Countries agreeing to freeze have little capacity to add Oil prices have recovered over the past weeks as news about a coordinated production freeze between OPEC and non-OPEC members has given the commodity a more stable footing in the market. Both U.S. and international crude benchmarks WTI and Brent are up over $40 per barrel as markets hope that cooperation
Saudi Arabia and Russia vie for market share in China Monthly oil imports to China in February were 20% higher in 2016 than the year before. The increased level of imports in February were the highest ever on a daily basis as the country takes advantage of low oil prices to increase stockpiles, reports Reuters. Saudi Arabia made up the
Brent crude oil broke $40 per barrel for the first time in 2016 Both U.S. and international crude benchmarks are up over 5% today as rumors of a potential OPEC price floor give new hope of a “fair price for producers and consumers” – a phrase once favored by OPEC. WTI is up nearly $2 at $37.84 per barrel today,
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. Earlier this month, four OPEC producers and Russia agreed to maintain production at January levels, welcome news in a global market
Former Qatari Oil Minister campaigning for 2.5 MMBOPD cut Qatar’s former oil minister, Abdullah al-Attiyah, said he is concerned about the continued crude oil supply glut. He is talking to OPEC and non-OPEC producers about making cuts before oversupply becomes unmanageable “like a cancer,” reports Reuters. Attiyah, who served as Qatar’s oil minister from 1992 to 2011, said deals last
“There is no sense in wasting our time seeking production cuts” – Ali al-Naimi Both U.S. and international benchmark crude tumbled more than 4% this morning after making gains in the last week. The culprit was the comment from Saudi Arabian Oil Minister Ali al-Naimi that production cuts are not coming from OPEC’s largest producer. Hopes that a surprise deal
Members may offer Iran special terms The world’s two largest crude oil producers, Russia and Saudi Arabia, announced that they would freeze their production at January levels along with several other OPEC members in an attempt to stabilize crude oil prices. While the news seems like a positive step toward lifting the price for crude oil, Iran remains a key
Markets unsatisfied with deal to maintain production The first signs of cooperation between OPEC and non-OPEC countries on crude oil production emerged today in the form of a deal between Russia and three OPEC members, including the group’s largest producer, Saudi Arabia. Russia, Saudi Arabia, Venezuela and Qatar agreed to a production freeze today, as the global glut of crude
WTI crude oil prices hold above $29 per barrel, while production remains steady Crude oil prices shot up over 12% last Friday, moving prices up from a 12-year low last week. Comments from The UAE’s Oil Minister Suhail bin Mohammed al-Mazrouei about OPEC being ready for production cuts excited trading, with many hoping OPEC might reprise its role as a
UAE energy minister said OPEC members ready to cooperate The price of oil today approached a new low of $26.21 per barrel today, the lowest since May 8, 2003, when it hit $26, before bouncing up on news of a possible production cuts from OPEC. The Wall Street Journal’s Summer Said reported on Twitter that the UAE’s Energy Minister Suhail bin
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 as a reaction to Iran’s return to global oil markets. Saudi Arabia discounted even its best-quality crude, similar in quality
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 stay at about 10.4 MMBOPD, while Iran gradually ramps up production and Iraq’s output moderates. The crash in oil prices
