Post Tagged with: "OPEC"

The Leading Source of Oil in 2035—It’s Not OPEC:  BP

The Leading Source of Oil in 2035—It’s Not OPEC: BP

Non-OPEC unconventional sources expected to provide growth in supply through 2035

BP 2016 Energy Outlook Supply Growth

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 …

Global Oversupply: Not as Bad as it Seems?

Global Oversupply: Not as Bad as it Seems?

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

Saudi Arabia Kills Venezuela’s Production Cut Deal

Saudi Arabia Kills Venezuela’s Production Cut Deal

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. …

Saudi Arabia Cutting – Price, Not Production

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 …

Nigeria Seeks $3.5 Billion in International Loans to Fill Holes from Drop in Oil Revenue

Nigeria Seeks $3.5 Billion in International Loans to Fill Holes from Drop in Oil Revenue

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 …

Source: theiet.org

Protests in Iran over New Petroleum Contracts

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 …

Source: Sweetcrudereport.com

Oil: The 30-Year Anniversary of the 1986 Collapse

The 1980s: a rough decade for cars, rock music and oil

The 1980s were a mixed up decade. Killer British-driven rock music and groundbreaking R&B artists were giving ground to wimpy, fake artists like Milli Vanilli. The era of …

KLR Group Sees Markets Rebalancing in 2017

KLR Group Sees Markets Rebalancing in 2017

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 …

Oil Climbs Above $32 as Markets Hope for a Saudi/Russia Deal

Oil Climbs Above $32 as Markets Hope for a Saudi/Russia Deal

Russia and Saudi Arabia may be more flexible on supply – Iraqi minister

Both U.S. benchmark WTI and international benchmark Brent crude oils rose above the $32 mark today as new hope for a supply deal emerged. Iraqi Oil Minister …

Iran and its Oil: Ready to Re-Enter Global Markets

Iran and its Oil: Ready to Re-Enter Global Markets

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, …

The IPO that Was (and May Still Be):  How Big is Saudi Aramco?

The IPO that Was (and May Still Be): How Big is Saudi Aramco?

Last week, a Saudi crown prince dropped a bombshell in an under-the-radar interview that was published in The Economist. He said that the kingdom was looking into spinning off Aramco, or some portion of it, to raise cash.

Comments regarding

Source: Sweetcrudereport.com

Iran and Saudi Arabia: if Current Actions Escalate to War, What Happens to Oil Prices?

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 …

Source: theiet.org

Sparks Fly Between Saudi Arabia and Iran Following Execution

Diplomatic ties cut in the Middle East

Oil prices were up Monday morning as tension between nations in the Middle East continue to rise. Saudi Arabia’s execution of Shia Muslim cleric Nemer al-Nemer on Saturday ignited rage in Tehran, where …

We’re Still Importing Crude Oil from OPEC.  Why?

We’re Still Importing Crude Oil from OPEC. Why?

An end of the year reflection on oil prices, global demand and OPEC by Greg Barnett

It’s Thursday morning, December 31, 2015.

I’m not going to sugar coat it – it’s been a tough year.  There have been family deaths, …

Effective Tomorrow: Are the Good Times Over for Saudi Arabia?

Effective Tomorrow: Are the Good Times Over for Saudi Arabia?

Kingdom Hikes Petrol Prices to Offset Record 15% Budget Deficit

Saudi Arabia knew there would be repercussions for its market-share-over-price strategy. The effects were apparent in its 2016 budget, released on December 28, 2015. In the first full year of …

December 28, 2015 - 6:39 pm Closing Bell Story‎, Finance, Oil and Gas 360 Articles, OPEC
U.S. Oil Prices: Export Ban Lifts, See What Happens

U.S. Oil Prices: Export Ban Lifts, See What Happens

The Brent/WTI spread disappears

Last Friday, Dec. 18, the United States Senate adopted the Omnibus Appropriations Act by a vote of 65-33 as did the House of Representatives by a 316-113 vote. Later that day, President Obama then signed into …

Source: WPX

Rig Count Sees Largest Drop in Percentage Terms Since April

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 …

OPEC Oil Production hits Three Year High  – 31.695 MMBOPD

OPEC Oil Production hits Three Year High – 31.695 MMBOPD

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 …

Venezuela Elects Opposition Government for the First Time in 17 Years

Venezuela Elects Opposition Government for the First Time in 17 Years

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 …

OPEC Removes Production Limit Altogether: the End of the Cartel?

OPEC Removes Production Limit Altogether: the End of the Cartel?

“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 …

Oil Drops Below $40  as OPEC Rolls Over Policy

Oil Drops Below $40 as OPEC Rolls Over Policy

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 …

OPEC: Too Close to Call - Oil & Gas 360

Differing Stances for OPEC Members on Eve of Biannual Meeting

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 …

New Iranian Oil and Gas Contracts Extend 20-25 Years

New Iranian Oil and Gas Contracts Extend 20-25 Years

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 …

Deposits in Saudi Banks Down $13.5 Billion in October

Deposits in Saudi Banks Down $13.5 Billion in October

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 …

U.S. Gasoline Prices Hit Seven-Year Low Ahead of Thanksgiving

U.S. Gasoline Prices Hit Seven-Year Low Ahead of Thanksgiving

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 …

OPEC a Year Later: Who Will Adapt and Survive?

OPEC a Year Later: Who Will Adapt and Survive?

A shot heard round the world

Last November 27, OPEC sparked the decline in crude oil prices that would see both international benchmark Brent crude, and U.S. benchmark WTI crude, lose more than 50% of their value. The group decided …

IEA Expects Demand Growth to Slow to 1.2 MMBOPD

IEA Expects Demand Growth to Slow to 1.2 MMBOPD

The IEA’s monthly report places demand growth down from its five-year 2015 high

The International Energy Agency (IEA) released its monthly report today, saying it expects global demand growth for oil to slow to 1.2 million barrels of oil per …

OPEC Production Slips 265 MBOPD Ahead of December Meeting

OPEC Production Slips 265 MBOPD Ahead of December Meeting

Production from OPEC’s two largest producers falls slightly ahead of next meeting

OPEC’s monthly Oil Market Report (OMR) released today showed the group’s production was down slightly to 31.38 million barrels of oil per day (MMBOPD), 256,000 barrels per day …

OPEC Countries: When the Money Runs Out, Then What?

OPEC Countries: When the Money Runs Out, Then What?

Bridging the budget gap

Lower commodity prices have hurt the economies of all of OPEC’s members considerably, with many of them needing to borrow money to bridge the budget gap. Libya, in particular, is expected to need large loans through …

OPEC a Year Later: Oil & Gas Employment Down 5%

OPEC a Year Later: Oil & Gas Employment Down 5%

U.S. oil and gas employment declines following OPEC decision

The oil and gas industry was thrown for a loop nearly a year ago when OPEC made a decision on Thanksgiving Day of last year to defer from its traditional role …

November 4, 2015 - 4:15 pm Oil and Gas 360 Articles, OPEC