Iran qualifies international companies from CEPSA to Wintershall to take part in oil and gas tenders Iran has qualified 29 international companies to bid in tenders for oil and natural gas development projects as the company seeks foreign investment to revitalize its industry following the end of international sanctions. The companies approved for tenders include those from Germany, France, Italy,
OPEC Agrees to a 1.2 MMBOPD Cut “We have made great success today” – OPEC announces first cut since 2008 “We have made great success today. We reviewed all scenarios… [and] we have been able to reach an agreement,” Qatar energy minister and president of the OPEC Conference, Mohammed Bin Saleh Al-Sada said in the introduction to a press conference announcing a production
Russian President Vladimir Putin’s key role in brokering the OPEC agreement The price of crude oil continues to climb past $50 per barrel following OPEC’s deal to cut 1.2 MMBOPD of production Wednesday. A number of non-OPEC producers will join the organization in lowering output, chiefly Russia, which has agreed to reduce its production 300 MBOPD from post-Soviet highs. Russian
OPEC deal to cut 1.2 MMBOPD could return market to balance in the first half of 2017 Crude oil prices surged Wednesday following news from OPEC that the group agreed to cut 1.2 MMBOPD of production after two years of producing near capacity in a bid for market share. OPEC agreed to cap production at 32.5 MMBOPD, which, along with
Saudi Aramco indefinitely halts shipments of oil products to Egypt Saudi Arabia’s state-owned oil giant Saudi Aramco has stopped the flow of oil products to Egypt as tensions between the two and the wider Arab world continue to worsen. Egyptian officials confirmed Aramco notified the oil ministry that it would no longer continue shipments of oil products expected under a
French oil major Total expected to sign a deal with Iran and CNPC, priming the pump for $200 billion in post-sanctions IPCs Iran quickly ramped its oil production up following the end of international sanctions on the country, but now that the Islamic Republic’s output is up above 3.5 MMBOPD, it will likely need the help of international companies to
Regional rivalry between Saudi Arabia and Iran could scuttle OPEC production deal Bad blood between Saudi Arabia and Iran could threaten to halt yet another OPEC production deal. Reports from Reuters indicate that Saudi Arabia has threatened to increase production even further in an attempt to damage Iran’s oil profits if the Islamic Republic does not agree to cap its
OPEC appears to be struggling to close on a production agreement Oil prices dropped Monday as markets continue to lose faith that OPEC will be able to reach a production agreement by the end of November. A meeting this weekend among the group’s members ended without any definitive progress, and non-OPEC members like Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia
Oil bounces back after official data shows yet another crude inventory draw Oil prices came back from a nearly 2% decline Wednesday morning following news from the Energy Information Administration that U.S. crude oil inventories fell last week. The oil inventory draw is the seventh time in the last eight weeks that stores of crude went lower despite analysts’ expectations
Non-Iranian floating storage down to an estimated 10 MMBO Backwardation in the physical oil market is helping to draw down the number of barrels waiting in floating storage, according to a report from CNBC. An estimated 75-80 MMBO of oils was being stored in floating storage as future prices on oil remained higher than the current price (a contango market),
50 fields up for tender in advance of OPEC’s November 30 meeting Iran’s national oil company said Monday that it has offered 50 oil and gas fields to international bidders in the Islamic Republic’s first attempt at attracting foreign investment to its oil and gas industry since the end of international sanctions. Iran’s Oil Ministry announced said 29 of the
Iran’s national oil company signs $2.2 billion deal with Persia Oil & Gas Industry Development Co. Iran continues to look for ways to rejuvenate its oil and gas sector following news from Algiers last week that the Islamic Republic would be one of the few OPEC members allowed to continue increasing output, even as the group looks to reinstate a
