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 BOPD larger than May’s output, Platts said. Rises in production from Libya and Nigeria assisted in keeping the organization’s output
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 Energy Minister Alexander Novak and OPEC Secretary-General Mohammad Barkindo. The group of producers and Russia overcame years of mutual distrust
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 see the group continue to leave 1.2 MMBOPD of production in the ground for an additional 9 months, a decision
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 members teamed with Russia and other non-OPECs and agreed to production cuts last November. In total, the OPEC group targeted production
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 of 2017 in an attempt to rebalance markets. Both WTI and Brent crude oil prices were up slightly today, but
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 meeting on May 25, according to multiple sources. The group’s decision to pull back on production helped to bolster oil
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 complying with their agreement. A committee designed to monitor oil-producer compliance with the cuts is scheduled to meet this weekend.
“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. The group is scheduled to meet in May to discuss whether or not production cuts should continue. “Based on my
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, the group’s second-largest producer, appears to be facing problems in implementing cuts as the cash-strapped country looks to lower output
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 China and India, according to data from the IEA. Taken together with OPEC’s 1,200 MBOPD cut, announced November 30, the
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 join the organization in lowering output, chiefly Russia, which has agreed to reduce its production 300 MBOPD from post-Soviet highs. Russian
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 pain of reducing their production. Officials of the Organization of the Petroleum Exporting Countries who met for midlevel talks aimed
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