Post Tagged with: "Production cuts"

Oil Futures Extend Gains on Larger-Than-Expected U.S. Crude Draw

Oil Futures Extend Gains on Larger-Than-Expected U.S. Crude Draw

From Reuters


Oil prices rose in volatile trade on Tuesday supported by expectations of a drawdown in U.S. crude inventories, though gains were capped by worries about a recession and uncertainty over a China-U.S. trade deal.

Brent crude LCOc1 settled …

August 27, 2019 - 6:00 am
Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

From Reuters


China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including …

August 26, 2019 - 6:02 am
Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

From Reuters


Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.…

August 26, 2019 - 6:00 am
Oil Spills Into U.S.-China Trade War, Prices Slump

Oil Spills Into U.S.-China Trade War, Prices Slump

From Reuters


China on Friday said it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global …

August 23, 2019 - 6:02 am
Trump Calls on U.S. Firms to Exit China as Trade War Escalates

Trump Calls on U.S. Firms to Exit China as Trade War Escalates

From Reuters


President Donald Trump on Friday pressured U.S. companies to leave China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods, stoking fears their escalating trade war will tip the global economy into recession.

Trump, who has …

August 23, 2019 - 6:00 am
Trade War Impasse Casts a ‘Dark Cloud’ Over Outlook for US Oil Shipments, Analysts Warn

Trade War Impasse Casts a ‘Dark Cloud’ Over Outlook for US Oil Shipments, Analysts Warn

From CNBC


An escalating trade war between the world’s two largest economies is negatively impacting the outlook for U.S. crude shipments, energy analysts have warned, amid fears that China could soon dramatically reduce its intake of American oil.

Trade tensions …

August 19, 2019 - 6:01 am
Oil Soars Near 5% as U.S. Delays Tariffs on Some Chinese Goods

Oil Soars Near 5% as U.S. Delays Tariffs on Some Chinese Goods

From Reuters


Oil prices on Tuesday jumped by the most so far this year after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled …

August 13, 2019 - 6:00 am
OPEC keeps curbs - Saudi Arabia Minister of Energy Khalid Al-Falih - Oil & Gas 360

Saudis to Limit Oil Exports in September to Stabilize Market

From The Houston Chronicle


Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s …

August 8, 2019 - 6:04 am
Oil Rises More Than 2% on Firm Yuan, Expectations of More OPEC Cuts

Oil Rises More Than 2% on Firm Yuan, Expectations of More OPEC Cuts

From Reuters


Oil jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions.…

August 8, 2019 - 6:00 am
OPEC: Too Close to Call - Oil & Gas 360

Oil Surplus Makes Surprise Return Despite OPEC Cuts, IEA Says 

OPEC may need to cut output to 17-year low to balance market 

From Bloomberg  

Global oil stockpiles swelled surprisingly in the first half of this year as production cuts by OPEC and its partners failed to prevent the return of

July 15, 2019 - 5:27 am
We Will Retain Production Cuts Nine More Months: OPEC+

We Will Retain Production Cuts Nine More Months: OPEC+

I have no doubt U.S. shale will peak, plateau and decline

By Bevo Beaven, Editor, Oil & Gas 360

At today’s press conference following OPEC’s annual meeting in Vienna, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, …

July 1, 2019 - 6:50 pm
Source: EIA

U.S. Gulf Coast Crude Oil Imports at Lowest Level Since 1986

Domestic production has reduced imports approximately 83% since peak
As of March of this year, the EIA estimates that the United States Gulf Coast imports approximately 1.8 million barrels of crude oil per day (BOPD), the lowest recorded rate since

June 7, 2019 - 5:34 pm
Volatility Jumps in Canadian Oil Market After OPEC-Style Cut

Volatility Jumps in Canadian Oil Market After OPEC-Style Cut

From Bloomberg

Alberta’s OPEC-style oil production cut is working as planned, according to the Canadian province, but a dearth of timely crude-market data means traders don’t really know what’s going on.

Calls for a better system to inform the market …

January 23, 2019 - 12:26 pm
Source: Energybc.ca

Alberta Keeps Production Cuts Steady Despite Vanishing Differential

February cuts will be at same level as January
Alberta is holding course on its production cut plan even though the program has already achieved one of its primary goals, based on a release today.

