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360 Articles

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 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
Doha City, Qatar 2009

Saudi Arabia Cuts Ties with Qatar

Egypt, UAE, Bahrain, Yemen, Libya, Maldives join in Several major powers in the Middle East cut diplomatic ties with Qatar today, including fellow OPEC members Saudi Arabia, the UAE and Libya, citing the country’s support of terrorism. Saudi Arabia, Egypt, UAE and Bahrain each ceased relations with Qatar in an arranged diplomatic move, which was later echoed by Yemen, Libya[Read More…]

Matchmaking: OPEC and Russia Want to Formalize a Long-Term Partnership

Matchmaking: OPEC and Russia Want to Formalize a Long-Term Partnership

Russia is looking to find ways to cooperate with OPEC despite years of saying it has no plans to join the group OPEC and Russia hope to institutionalize cooperation between the two beyond the current production cuts, according to Russian Energy Minister Alexander Novak and OPEC Secretary-General Mohammad Barkindo. The group of producers and Russia overcame years of mutual distrust[Read More…]

Russia Signals More Flexibility as Prices Sputter

Russia Signals More Flexibility as Prices Sputter

Russia’s Novak suggests Russia has more room for deeper cuts Crude oil prices fell more than 5% Thursday after OPEC extended a production cut deal which had originally help to buoy oil prices above $50 per barrel. The extension will see the group continue to leave 1.2 MMBOPD of production in the ground for an additional 9 months, a decision[Read More…]

Oil Back Under $49: with OPEC Cuts Baked in, Prices Fall as Markets Expects More

Oil Back Under $49: with OPEC Cuts Baked in, Prices Fall as Markets Expects More

OPEC will keep cuts for nine more months The Organization of Petroleum Exporting Countries announced Thursday that it will extend production cuts for nine more months, through the end of Q1, 2018. Oil prices dropped more than 5% on Thursday following the prior few days’ news that the deal would continue. That bit of positive news in the past couple[Read More…]

OPEC: Too Close to Call - Oil & Gas 360

OPEC Committee: Let’s Have Nine More Months of Cuts

Recommendation echoes member country suggestions OPEC appears ready to approve extending cuts beyond the current June expiration date, based on pronouncements by several groups. The Joint Ministerial Monitoring Committee, a group composed of representatives from OPEC and non-OPEC nations, recommended a nine-month extension today, according to a releases by the group. The JMMC reports that overall OPEC is in 102%[Read More…]

May 24, 2017 - 5:27 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Round Two: OPEC vs. U.S. Shale

Round Two: OPEC vs. U.S. Shale

OPEC will meet to decide on further production cuts next week, but will their efforts be ruined by the power of U.S. shale producers? OPEC has been restraining production since the beginning of the year, after a group of cartel members teamed with Russia and other non-OPECs and agreed to production cuts last November. In total, the OPEC group targeted production[Read More…]

May 18, 2017 - 8:56 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC’s Steep Price for Market Share

OPEC’s Steep Price for Market Share

Flooding the market has quickly emptied the kingdom’s checkbook In case you missed the past three years, on Thanksgiving Day 2014, OPEC announced it would not cut oil production in the name of gaining customers and growing market share for its members (widely interpreted as Saudi Arabia). That announcement set off a two+ year global commodities price downturn that sent[Read More…]

May 17, 2017 - 5:15 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC: We Will Do “Whatever it Takes” to Rebalance Oil Markets

OPEC: We Will Do “Whatever it Takes” to Rebalance Oil Markets

OPEC could extend cuts to 2018, but in the long run U.S. shale “won’t make a dent” As oil prices struggle to stay above $50 per barrel, OPEC appears to be ready to extend production cuts through the second half of 2017 in an attempt to rebalance markets. Both WTI and Brent crude oil prices were up slightly today, but[Read More…]

OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC to make decision on cuts as part of regular meeting The Organization of Petroleum Exporting Countries will hold meetings with its non-OPEC counterparts to decide the future of production cuts on the same day as the group’s scheduled semi-annual meeting on May 25, according to multiple sources. The group’s decision to pull back on production helped to bolster oil[Read More…]

April 19, 2017 - 4:40 pm 360 Articles, Analytics, Closing Bell Story, Crude Oil News, OPEC
If Extended Past June, OPEC Cuts Would Normalize Inventories: KLR

If Extended Past June, OPEC Cuts Would Normalize Inventories: KLR

Inventories 350 MMBO above historical average An extension of the OPEC production cuts should normalize global inventories this year, according to research by KLR Group. Announced on September 28, 2016, OPEC agreed to limit production to 32.5 MMBOEPD in the first half of 2017. According to KLR, OPEC production over this period will actually average 32 MMBOEPD, due to lower[Read More…]

April 13, 2017 - 5:19 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Long Bets on Oil Increase as Summer Approaches

Long Bets on Oil Increase as Summer Approaches

Refinery utilization hits 90.8%, the highest since the first week of the year U.S. refiners are picking up activity as the summer driving months approach, encouraging markets to increase the number of long bets on oil. Utilization is expected to increase further during the summer months which should help to draw down growing crude oil stocks. Stronger seasonal demand in[Read More…]

April 10, 2017 - 4:44 pm 360 Articles, Closing Bell Story, Crude Oil News, Downstream, OPEC
welcome sign along the beirut - damascus highway a couple of kilometres after the border crossing from lebanon

