Tag: OPEC

January 23, 2019

The shale oil revolution will remain in the spotlight in 2019 and promises to once again be one of the most crucial factors driving global oil markets. Rapid growth in U.S. oil production is single-handedly satisfying worldwide oil demand – […]

January 18, 2019

The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the […]

January 17, 2019

OPEC slashed production in December, delivering a bullish signal to the market one month before the producer group officially began a fresh round of output cuts. Last month, OPEC struck a deal with Russia and nine other nations to keep […]

January 9, 2019

The U.S.-China trade war and booming American shale production are among the top worries for the United Arab Emirates’ energy minister and former OPEC president. After a volatile year for oil prices, hydrocarbon-exporting countries are buckling down for what could […]

January 7, 2019

If you thought global oil markets were a rollercoaster ride in 2018, better buckle up. Last year was certainly chaotic with international benchmark Brent prices surging above $85 a barrel in October, only to plunge 40% in the final months […]

December 20, 2018

OPEC is reportedly planning to release a table detailing voluntary supply cut quotas among its members and allies, Reuters reported Thursday, as the influential oil cartel steps up its efforts to put a halt to one of the biggest oil […]

December 13, 2018

While crude exporting countries worry about bearish forecasts for energy markets, the big oil supermajors can withstand fluctuating oil prices in the coming year, one ratings agency says. Cost cuts in the industry from previous years and promising cash flow […]

December 12, 2018

It’s been a very volatile year for oil prices. 2018 was marked with some of the highest prices that market has seen in almost four years, but also some of the largest single-day drops. Geopolitical concerns, financial moves and supply […]

December 6, 2018

Monday’s announcement by Qatar that it is leaving OPEC does not spell the end of that organization, or really do it much harm. But, coming as it does on the heels of the recent 30% drop in global crude prices, […]

December 6, 2018

Iran is refusing to cut its oil production at the latest OPEC meeting, saying it is a “red line” for the Islamic Republic. “It’s a red line for Iran to reduce its production, to contribute to a new cut in […]

December 5, 2018

Ministers from the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC partners like Russia descend on Vienna this week with the idea of taming an oil market whipsawed by extreme volatility. But any notion that the cartel can successfully “manage” […]

December 3, 2018

The future of OPEC is on shaky ground, an analyst told CNBC on Monday, after Qatar abruptly announced it would sever ties with the influential oil cartel after almost six decades. Qatar’s Energy Minister Saad al-Kaabi said at a news […]

November 30, 2018

The energy alliance between OPEC kingpin Saudi Arabia and non-OPEC heavyweight Russia faces its “toughest test yet” next week, analysts have told CNBC, ahead of a much-anticipated meeting between the influential oil cartel and its allies. OPEC and non-OPEC members […]

November 29, 2018

Iraq may be on the cusp of a revenue windfall after losing billions of dollars annually due to its insufficient oil production facilities, according to investors. International energy executives have been clinching new contracts to develop the hydrocarbon-rich country’s energy […]

November 21, 2018

Oil bounced above $63 a barrel on Wednesday to claw back some of the previous day’s 6 percent plunge, lifted by a report of an unexpected decline in U.S. crude inventories. The American Petroleum Institute (API) said on Tuesday that […]

November 16, 2018

How quickly things can change in oil markets. A month ago the industry was fixated on Iran sanctions, possible supply shortages and a lack of global spare production capacity — issues that drove benchmark Brent oil prices over $86 a […]

October 30, 2018

Who most benefits from US sanctions on Iran? Is it Saudi Arabia? Israel? Perhaps the United Arab Emirates? Try Russia. By weakening Iran, the sanctions cede Russia the power to balance crude oil markets. That’s because OPEC needs big producers […]

October 4, 2018

Oil prices on Thursday fell from four-year highs reached the previous session, pressured by rising U.S. inventories and after sources said Russia and Saudi Arabia struck a private deal in September to raise crude output. Brent crude oil futures were […]

October 3, 2018

Qatar’s energy minister has defended OPEC’s oil market strategy, saying a deal between the oil producing group and non-OPEC producers is not aimed at manipulating oil prices. “OPEC is not trying to manipulate the price, it’s trying to bring the […]

September 28, 2018

OPEC producers and President Donald Trump are both embracing a “show me” attitude to energy market uncertainty, analysts told CNBC on Friday, as traders speculate about the possibility of $100 a barrel before year-end. “The market and certainly the U.S. […]