From Reuters
NEW YORK (Reuters) – Global benchmark Brent crude surged nearly $2 a barrel on Thursday, lifted by concern about a steep drop in exports from Venezuela and worries OPEC may not raise production at its meeting this month.…
The price of Brent crude rose Wednesday after output from OPEC member Venezuela came into renewed doubt, enhancing worries over global supply.
Brent crude, the global benchmark, rose 0.3% to $75.62 a barrel on London’s …
OPEC’s output cut has played a significant role in rebalancing the oil market, bringing more than 1 MMBOPD off the …
From Gulf Times
Iran’s oil exports hit 2.7mn barrels per day (bpd) in …
From MEHR NEWSAGENCY
Ali Afaraideh Ghiyassi, the Director for Project Planning and Control at Pars Oil and Gas Company (POGC) said on Thursday that 6 new oil platforms will be installed in Iran’s the supergiant South Pars Gas Field by …
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 …
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 …
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 …
Reacting to comments from the Saudi oil minister, crude oil prices fell more than $5 per barrel between Friday and Tuesday. Brent crude …
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.
According to law firm Akin Gump, the new prohibitions …
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 …
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 …
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 …
From Reuters
OPEC is looking closely at a drop in oil output from Venezuela to see if the loss of supply from the member state warrants action by the group, sources familiar with the matter said.
This marks a shift …
From Reuters
HOUSTON (Reuters) – Venezuela’s state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms – and often at a loss, according to internal company documents …
From CNBC
Oil prices are continuing to hover around 2014 highs, with market watchers waiting to see what happens when U.S. sanctions are re-imposed on Iran.
It remains to be seen whether major oil producers like Saudi Arabia and Russia …
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 …
From the Financial Times
For Saudi Arabia, the rebound in the oil price over the past year has been a strategic triumph. Its diplomacy, including an entente with …
From Reuters
JEDDAH, Saudi Arabia (Reuters) – A global oil glut has been virtually eliminated, according to a joint OPEC and non-OPEC technical panel, two sources familiar with the matter said, thanks in …
Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the …
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 …
From euronews/Reuters
Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years.
Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were …
From Xinhua
BAGHDAD, March 26 (Xinhua) — Iraq plans to invite foreign energy companies to a new bid for the exploration and development of 11 oil and gas blocks near …
From CNN/Money
Saudi Arabia’s oil shipments to the United States have declined sharply despite closer ties between the two nations under President Trump.
American imports of Saudi crude dropped 14% last year to …
From Bloomberg
Russia is committed to seeing its pact with OPEC through to completion, whether that means starting discussions about a phaseout at …
Total has signed two new 40-year concession agreements with the Supreme Petroleum Council of the
Saudi Arabia is scaling back its ambitions for a public offering for oil giant Aramco, moving ahead with a listing next year solely on the Saudi stock exchange while taking more time to decide if …
Saudi Arabia’s willingness to delay the initial public offering of state oil company Aramco to 2019 has several motivations, from regulatory risk to competing projects in the government’s crowded agenda.
There’s another, perhaps more significant hurdle: it appears …
From Bloomberg
OPEC, Russia and other oil producers participating in output cuts have beaten market expectations in meeting their commitments, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.…
