 534 MBOPD in March, the fifth decline in a row. OPEC output dropped to 30,022 MBOPD, the[Read More…]

April 10, 2019 - 4:55 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Venezuelan Collapse Drives Lower OPEC Output

Venezuelan Collapse Drives Lower OPEC Output

Overall production down 221 MBOPD By Richard Rostad, analyst, Oil & Gas 360 OPEC production fell sharply in February, with several major producers reporting declines according to OPEC’s Monthly Oil Market Report. Overall oil output dropped by 221 MBOPD in 2019, bringing total group production to 30.5 MMBOPD. This is the lowest reported output since February 2015, according to Bloomberg.[Read More…]

March 14, 2019 - 5:44 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Most-Read Stories of 2018

Most-Read Stories of 2018

Jury slams Texas frac company with $100-million verdict, M&A deals proliferate, and Colorado oil and gas flirts with a setback disaster: 2018’s most read stories In addition to Oil & Gas 360’s coverage of oil and gas company financial and operating results, shifting C-suites, global industry trends, new technologies, and OPEC+, readers were alerted each day to most-read industry stories in[Read More…]

December 27, 2018 - 6:49 pm 360 Articles, Closing Bell Story, E&P, Law, OPEC, Politics, Trending
Taking questions after OPEC/non-OPEC joint production cut announcement on Dec. 7, 2018: left to right - Alexander Novak, Minister of Energy for the Russian Federation, Khalid A. Al-Falih, Saudi Arabia’s Minister of Energy, Industry & Mineral Resources, Suhail Mohamed Al Mazrouei, the UAE Minister of Energy & Industry and president of the conference. Far right: OPEC Secretary General Mohammad Sanusi Barkindo of Nigeria.

OPEC Reports Production Fell in November as Iran Sanctions Bit

Iranian output down 380 MBOPD OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. OPEC production fell slightly in November, dropping by 11 MBOPD to 32,965 MBOPD. Saudi, Kuwait, UAE add 493 MBOPD Most of the regions that increased production did so to balance out U.S. sanctions on Iran,[Read More…]

December 12, 2018 - 4:48 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Khalid A. Al-Falih, Saudi Arabia’s minister of Energy, Industry & Mineral Resources speaks to reporters following the OPEC press conference Dec. 7, 2018.

Markets Surge as OPEC+ Production Cut Exceeds Expectations

OPEC+ agree to cut 1.2 MMBOPD U.S. shale received an early Christmas gift today, as OPEC and non-OPEC finally agreed to a new production cut agreement. OPEC, Russia and their allies have agreed to a combined cut of 1.2 MMBOPD, relative to October production levels. OPEC itself will decrease output by 800 MBOPD, while Russia will provide much of the[Read More…]

December 7, 2018 - 5:45 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Oil prices turned firmly lower during midday trading on Tuesday. Crude futures were little changed earlier in the session, depressed by a report of record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week. Oil & Gas 360

OPEC Recommends Cuts, but Size is Uncertain

OPEC and its allies have recommended a production cut, but have not decided on a specific size, according to reports Wednesday. Ministers from OPEC will meet on Thursday to determine the specifics of the cut, including who should reduce output and by how much. Markets are, of course, watching closely for any signs of the scale of the cut. A[Read More…]

December 5, 2018 - 5:34 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Globe’s Leading LNG Producer Pulls Out of OPEC

Globe’s Leading LNG Producer Pulls Out of OPEC

Qatar, OPEC member since 1961, says it’s time to split Just three days before the opening of its 175th “Ordinary Meeting” in Vienna, OPEC appears to be splintering. Even as the group works toward a second production cut, Qatar announced it will leave the cartel in January. Qatar joined OPEC in 1961, only one year after the cartel was formed.[Read More…]

December 3, 2018 - 5:20 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Cushing, Okla., is one of the United States oil facilities in the Keystone Pipeline System.

TransCanada’s 4,250-kilometre (2,640 mile) Keystone Pipeline System transports approximately 20 per cent of western Canadian crude oil exports to key refineries in the U.S. Midwest and Gulf Coast, where it is converted into fuel and other useful petroleum products.

