Sinopec shuts-in four production sites As the oil price slump continues amid OPEC’s battle to maintain market share, the group’s goal of eliminating high-cost production appears to be working, but perhaps not where OPEC had originally hoped. Sinopec (ticker: SNP), China’s second largest crude oil producer, announced today that the company will be shutting in four of its least profitable
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
WTI crude oil prices hold above $29 per barrel, while production remains steady Crude oil prices shot up over 12% last Friday, moving prices up from a 12-year low last week. Comments from The UAE’s Oil Minister Suhail bin Mohammed al-Mazrouei about OPEC being ready for production cuts excited trading, with many hoping OPEC might reprise its role as a
An Oil & Gas 360® exclusive interview with Kirk Kinnear, vice president of crude logistics and hedging at Continental Resources Market volatility has crude oil prices making huge swings, both up and down, with markets reacting to even just a hint of production cuts with a 10% spike in the price of U.S. benchmark WTI crude oil. Many are predicting
Hopes of a coordinated cut from OPEC continue to spur WTI prices Prices for U.S. crude oil benchmark WTI were up over 12% at 1:20 p.m. EST today on continued hopes that OPEC would cut production in order to bolster prices. WTI approached 12-year lows yesterday as the global supply cut persisted, until news that OPEC was ready to consider
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
Non-OPEC unconventional sources expected to provide growth in supply through 2035 The continued growth of global economies will continue to drive demand for energy around the world, according to BP’s (ticker: BP, BP.com) 2016 Energy Outlook. According to the study’s base case scenario, global GDP will more than double in the next 20 years, with energy demand growing by about
Global output falling despite higher OPEC production; Wells Fargo’s Read looks for a deficit 2H2016 The International Energy Agency released its Oil Market Report for February, showing lower levels of production globally, despite higher output from members of OPEC. According to the release from the IEA today, global oil supply dropped 0.2 MMBOPD to 96.5 MMBOPD despite a production increase
Venezuela on track for the largest sovereign debt default in history OPEC’s members, along with other major oil producers like Russia and the U.S., have all been feeling the pain of lower oil prices, but perhaps none more than Venezuela. The country relies on oil exports for “96 percent of its hard currency and 40-45 percent of the federal budget,”
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
OPEC member Nigeria looking to fund power, transport and road infrastructure projects with cheap money Nigeria, an OPEC member and Africa’s largest economy, is looking to international institutions in order to fund its record-setting 2016 budget. With approximately 35% of GDP, 75% of government revenue and 90% of export earnings coming from oil, the continued low price of crude oil
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
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