Saudi Arabia says it will only agree to freeze production if joined by Iran Oil prices slid last Friday and continued to trend downward today following news that Saudi Arabia will only freeze its production if fellow OPEC member and regional rival Iran agrees to do the same. The news diminished hopes that a deal would be reached later this
Countries agreeing to freeze have little capacity to add Oil prices have recovered over the past weeks as news about a coordinated production freeze between OPEC and non-OPEC members has given the commodity a more stable footing in the market. Both U.S. and international crude benchmarks WTI and Brent are up over $40 per barrel as markets hope that cooperation
New Revenue Source: Iraq ships 10,000 standard cubic feet of gas in first ever export The first ever natural gas export left Iraq’s southern coast yesterday, according to reports from the Associated Press. The historic shipment comes as the Iraq government looks for new sources of funding amid low oil prices and an ongoing battle with ISIS leave the country
EnerCom’s San Francisco Conference Wrap-Up – Part II We have a new strategic petroleum reserve sitting under us EnerCom presented the 14th edition of The Oil & Services Conference™ in San Francisco last week. The conference delivered the current thinking of c-suite E&P and energy technology executives along with well-known industry and financial experts. The conference took the March 2016 pulse of
15-country group represents 73% of global production Fifteen countries confirmed that they will participate in a meeting April 17, set to be held in Doha, Qatar, in order to discuss a production freeze. The group, made up of both OPEC and non-OPEC countries, will likely freeze production at January 2016 levels, according to Russian Energy Minister Alexander Novak, who has
OPEC expects demand to be around 100 MBOPD lower than last month’s forecast In its March Oil Market Report, OPEC said it is now forecasting weaker demand for its own crude for 2016. The group revised demand expectations for oil produced by OPEC down by 100 MBOPD for full-year 2016. “In 2016, demand for OPEC crude is expected to stand at
Iran will not freeze production below 4 MMBOP – Iranian Oil Minister Crude oil prices took a steep fall this morning as hopes that OPEC might curb production in order to reach a $50 per barrel price floor were diminished by news that Iran plans to continue increasing production. U.S. benchmark WTI fell as low as $36.73 today, while international
Brent crude oil broke $40 per barrel for the first time in 2016 Both U.S. and international crude benchmarks are up over 5% today as rumors of a potential OPEC price floor give new hope of a “fair price for producers and consumers” – a phrase once favored by OPEC. WTI is up nearly $2 at $37.84 per barrel today,
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
Former Qatari Oil Minister campaigning for 2.5 MMBOPD cut Qatar’s former oil minister, Abdullah al-Attiyah, said he is concerned about the continued crude oil supply glut. He is talking to OPEC and non-OPEC producers about making cuts before oversupply becomes unmanageable “like a cancer,” reports Reuters. Attiyah, who served as Qatar’s oil minister from 1992 to 2011, said deals last
“There is no sense in wasting our time seeking production cuts” – Ali al-Naimi Both U.S. and international benchmark crude tumbled more than 4% this morning after making gains in the last week. The culprit was the comment from Saudi Arabian Oil Minister Ali al-Naimi that production cuts are not coming from OPEC’s largest producer. Hopes that a surprise deal
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
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