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 …

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 …

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 …

December 20, 2017 - 12:51 pm China, Closing Bell Story‎, Oil and Gas 360 Articles, 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. …

Unfazed by OPEC, Libya and Nigeria seek to boost oil output

Unfazed by OPEC, Libya and Nigeria seek to boost oil output

From Reuters

Less than two weeks after OPEC’s decision to extend oil production cuts, Libya and Nigeria – the only two exempt members of the group – are signaling their intent to raise output next year.

While several ministers at …

December 13, 2017 - 3:56 pm Closing Bell Story‎, Crude Oil News, OPEC
Source: Iraqenergy.org

Iraq Oil Minister says Kirkuk Oil Swap with Iran Good for One Year

From Reuters

KUWAIT (Reuters) – Iraqi Oil Minister Jabar al-Luaibi said on Sunday that a deal signed with Tehran to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil is …

December 11, 2017 - 7:04 am Closing Bell Story‎, Energy News, OPEC
Venezuela Political Elites Won’t Accept Defeat: Mexico’s Foreign Minister Intervenes

Venezuela Political Elites Won’t Accept Defeat: Mexico’s Foreign Minister Intervenes

From Stratfor

Venezuela’s neighbors, particularly Mexico, are seeking a negotiated solution to the country’s political standoff.

For almost two years, Venezuela’s government has refused to recognize the authority of the opposition-controlled legislature. In an effort to resolve this, Mexican Foreign …

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”

Colorado Wattenberg Field: Preparing a horizontal drilling rig - Oil & Gas 360

OPEC May Extend Output Cuts, but Shale Drillers Hold Key to Plan’s Success

Hard not to drill shale at $60: cash flow for the first time in many years

From the Houston Chronicle

OPEC and its partners are expected Thursday to extend a pact to keep crude off the market to support oil …

November 29, 2017 - 1:59 pm Closing Bell Story‎, Energy News, OPEC
OPEC: Too Close to Call - Oil & Gas 360

Citi Warns OPEC Won’t Deliver Cuts

From CNBC

Oil producers are unlikely to extend their deal to limit production by nine months, according to Citi Research.

Traders are expecting the extension through 2018 and will likely sell out their positions in crude futures if OPEC only …

November 29, 2017 - 7:05 am Closing Bell Story‎, Energy News, 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 …

OPEC’s Clash with U.S. Oil Approaches Day of Reckoning

OPEC’s Clash with U.S. Oil Approaches Day of Reckoning

From Bloomberg

OPEC strategy has helped to deplete half of surplus stocks, but bolstering prices has emboldened American shale-oil drillers

The clash between OPEC and America’s oil industry is reaching a day of reckoning.

The U.S. shale revolution is on …

November 27, 2017 - 1:43 pm Closing Bell Story‎, Energy News, OPEC
Source: Kremlin.ru

Oil Prices Fall on Higher U.S. Supply, Doubts about Russia’s Resolve

From Reuters

NEW YORK (Reuters) – Oil prices fell 1 percent on Monday, with U.S. crude easing from two-year highs on prospects of higher supply, and uncertainty about Russia’s resolve to join in extending output cuts ahead of this week’s …

November 27, 2017 - 10:51 am Closing Bell Story‎, Energy News, OPEC
OPEC: Too Close to Call - Oil & Gas 360

Legendary Crude Trader Andy Hall Will Brief OPEC on U.S. Shale

From Bloomberg

Andy Hall, the veteran crude trader who closed his hedge fund this year, will brief OPEC officials on the outlook for U.S. shale oil, according to a copy of the agenda seen by Bloomberg News.

Hall, once known …

November 21, 2017 - 9:04 am Closing Bell Story‎, Energy 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 …

November 17, 2017 - 5:20 pm Closing Bell Story‎, Oil and Gas 360 Articles, 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 …

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. …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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. …

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 …

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 …