OPEC, Russia said they are not worried about U.S. shale production OPEC and non-OPEC producers are off to a good start in meeting the goals set in a production cut plan initiated at the start of the year, according to the group. OPEC’s Joint Ministerial Monitoring Committee (JMMC), designed to check compliance among the countries that have agreed to cut
Venezuela plans to cut production roughly 4% as OPEC prepares to lower output Venezuela said Tuesday that it plans to cut production by 95 MBOPD, or roughly 4% of its 2.4 MMBOPD of total production, as OPEC prepares to implement its production deal. Starting January 1, OPEC will cut back its output by 1.2 MMBOPD, while non-OPEC countries contribute an
Oil prices up over 1.5% as the end of the year approaches Both international and U.S. crude benchmarks were up over 1.5% Tuesday as oil prices continue to rally and 2016 draws to a close. U.S. crude oil prices have surged more than 25% since mid-November following the announcement that OPEC plans to cut production by roughly 1.2 MMBOPD starting
Skepticism remains about OPEC deal as group’s production chalks up another record high Both U.S. and international crude oil benchmarks WTI and Brent were down over $1 per barrel today following a rally in prices brought on by last week’s OPEC production agreement. Oil prices shot over the $50 per barrel mark after OPEC announced it would cut 1.2 MMBOPD
Global markets, producers hope for production limit agreement The markets are waiting to see whether or not OPEC will be able to finalize a production agreement this Wednesday as potential spoilers begin to surface. The group agreed in principle to trim its production in September, reversing a decision made Thanksgiving Day 2014 that saw the price oil plummet as the
Oil prices pushing markets higher Oil prices rose to a three-week high Monday as investors continue to bet that OPEC will come to an agreement on production. While international crude oil benchmark Brent and U.S. benchmark WTI are still about 39% and 38% below their value on November 21, 2014 – a week prior to OPEC’s initial decision to defend
OPEC appears to be struggling to close on a production agreement Oil prices dropped Monday as markets continue to lose faith that OPEC will be able to reach a production agreement by the end of November. A meeting this weekend among the group’s members ended without any definitive progress, and non-OPEC members like Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia
Total oil and natural gas production per day has rolled over and started to decline in Texas, according to data recently released by the Texas Railroad Commission. Total oil production for August 2016 was 84.8 MMbls, a six percent decrease from July production at 90 MMbls and an 18% decrease from August 2015 levels of 103.9 MMbls. Gas followed a
Department of Mineral Resources report shows production in North Dakota fell approximately 58.5 MBOEPD in August The slow rise in oil and gas prices has not been able to stop the continued decline of production in North Dakota, according to the Department of Mineral Resources. The department released its Director’s Cut for October, which covers production data from August, which
Unexpected oil deal sees crude oil prices jump OPEC announced yesterday a plan to reinstate a production cap for the group between 32.5-33.0 MMBOPD. The group reported producing 33.2 MMBOPD in its August report, meaning that OPEC would cut, at most, about 0.7 MMBOPD under the new agreement. Unlike the last time OPEC tried to broker a production agreement, it
OPEC agreed to cut production for the first time in eight years, according to a delegate briefed on the matter that Bloomberg spoke with under conditions of anonymity. The news shot oil prices up more than $3.00 to a high for the day for WTI of $47.45. Sources that asked to remain unnamed due to the sensitivity of the issue
Oil prices down: Iran and Saudi Arabia say no production deal in Algeria this week Oil prices erased gains from last week on Tuesday as Iran and Saudi Arabia confirmed that there would not be a definitive agreement on OPEC production coming out of the group’s meeting in Algeria this week. “This is a consultative meeting,” Saudi Energy Minister Khalid
