OPEC – Page 107 – Oil & Gas 360

Saudi Shake-Up: King Replaces Oil Minister, but Keeps Production Policies in Tact

May 10, 2016

After two decades, Ali al-Naimi is replaced in government shake-up as Saudi Arabia tries to appease its young populus As part of a sweeping reform through the government of Saudi Arabia, long-time oil minister Ali al-Naimi has been replaced. The monarchy announced the reorganization of several major institutions, including the oil ministry and the central bank, as the kingdom works

Oil Prices Up Due to Canada’s Fire, Libya’s War, and Venezuela’s Incompetence

May 5, 2016

Wildfires burning out of control in Fort McMurray Fort McMurray, the heart of much of Canada’s heavy oil sands production, has been evacuated due to a wildfire burning out of control in and around the city. The evacuations have forced the oil sands operations in the surrounding area to lower production as works and their families flee to safety. Operators

Crude Oil Inventory Build is Five-Times Larger than Expected

May 4, 2016

U.S. crude oil inventories grow by 2.8 MMBO Oil prices are down today after an inventory build that exceeded economists’ estimates by a factor of five. According to data from Bloomberg, economists estimated an average build of 556 MBO, but the numbers released by the DOE today showed a build of 2.8 MMBO, bringing total inventories to 543.4 MMBO as

ADNOC, Occidental Petroleum Open World’s Largest Ultra Sour Gas Project

April 26, 2016

Occidental would like to expand the Al Hosn Gas project: Hollub ADNOC has a 60% share in Al Hosn Gas; Occidental Petroleum has 40% PR Newswire – ADNOC inaugurated the Al Hosn Sour Gas Development Project, the largest of its kind in the world. The Shah Field plant is the first ultra sour gas project to produce and safely process more than one billion cubic

IEA Sees Oil Demand Growth Falling to Lowest Level in Years as Global Economy Stalls Oil & Gas 360

Crude Oil Inventory

April 20, 2016

April 20, 2016 CRUDE OIL INVENTORY ‘000 bbls (Week Ended 4/15/16) Current: 538,611 Actual Build/(Withdrawal): 2,080 Economist Average Estimate: 2,295 Previous: 536,531 Analyst Commentary on Today’s Build Crude Inventory WoW Build Below Expectations on Lower Imports and Higher Refinery Util Rate – UBS Investment Research Crude stocks rose 2.1 MMBbls WoW to 538.6 MMBbls (near consensus of a 2.4

Oil Prices Climb Back toward $40 after Disagreement in Doha

April 18, 2016

Freeze agreement falls apart without Iran Discussion between key OPEC and non-OPEC producers about freezing production at January levels has pushed oil prices up from below $30 per barrel to more than $40 ahead of yesterday’s fruitless meeting in Doha, Qatar. Back in January, U.S. crude oil benchmark WTI fell to a 2016 low of $26.55 per barrel while international

OPEC prepares for its 171st meeting to decide on production cuts

Kuwait Oil Workers Plan to Strike During Doha Freeze Meeting on Sunday

April 15, 2016

Concerns over a government payroll overhaul prompt oil workers to strike in Kuwait Concerns over pay and benefits have led oil and gas unions in Kuwait to call for a strike starting the same Sunday as the production freeze talks are set to be help between OPEC and non-OPEC members in Doha, Qatar. Thousands of workers in state-owned oil and

Demand Cools: IEA Oil Market Report Has Demand Growth Slowing 0.6 MMBOPD

April 14, 2016

Production outside of OPEC has started to show more significant signs of rolling over recently, with U.S. production falling below 9.0 MMBOPD for the first time since 2014. Global oil supplies fell 0.3 MMBOPD in March to 96.1 MMBOPD, according to information from the IEA. Along with the fewer supplies is slowing demand growth as well, though, said the IEA.

U.S. Oil Production Dips Under 9 MMBOPD for the First Time Since 2014

April 14, 2016

U.S. crude inventory build was big, but oil prices remain above $40 per barrel Crude oil inventories grew by 6.6 million barrels, far surpassing economist estimates which averaged just 733 thousand barrels for the week ended April 8, 2016. The build brought total U.S. inventories to 536.5 MMBO after a surprise weather-related draw last week. Oil prices fell on the

OPEC Report Shows Member Production Up Ahead of Doha Meeting

April 13, 2016

Increased production in Iran and Iraq continue pushing OPEC production higher In OPEC’s April Monthly Oil Market Report, secondary sources showed production for the group rose from February to March. Total OPEC production was up 14.9 MBOPD due to increased production from Iran and Iraq. Crude oil production for the group as a whole reached 32.23 MMBOPD. The combined OPEC

Iran is Undercutting Saudi Oil Prices

April 8, 2016

Iran selling Forozan Blend to Asia at a $2.43 discount Iran is increasing pressure on fellow OPEC members as its attempts to retake lost market share in major markets like Asia. The Islamic Republic is now undercutting the price of Saudi crude oil in Asia after holding its own crude at a premium to Saudi Arabia’s light crude for almost

U.S. Posts $1.9 Billion Trade Surplus with OPEC in February

April 5, 2016

U.S. posts trade surpluses with OPEC in 10 of the last 12 months as oil prices remain low; a U.S. surplus with OPEC has only happened three times in past 30 years Data released from the U.S. Census Bureau showed a record-setting trade surplus with OPEC for the month of February. Cheap oil, a strong dollar and slow growth abroad

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