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360 Articles

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. Source: U.S.[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…]

Inventories Back at Five-Year Averages—for Now

Inventories Back at Five-Year Averages—for Now

The production cuts may have erased the surplus, but for how long? Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA. The production cuts took effect in January 2017, reducing[Read More…]

Oil Prices Recover After a Million-Barrel Comment Spooked Oil Markets Friday

Oil Prices Recover After a Million-Barrel Comment Spooked Oil Markets Friday

OPEC and Russia looking hard at ending cuts, but maybe not till after end of the year Reacting to comments from the Saudi oil minister, crude oil prices fell more than $5 per barrel between Friday and Tuesday. Brent crude oil grew from about $73 per barrel at the beginning of May to kissing $80 last week, then falling to[Read More…]

May 30, 2018 - 8:54 am 360 Articles, Closing Bell Story, Commodity Pricing, OPEC
The U.S. Sanctions Venezuela

The U.S. Sanctions Venezuela

On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. Source: WhiteHouse.gov According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any[Read More…]

With Brent Near $80, OPEC Considers Raising Production Output

With Brent Near $80, OPEC Considers Raising Production Output

Supply disruptions threaten in coming months After orchestrating the most successful coordinated action by the group in decades, OPEC is now considering whether to phase out its supply cuts. Since its implementation in January last year, the OPEC cut agreement has seen compliance well above previous attempts at coordinated action by the cartel. The group reconfirmed its commitments to the[Read More…]

May 24, 2018 - 5:18 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Iran’s Short-Lived Oil and Gas Boom

Iran’s Short-Lived Oil and Gas Boom

Iran’s energy sector will feel the repercussions of renewed sanctions Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment. Although some sanctions targeting the energy industry were temporarily lifted, and oil production reached ~3.8 MMBOPD in 2017, growth has remained[Read More…]

Courtesy of RSP Permian

OECD Inventories Lowest in Three Years: IEA

Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA[Read More…]

Compliance Falls as Saudis Produce More Oil

Compliance Falls as Saudis Produce More Oil

Largest OPEC member adds another 46.5 MBOPD OPEC released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. Total OPEC production rose slightly this month, though most countries reported only minor changes. The group produced a total of 31,930 MBOPD in April, up by 12.1 MBOPD from the March production level.[Read More…]

May 14, 2018 - 5:31 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
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