The province’s production cut plan

January 10, 2019 - 5:11 pm
OPEC: Too Close to Call - Oil & Gas 360

Saudis to Press OPEC for a Million-Barrel Cut in Oil Production

‘One of the strangest OPEC meetings I can remember’: Crane

From the The New York Times

VIENNA — Saudi Arabia is poised to advocate that OPEC cut oil production by about a million barrels a day — roughly 1 percent …

December 6, 2018 - 11:55 am
Source: Keystone-XL

Keystone XL Ruling Comes at Worst Time for Canadian Oil Industry

From Bloomberg

  • Producers already grappling with shortage of pipeline space
  • TransCanada line seen as key to relieving that congestion

A Montana federal judge’s ruling that threatens to further delay TransCanada Corp.’s Keystone XL pipeline comes at one of the …

November 9, 2018 - 11:50 am
OPEC Output Pierces Ceiling at 32.5 MMBOPD

OPEC Output Pierces Ceiling at 32.5 MMBOPD

According to the latest S&P Global Platts OPEC survey released July 6, 2017, OPEC’s crude oil output increased by approximately 500,000 BOPD within the last two months, pushing the organization’s total output to 32.49 MMBOPD.

OPEC’s June output was 220,000 …

July 6, 2017 - 4:00 pm
Matchmaking: OPEC and Russia Want to Formalize a Long-Term Partnership

Matchmaking: OPEC and Russia Want to Formalize a Long-Term Partnership

Russia is looking to find ways to cooperate with OPEC despite years of saying it has no plans to join the group

OPEC and Russia hope to institutionalize cooperation between the two beyond the current production cuts, according to Russian

May 31, 2017 - 5:48 pm
Russia Signals More Flexibility as Prices Sputter

Russia Signals More Flexibility as Prices Sputter

Russia’s Novak suggests Russia has more room for deeper cuts

Crude oil prices fell more than 5% Thursday after OPEC extended a production cut deal which had originally help to buoy oil prices above $50 per barrel.

The extension will …

May 26, 2017 - 3:13 pm
Round Two: OPEC vs. U.S. Shale

Round Two: OPEC vs. U.S. Shale

OPEC will meet to decide on further production cuts next week, but will their efforts be ruined by the power of U.S. shale producers?

OPEC has been restraining production since the beginning of the year, after a group of cartel …

May 18, 2017 - 8:56 pm
OPEC: We Will Do “Whatever it Takes” to Rebalance Oil Markets

OPEC: We Will Do “Whatever it Takes” to Rebalance Oil Markets

OPEC could extend cuts to 2018, but in the long run U.S. shale “won’t make a dent”

As oil prices struggle to stay above $50 per barrel, OPEC appears to be ready to extend production cuts through the second half …

May 8, 2017 - 4:15 pm
OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC to make decision on cuts as part of regular meeting

The Organization of Petroleum Exporting Countries will hold meetings with its non-OPEC counterparts to decide the future of production cuts on the same day as the group’s scheduled semi-annual …

April 19, 2017 - 4:40 pm
Oil Prices Rise Ahead of OPEC Compliance Meeting

Oil Prices Rise Ahead of OPEC Compliance Meeting

Oil prices move higher as markets expect high levels of compliance among OPEC and non-OPEC members

Oil prices were up over $1 per barrel Friday as markets felt hopeful that OPEC and non-OPEC members taking part in production cuts were …

January 20, 2017 - 4:49 pm

Saudis Expect 6-Mo. Limit on Production Cuts

“It’s unlikely that we will need to continue [production cuts past June.]” – Khalid al-Falih

OPEC may not continue oil production cuts after the middle of the year, according to estimations from Saudi Minister of Energy and Industry Khalid al-Falih. …

January 16, 2017 - 5:21 pm
Dana Gas Iraq Operations

Doubt Surrounds OPEC Deal as Iraq Struggles to Make Cuts

Iraq may owe international oil companies compensation for lost production

Less than a week into the new year, many oil market experts are beginning to wonder if OPEC will be able to follow through with its production cuts.

Already Iraq, …

January 5, 2017 - 5:08 pm
Source: Bashneft

Non-OPEC Producers agree to Cut the Equivalent of China, India 2017 Demand Growth

Non-OPEC cuts will rely on natural decline curves

Oil prices continued to rise Monday on news that non-OPEC producers had come together over the weekend and agreed to cut 558 MBOPD, equal to the anticipated demand growth next year in …

December 12, 2016 - 5:29 pm
You Can Thank Putin for OPEC’s Cut

You Can Thank Putin for OPEC’s Cut

Russian President Vladimir Putin’s key role in brokering the OPEC agreement

The price of crude oil continues to climb past $50 per barrel following OPEC’s deal to cut 1.2 MMBOPD of production Wednesday.

A number of non-OPEC producers will …

December 1, 2016 - 5:10 pm

Iran and Iraq will be Stumbling Blocks to OPEC Production Cut

From the Wall Street Journal

VIENNA—Iran and Iraq emerged as major stumbling blocks to an OPEC agreement on reducing crude-oil output, as cartel members gathered ahead of their official meeting to tackle the thorny puzzle of how to share the …

November 22, 2016 - 9:17 am
OPEC: Too Close to Call - Oil & Gas 360

OPEC Member Sees Group-Wide Freeze and $50 Oil on the Horizon

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. …

February 29, 2016 - 6:17 pm