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
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
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 to move away from its traditional role of maintaining a reasonable crude oil price in order to protect its market
$40 Oil Prices Coming into View Once Again An inventory build of 4.2 million barrels (MMBO) pushed down the price of West Texas Intermediate (WTI) by nearly 3% in Thursday trading, increasing the United States’ crude stockpile to more than 487 MMBO overall. Crude oil inventories have now increased on a weekly basis for the last seven reporting periods, adding
Debt levels could increase to as much as 50% of GDP in five years Last week, the Saudi Arabian government was rumored to be creating a division specializing in monitoring government spending. Today, the Financial Times reports that OPEC’s chief producer will invest in international bond markets for the first time in its history. A senior official said the finalization
Global Oil Industry Reacts to Commodity Crash by Downsizing Saudi Arabia, a nation dependent on oil exports for 80% of budget revenues, 45% of gross domestic product and 90% of export earnings, is rumored to be creating a government division focused on monitoring government spending. The report from Bloomberg was not an exact confirmation, as Saudi’s finance ministry declined to
The Thanksgiving Day Decision Last November, 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 to move away from its traditional role of maintaining a reasonable crude oil price in order to protect its market share around the
The spread on OPEC members’ crude widens as competition increases Members of OPEC are beginning to cut their own prices relative to one another as the competition over share of global markets, particular Asia, continues to intensify. Traditionally, members of OPEC move prices together, but data today shows Kuwait is undercutting Saudi Arabia by the most on record and Iraq
As competition in Asia increases, Saudi Arabia turns to European Buyers As competition in Asia has become increasingly fierce as producers look to gain the largest possible foothold in the world’s fast growing markets. The fight for market share is so intense that the world’s largest crude oil exporter, Saudi Arabia, has been forced to reduce supplies to Asian markets
Russia Hits Post-Soviet Record of 10.74 MMBOPD Russian oil output hit 10.74 million barrels a day in September, the highest level of production seen in the country since the fall of the Soviet Union, reports The Wall street Journal. The post-Soviet record represented a 0.4% increase from production in August, which reached 10.68 MMBOPD. The gains were in large part
Survey of oil companies, producers and analysts shows declines in OPEC output OPEC production declined in September, led by lower output in the group’s three-biggest producers, according to a survey conducted by Bloomberg. The survey was taken of oil companies, producers and analysts, and it showed output from OPEC down 233,000 barrels per day from August to 32.05 million barrels
OPEC lowers expectations for non-member output OPEC once again revised down its expectations for non-OPEC member production growth in its September Oil Market Report, lowering expected output for both 2015 and 2016. The organization projects that for this year, non-OPEC supply growth will average about 880 MBOPD, 72 MBOPD lower than in last month’s report, due to lower-than-expected output from
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