Nigeria’s oil minister sees OPEC production freeze as likely, says Saudis are pushing for it A wider production freeze inside of OPEC could be close at hand, Nigerian Oil Minister Emmanuel Ibe Kachikwu said during an interview with CNBC. Earlier this month, four OPEC producers and Russia agreed to maintain production at January levels, welcome news in a global market
Members may offer Iran special terms The world’s two largest crude oil producers, Russia and Saudi Arabia, announced that they would freeze their production at January levels along with several other OPEC members in an attempt to stabilize crude oil prices. While the news seems like a positive step toward lifting the price for crude oil, Iran remains a key
Markets unsatisfied with deal to maintain production The first signs of cooperation between OPEC and non-OPEC countries on crude oil production emerged today in the form of a deal between Russia and three OPEC members, including the group’s largest producer, Saudi Arabia. Russia, Saudi Arabia, Venezuela and Qatar agreed to a production freeze today, as the global glut of crude
UAE energy minister said OPEC members ready to cooperate The price of oil today approached a new low of $26.21 per barrel today, the lowest since May 8, 2003, when it hit $26, before bouncing up on news of a possible production cuts from OPEC. The Wall Street Journal’s Summer Said reported on Twitter that the UAE’s Energy Minister Suhail bin
Shifting sanctions force Russia’s TMK into different markets; company plans U.S. layoffs TMK Group, a major supplier of oil and gas pipeline around the world, is looking eagerly toward increased business in Iran as sanctions against the country are removed following the implementation of the Iran Nuclear Deal. The company believes about 20% of global oil brought to the surface
Saudi Arabia continues its plan to protect market share Saudi Arabia today cut prices of its oil to customers in major markets including Europe, Asia and the Mediterranean in the hopes of defending its market share. The move is seen as a reaction to Iran’s return to global oil markets. Saudi Arabia discounted even its best-quality crude, similar in quality
Some Iranians interpret new contracts with IOCs as foreign ownership International sanctions have been lifted from Iran following the country’s successful implementation of all measures required to start the Joint Comprehensive Plan of Action (JCPOA), but an internal struggle continues in Iran between conservative factions and President Hassan Rouhani’s administration. On Saturday, student protestors aligned with the Basij, a hard-line
OPEC production expected to stabilize A recent analyst note from KLR Group indicated that oil and gas markets could balance in 2017 as OPEC production begins to stabilize and U.S. production rolls off. Saudi Arabia’s oil production is expected to stay at about 10.4 MMBOPD, while Iran gradually ramps up production and Iraq’s output moderates. The crash in oil prices
Sanctions lifted on Iran Iran has officially carried out all measures required to start the Joint Comprehensive Plan of Action (JCPOA) and begin the implementation of sanctions relief, according to a statement from the International Atomic Energy Agency (IAEA). Saturday, called Implementation Day under the JCPOA, marked the beginning of the end of sanctions against Iran regarding its nuclear program.
Iran deal threatens U.S. energy security – Senator John Hoeven The chair of the Senate Committee on Homeland Security, Senator John Hoeven (R-ND), released a video ahead of President Obama’s State of the Union address saying that the Iran nuclear deal is a threat to U.S. energy security. “As a consequence of President Obama’s nuclear agreement with Iran, this state sponsor
An expert on relations between the two countries weighs in on this week’s clash in an exclusive Oil & Gas 360® interview Relations continued to worsen this week between Iran and Saudi Arabia in the Middle East, with Iran claiming that Saudi Arabia intentionally struck its embassy in Yemen with an airstrike late Wednesday night. Yemen has served as a
PRIX Index predicts little change in the exports of the world’s 20 largest exporters due to politics Oil exports are expected to remain static in the world’s 20 largest exporters according to the latest release of the PRIX global index. The PRIX index forecasts political developments that can affect oil exports from the world’s 20 largest exports based on a