Oil Takes a Sub-$50 Dip: OPEC+ Vacillations Send Oil on Wild Ride

Russia, Saudi discussing how much should be cut and how fast Oil prices swung sharply in trading today, dropping below $50/bbl for the first time in 14 months before rising to close up 2.25% on the day. WTI closed the day at $51.39/bbl, while Brent closed at $59.47/bbl. Several factors have been weighing on oil prices, contributing to the largest[Read More…]

November 29, 2018 - 5:48 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC’s Abu Dhabi Meeting: We Will Need “New Strategies to Balance the Market” in 2019

OPEC’s Abu Dhabi Meeting: We Will Need “New Strategies to Balance the Market” in 2019

With OPEC/non-OPEC conformity at 104% oil prices fall 7%-8% today The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) for November met this weekend in Abu Dhabi and noted that countries participating in the Declaration of Cooperation achieved a conformity level of 104% in October 2018. In today’s trading, Brent was off 7%. The international oil benchmark is off more than $20[Read More…]

November 13, 2018 - 5:52 pm 360 Articles, Closing Bell Story, Commodity Pricing, OPEC, Popular 1
Source: Arabian Oil and Gas

New IEA Report Outlines What is Coming to MENA Producer Countries

What do you do with a one-trick-pony oil economy that is hiring about 5,000 oil workers, but you have 83 million people under 30 to find jobs for? Any nation’s leadership that has been lulled to sleep by decades of relying on a single successful product for virtually all of its very substantial revenues might be shocked to wake up[Read More…]

October 25, 2018 - 5:04 pm 360 Articles, Closing Bell Story, OPEC
OPEC Production Up on Saudi, Libyan Surges

OPEC Production Up on Saudi, Libyan Surges

Total output up 132 MBOPD, Saudi pumping at highest rate since 2016 OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. OPEC produced a total of 32,761 MBOPD in September, representing a moderate increase in overall production compared to last month. Cartel production grew by a net 132 MBOPD,[Read More…]

October 15, 2018 - 5:28 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC: U.S. Shale Will Peak in Mid-2025

OPEC: U.S. Shale Will Peak in Mid-2025

U.S. will have its day, but after shale peaks, OPEC will dominate by supplying 40 MMBOPD by 2040 OPEC sees global demand at 111.7 MMBOPD by 2040 – a 15% increase from 2018 OPEC released its annual World Oil Outlook today, outlining the group’s long-term expectations for the oil industry. The cartel predicts the U.S. will supply much of the[Read More…]

September 24, 2018 - 5:37 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Middle East’s Oil Depends on South China Sea to Reach Asian Customers

Middle East’s Oil Depends on South China Sea to Reach Asian Customers

30%+ of global maritime crude oil moves through the South China Sea: EIA The South China Sea is a major trade route for crude oil, and in 2016, more than 30% of global maritime crude oil trade, or about 15 million barrels per day (b/d), passed through the South China Sea, according to a new report by the EIA.  [Read More…]

August 28, 2018 - 7:15 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC Output Up Despite Saudi Drop

OPEC Output Up Despite Saudi Drop

Total cartel production up 40.7 MBOPD OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. OPEC produced a total of 32,323 MBOPD in July, up moderately from last month. Cartel production increased by a net 40.7 MBOPD in July, a smaller change than seen in the past month. Nearly[Read More…]

August 13, 2018 - 5:58 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC Members Swing Wildly

OPEC Members Swing Wildly

OPEC, driven by new 405 MBOPD of Saudi production, announces largest net production increase in 12 months OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. The group produced an estimated 32,327 MBOPD in June, up significantly from last month. Net output is up 173.4 MBOPD, the largest single-month[Read More…]

July 16, 2018 - 5:30 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Bohrturm, Österreich: Weißer Hof 2014

Oil Price Reached $74 This Week, But Double That Could Be on the Horizon

Despite the surprise moderate build in U.S. crude oil stockpiles, analysts are worried of an impending price spike to $150 or more.  Prices Today Crude oil stocks rose by 1,245 MBBL last week to 417,881 MBBL from 416,636 MBBL. This is 17% below the 502,914 MBBL that was in storage at this point last year, and is 2% below the[Read More…]

