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
OPEC agreed to cut production for the first time in eight years, according to a delegate briefed on the matter that Bloomberg spoke with under conditions of anonymity. The news shot oil prices up more than $3.00 to a high for the day for WTI of $47.45. Sources that asked to remain unnamed due to the sensitivity of the issue
Oil prices down: Iran and Saudi Arabia say no production deal in Algeria this week Oil prices erased gains from last week on Tuesday as Iran and Saudi Arabia confirmed that there would not be a definitive agreement on OPEC production coming out of the group’s meeting in Algeria this week. “This is a consultative meeting,” Saudi Energy Minister Khalid
The build up to the late September OPEC meeting in Algiers will undoubtedly be filled with rumors and speculation about the intents of OPEC members and the potential to freeze, increase, or decrease production. News of the meeting and the potential for a production freeze has already created a rise of around 13% in oil price. Saudi Arabian Oil Minister
This time Iran indicates that it would be willing to cooperate with a new production freeze Oil prices rose today as news that Iran may be ready to join a wider production freeze surfaced. Both OPEC and non-OPEC producers such as Russia previously tried to implement a production freeze, but were unsuccessful when Saudi Arabia insisted that Iran take part
Saudi Arabia feels real danger from Iran Saudi Arabia and its neighbors in the Persian Gulf play an indisputably important role in global oil and gas markets. Much of the news that comes out about the region fails to capture the nuances that exist between the countries in the Gulf Cooperation Council, however. Speaking Wednesday at EnerCom’s The Oil & Gas
Approved version of IPCs has more than 150 minor and major changes from the draft Following the end of international sanctions against Iran in July of 2015, the Islamic Republic has ramped production up from existing fields faster than many though possible. In the year that followed the Iranian nuclear deal, Iran increased production 814 MBOPD to 3.6 MMBOPD in
