The five permanent members of the United Nations Security Council and Germany (P5+1) are set to reach a comprehensive agreement with Iran regarding its nuclear agreement by June 30, potentially …
Goldman Sachs and Citi Group predict that Saudi Arabia will likely start to push production to its daily maximum of 11 MMBOPD in the second half of 2015, reports Bloomberg…
Oil prices tumbled dramatically last year as global oversupply quickly outpaced sluggish demand. A decision from OPEC last November to maintain production levels despite the growing oil glut and defend …
The head of Russian oil major Rosneft (ticker: RNFTF) said that it is the United States, not OPEC, that calls the shots in global oil …
Indonesia will rejoin OPEC after leaving the organization in 2009, according to I Gusti Nyoman Wiratmadja Pudja, director-general of oil and gas at the country’s energy ministry. All of OPEC’s …
Emirates National Oil Company (ENOC), a wholly owned entity of the Dubai government, will buy out Dragon Oil for $3.7 billion. Neither company has confirmed the announcement but several news outlets are reporting an agreement has been reached.
ENOC …
OPEC’s decision last November to maintain production in the face of global oversupply came as a shock to many who expected …
Rig counts from the Organization of Petroleum Exporting Countries (OPEC) sank to the lowest level since June 2013, according to data from Baker Hughes. The drop comes despite Venezuela adding 13 rigs to its fleet. The remaining 10 members in …
As many experts predicted, OPEC decided to maintain its production ceiling at 30 million barrels per day (MMBOPD) at its June 5 meeting held in Vienna Austria. Brent and West Texas …
With all eyes peering toward Vienna tomorrow, analysts and experts are in near lockstep that OPEC will maintain production, with a few saying it may raise its cap …
“[ISIS] presents a whole new reality for the region, which just isn’t reflected in the oil market at the moment,” said Daniel Yergin, Vice Chairman of IHS, in an interview with The Telegram. “It’s an increasingly grave situation for …
OPEC continued to increase production in May, following its November plan to defend market share. OPEC output increased by 67 MBOPD from April to …
The oil and gas world is not expecting to receive any groundbreaking news from this Friday’s meeting of the Organization of Petroleum Exporting Countries (OPEC). But the likelihood of all …
The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet for the first time in 2015 on June 5 in Vienna. Assumptions point to the meeting being a terse exchange between the 12 members in an attempt to fulfill …
The price of OPEC’s basket of twelve crudes stood at $60.73 per barrel today, down $1.30 from just a week ago when the basket sold for $62.03, according to information …
Iran plans to raise oil output by 170 MBOPD by the end of the current Iranian year, which ends on March 20, 2016, the official IRNA news agency cited an Iranian …
A new €93 million pipeline linking Ireland to Scotland’s gas network received the green light from regulators this week. The project will be partial funded with €33.7 million of European Union grant …
U.S. imports of crude oil from OPEC members Iraq and Kuwait were higher last week, a note from Global Hunter Securities said today. “Summer refinery gasoline demand is likely …
Before Gaddafi was removed from power as Libya’s chief, the country produced almost 1.6 MMBOPD. Today that number stands at just 436 MBOPD, according to Mustafa Sanallah, chairman of …
The Organization of Petroleum Exporting Countries continued to increase production in April, going nearly 1 MMBOPD over its 30 MMBOPD production ceiling. Total OPEC production reached 30.93 MMBOPD in the month of …
Saudi King Salman earlier this week changed the line of royal succession in the Kingdom, leaving the Saudi throne with a new generation after his passing. The shifts in power did not …
OPEC supply rose to 31.04 MMBOPD in April, the highest in more than two years, according to a Reuters survey. The increase puts the cartel’s production even further above demand …
From FOX News:
The Saudi king on Wednesday removed his half-brother from the post of crown prince, replacing him with his nephew, and elevated his son to the position of deputy crown prince in the most significant repositioning of power …
Lukoil (ticker: LKOH) will continue negotiations with the Iraqi government about the continued development of the Nasiriya project. The Iraqi government is trying to develop a 300 MBOPD refinery …
The Energy Information Administration (EIA) released its Short-Term Energy Outlook (STEO) for April 2015 projecting that oil prices could drop by $15 if sanctions on Iran are …
Oil markets were closed last Friday, but prices fell in electronic trade after reports of a framework Iranian nuclear deal raised concerns of added supply to an already over-supplied market. …
The Energy Information Administration (EIA) projects net export revenues for the Organization of Petroleum Exporting Countries (OPEC) to fall by roughly 50% on a year-over-year basis in 2015, according to a report issued on March 31, 2015. The study excludes …
OPEC supply for the month of March 2015 reached 30.63 MMBOPD from a revised 30.07 MMBOPD in February, according to a survey based on shipping data …
Prices of West Texas Intermediate (WTI) climbed above $50 for the first time in two weeks after multiple outlets reported conflict in the Middle East. Saudi Arabia has engaged in airstrikes …
The most recent report from Baker Hughes (ticker: BHI) shows the fifteenth straight week of declining rig counts in the United States, but rig counts in Saudi Arabia …