Oil Prices Jump as Markets Worry about Syria

U.S. missile strike on Syria has some wondering about the return of a risk premium Crude futures jumped as much as 2% after the U.S. military attacked the Shayrat air base near Homs with Tomahawk missiles in response to Syria’s alleged use of chemical weapons during an air attack Tuesday on a rebel-held area. The attack was the most significant[Read More…]

April 7, 2017 - 3:03 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Oil Hits One-Month High:  Markets Account for North Sea Outage, OPEC Compliance

Oil Hits One-Month High: Markets Account for North Sea Outage, OPEC Compliance

Inventories build 1.6 million barrels, but prices hang on above $50 Crude oil prices continued to show improvements Wednesday even as the EIA reported builds in crude oil inventories. The agency reported an increase of 1.6 MMBO in stockpiles for the week ended March 31, 2017, despite a prediction from the American Petroleum Institute that inventories declined 1.8 MMBO week-over-week.[Read More…]

April 5, 2017 - 5:10 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Qatar to Restart Development of the World’s Largest Natural Gas Field

Qatar to Restart Development of the World’s Largest Natural Gas Field

Qatar lifts moratorium on developing the North Field, which holds the majority of the country’s natural gas Qatar will end a self-imposed moratorium on further developing the North Field as it hopes to remain competitive and capture more market share in natural gas markets over the coming years. North Field, which is split by territorial lines with Iran and called[Read More…]

April 3, 2017 - 4:21 pm 360 Articles, Closing Bell Story, LNG, Natural Gas News, OPEC
Focus on Short-Cycle Returns Could Spell Trouble for Future Supply

Focus on Short-Cycle Returns Could Spell Trouble for Future Supply

Oil traders warn of impending supply crunch Investors’ preference for projects with fast returns could spell trouble for future supply, warn oil traders and service executives. Many of these short-cycle projects involve U.S. shale operations, but with demand continuing to grow, shale projects will be unable to sustain the entirety of future demand, and underinvestment in long lead time, larger[Read More…]

OPEC Paints Itself into a Corner

OPEC Paints Itself into a Corner

OPEC may extend production cuts as U.S. production rollover adds to inventory WTI crude oil prices were down again Monday even as news that OPEC was considering extending production cuts reached markets. For a change, prices didn’t reflect the news of possible cuts, and it’s mostly the fault of U.S. shale producers. The U.S. crude oil benchmark is down from[Read More…]

March 20, 2017 - 4:56 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC: Too Close to Call - Oil & Gas 360

OPEC Compliance Up, Demand Growth Down

Saudi ups its cut to 135% of pledge; oil demand growth will slow to 1.4 MMBOPD: IEA The IEA released its monthly Oil Market Report yesterday, outlining global supply and demand dynamics of the current oil market. After growing by 1.6 MMBOPD in 2016, global oil demand growth is expected to slow to 1.4 MMBOPD in 2017. According to the[Read More…]

March 16, 2017 - 2:51 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
EnerCom Exclusive: Tom Petrie Discusses the Effects of Saudi Oil on the U.S. Oil and Natural Gas Sector

EnerCom Exclusive: Tom Petrie Discusses the Effects of Saudi Oil on the U.S. Oil and Natural Gas Sector

The Saudi Aramco IPO, U.S. crude oil exports, U.S. LNG exports During last week’s EnerCom Dallas oil and gas investment conference, Tom Petrie, chairman and founder of Petrie Partners, gave a luncheon presentation entitled “Scoping 21st Century Energy Geopolitics.” At its heart, Petrie’s presentation was a look at “today’s realities” especially concerning Saudi Arabia’s oil fortunes, U.S. Middle East policy[Read More…]

OPEC Revenue up 17% After Production Cuts: Baird

OPEC Revenue up 17% After Production Cuts: Baird

Market share decrease outweighed by increase in oil prices OPEC may be better off since its recent cuts, with revenues up since cuts were implemented, according to a release by Baird Equity Research. OPEC originally rejected any output cuts, choosing at the beginning of the downturn to focus on preserving and increasing market share. This decision was eventually reversed, and[Read More…]

March 7, 2017 - 3:02 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC

Saudi Aramco Eyeing Billions in Investments ahead of IPO

Aramco looking at making a $5 billion solar investment to attract attention to oil company’s IPO Saudi Aramco, the world’s largest oil company in terms of production, is considering a $5 billion investment in solar energy. The substantially step into the renewable energy sector is part of a broader effort by Saudi Arabia to reduce its dependence on fossil fuels,[Read More…]

March 7, 2017 - 2:18 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
OPEC Says Cuts Are Ahead of Schedule

OPEC Says Cuts Are Ahead of Schedule

OPEC, Russia said they are not worried about U.S. shale production OPEC and non-OPEC producers are off to a good start in meeting the goals set in a production cut plan initiated at the start of the year, according to the group. OPEC’s Joint Ministerial Monitoring Committee (JMMC), designed to check compliance among the countries that have agreed to cut[Read More…]

January 23, 2017 - 4:10 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Oil Prices Rise Ahead of OPEC Compliance Meeting

Oil Prices Rise Ahead of OPEC Compliance Meeting

Oil prices move higher as markets expect high levels of compliance among OPEC and non-OPEC members Oil prices were up over $1 per barrel Friday as markets felt hopeful that OPEC and non-OPEC members taking part in production cuts were complying with their agreement. A committee designed to monitor oil-producer compliance with the cuts is scheduled to meet this weekend.[Read More…]

January 20, 2017 - 4:49 pm 360 Articles, Closing Bell Story, OPEC

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