Congress Resuscitates NOPEC Bill which Would Allow the U.S. Govt. to Sue OPEC Members for Collusion

Congress Resuscitates NOPEC Bill which Would Allow the U.S. Govt. to Sue OPEC Members for Collusion

Current federal law provides that foreign governments cannot be sued for failing to comply with U.S. federal antitrust laws; NOPEC seeks to change that The No Oil Producing and Exporting Cartels Act (“NOPEC”) is quietly making its way through the U.S. House of Representatives–again. H.R.5904 – NOPEC’s latest incarnation – was introduced in May 2018 by Ohio Congressman Steve Chabot.[Read More…]

June 28, 2018 - 4:56 pm 360 Articles, Closing Bell Story, Law, OPEC
OPEC Meeting: Our Goal Going Forward is to Reduce Cuts to the 100% Compliance Mark

OPEC Meeting: Our Goal Going Forward is to Reduce Cuts to the 100% Compliance Mark

OPEC meeting result: oil production from OPEC member countries is to increase until the  over-compliance with 2016’s agreed cuts has been eliminated The anticipated 174th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) concluded in Vienna today with an announcement that with the oil market in apparent balance, OPEC’s goal is to return production to 100%[Read More…]

June 22, 2018 - 4:02 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC, Popular 1
OPEC: Too Close to Call - Oil & Gas 360

Invited U.S. Shale Brass Weigh In Ahead of OPEC Meeting

“OPEC needs to fulfil its duty – none of us wants $80 to $100 oil” – Scott Sheffield OPEC’s meetings this week are mostly dominated by the heads of member countries’ national oil companies, but at least two top officers from American shale companies are also in attendance. In the run-up to OPEC’s meeting in late 2016, when cutting production[Read More…]

June 21, 2018 - 5:47 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Present Day Middle Eastern Game of Thrones – Part Two

Present Day Middle Eastern Game of Thrones – Part Two

[EDITOR’S NOTE: this is the final installment of the OAG360 story in which Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED), discusses the changing political scene and the shifting geopolitical sands that are challenging the balance of oil producers in the Middle East. El Mallakh was keynote speaker at the Energy Finance Discussion[Read More…]

Present Day Middle Eastern Game of Thrones – Part One

Present Day Middle Eastern Game of Thrones – Part One

“The Middle East shapes energy politics, energy crises, and it has a huge impact on geopolitics” – Helen El Mallakh Ahead of the upcoming 174th OPEC meeting in Vienna, Austria, (scheduled for Friday, June 22, and immediately followed by the fourth OPEC/non-OPEC ministerial meeting Saturday), Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED)[Read More…]

OPEC Production Jumps as Cartel Mulls Easing Cuts

Saudi output is up 85.5 MBOPD OPEC released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. The cartel’s production increased in May, with many countries reporting large changes in output. In total OPEC produced 3,1869 MBOPD in May up 35.4 MBOPD from April levels. Like last month, Saudi Arabia showed[Read More…]

June 12, 2018 - 4:48 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC: Too Close to Call - Oil & Gas 360

OPEC Countries Are Raking in the Cash

Stats published by OPEC show $578 billion from oil exports in 2017; every member country saw revenue growth in 2017 OPEC’s output cut has played a significant role in rebalancing the oil market, bringing more than 1 MMBOPD off the market. Of course, the agreement was not motivated by some sort of altruistic motivations and OPEC has seen its revenues[Read More…]

June 7, 2018 - 5:02 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Africa’s Largest non-OPEC Producer is on a Roll

Africa’s Largest non-OPEC Producer is on a Roll

Egypt is the largest non-OPEC oil producer in Africa and the third-largest dry natural gas producer on the continent, according to the EIA’s newest report on Egypt. In recent years, the country has seen political instability accompanied by growing power demand and a recovering energy industry. Natural gas supply shortages often cause frequent blackouts in Egypt – and 2011’s political[Read More…]

How the U.S. Will Handle the OPEC-Russia Spigot

How the U.S. Will Handle the OPEC-Russia Spigot

Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered down, strengthened their balance sheets, made technological leaps and kept on producing oil and gas—without depending on the reappearance of[Read More…]