$10 Trillion in global oil-related investment will be needed to Meet Demand: OPEC Supply: non-OPEC supply down 1 MMBOD by 2020; OPEC supply up 1 MMBOD by 2040 OPEC’s press release announcing the coming 2015 release of its annual World Oil Outlook tomorrow says “the dynamics of non-OPEC supply are currently clouded by uncertainties.” But the cartel said it feels good about its
Bank Looks for Commodities Prices to Rebound on “Broad Front” by 2017, Examines 2015 OPEC/Saudi Actions Scotiabank Economics released its annual commodities outlook today, saying near term WTI could be US$30, based on post-Dec. 4 OPEC oil trading below US$35 already, “and could drop to US$30 near-term.” Scotiabank reviewed Saudi Arabia’s Fall 2015 actions as “apparently willing to implement a series of output
Oil prices and rig counts decline 4% following OPEC meeting The total rig count for the United States in the week ended December 11, 2015, was down 4% from the previous week, the largest drop by percentage since the week ended April 10, 2015. The total rig count fell by 28 in absolute terms, finishing the week at 709, according
OPEC production reaches highest level since Indonesia left in 2009 In the group’s monthly release out today, OPEC reported that the group produced 31.695 MMBOPD, the most it has produced since 2009 reports The Wall Street Journal. The higher levels of production came mostly from Iraq, which added 247.5 MBOPD in November for a total of 4.3 MMBOPD. OPEC’s November
Maduro blames ‘economic war’ for loss of majority government For the first time in 17 years, Venezuela’s opposition party claimed a majority position in the National Assembly. Results from the election, held Sunday, indicate that the Democratic Unity Roundtable (Mesa de la Unidad Democratica, or MUD) Party claimed 99 seats, compared to just 46 for the United Social Party of
“We aren’t going to go back to a cartel … That time has passed” – U.A.E. Minister Al Mazrouei Just over a year after deciding to change its focus to defending market share rather than oil prices, OPEC members left their semi-annual meeting in Vienna on December 4 grim-faced, according to reports. After out-producing its self-imposed ceiling for 18 months,
OPEC shows no signs of slowing oil production Oil prices fell lower today as OPEC showed no signs of changing its policy of defending market share, which the group started on Thanksgiving Day of last year. U.S. crude benchmark WTI fell below $40 per barrel early today, down more than 2% from its closing price of $41.08 yesterday. The price
Oil prices rebounded today on the eve of the much-anticipated meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, with Saudi Arabia rumored to propose a solution to struggling oil prices that have dropped to their lowest levels since the summer. Argus Media, a London-based organization, hosted a webinar on December 2, 2015, previewing the upcoming meeting and
Iran lays out new IPC framework in Tehran Over the course of last weekend, Iran outlined the contractual terms on its new Iranian Petroleum Contracts (IPCs). Iran hopes to use the new contract terms to attract international investors to its oil and gas industry as it seeks to draw in $280 billion in foreign investment. Iran hopes the substantial amount
Saudi Arabia sees a squeeze in liquidity as oil prices remain low Demand for deposits dropped 4.7%, or about $13.5 billion, in Saudi Arabia over the course of October, forcing banks to borrow more from each other. The rate at which banks in Saudi Arabia lend overnight to each other jumped the most in seven years in November, the fifth
Charles Cherington, Co-Founder and Chief Executive Officer of Intervale Capital, speaks to CNBC’s Squawk Box regarding the state of the U.S. and global oil markets. Intervale Capital is a private equity firm investing exclusively in oilfield manufacturing and service companies, and has offices in Boston and Houston.
Thanksgiving represents one of the heaviest travel times in the United States The cost of gasoline across the United States is averaging $2.09 per gallon, as of November 23—that’s 73 cents lower than a year ago, and the lowest level ahead of Thanksgiving since 2009, according to the Energy Information Administration (EIA). Over the course of the last six Thanksgiving
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