Opec News
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By AFP
Jeddah -
Saudi Energy Minister Khaled al-Faleh said Friday the global market has the capacity to absorb higher oil prices, drawing a swift reaction from US President Donald Trump who accused OPEC of inflating prices.
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By AFP
Washington -
US President Donald Trump criticized the Organization of Petroleum Exporting Countries (OPEC) Friday for what he said were artificially high oil prices, adding they "will not be accepted.
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The Organization of Petroleum Exporting Countries (OPEC) for the first time, is forecasting that new oil supplies from its rivals will exceed growth in demand this year as the U.S. industry thrives.
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The number of barrels of U.S. oil exports heading for international markets is growing, despite OPEC's efforts to drain inventories and support oil prices. On Monday, a supertanker left Louisiana laden with oil for China.
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By AFP
Riyadh -
Saudi Arabia said Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over US oversupply.
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Paris-based IEA raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd, after the International Monetary Fund upped its estimate of global economic growth for this year and next.
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By AFP
Muscat -
Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices.
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Oil prices started the week just below $70 on Monday, pressured by a rising U.S. rig count, even as the price of crude continues to hover near record three-year highs.
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Both Brent Crude and West Texas Intermediate (WTI) started trading in 2018 above US$60 a barrel for the first time since January 2014, before prices collapsed.
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By AFP
Vienna -
A joint committee of oil producers inside and outside OPEC has recommended that a deal curbing output be extended, Russia's energy minister said ahead of a key meeting in Vienna on Thursday.
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The turmoil being seen in the oil and gas industry, along with the surge in technologies behind the electric vehicle, wind and solar industries are about to butt heads in a showdown that will eventually lead to the demise of OPEC.
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Oil prices were looking up at the start of 2017, with crude hitting a high of $58 a barrel in January after dropping to $27 in 2016. But oil prices have started to flounder again, and the big oil companies are preparing to do some more belt-tightening.
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Continued worries over a global oversupply have knocked about 10 percent off U.S. crude futures this year, even though a deal had been reached with OPEC to curb production. But that hasn't stopped U.S. shale firms from pumping even more oil.
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Production rose again in the Permian Basin in May this year. And while not a surprise, some investors are pulling away from the boom, fearful that shale will become a victim of its own success.
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Washington -
The White House budget will be delivered to Congress on Tuesday, and as part of President Trump's plans to help balance the federal budget is a proposal to open the coastal plain (Area 1002) of Alaska’s Arctic National Wildlife Refuge to oil drilling.
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Vienna -
After a bruising recent fight, now ended, in which Saudi Arabia pumped more and more oil to drive shale producers out of business, US oil shale bankers came to Vienna this week and top OPEC oil officials are planning a trip to Texas.
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By AFP
Vienna -
Oil producers within and outside OPEC are expected Thursday to extend a deal cutting output aimed at lifting the price of crude, but US rivals could spoil the party.
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Washington -
The Trump plan to sell off half of the US strategic oil reserve was a surprise move and goes counter to OPEC's attempts to limit supply and boost prices.
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When OPEC announced its first oil production cut in eight years in January, oil traders around the world began emptying their storage tanks of millions of barrels of crude, flooding the market. But, the expected end to the world oil glut is not happening.
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Oil prices are still sluggish, actually losing ground this week because of continuing concerns over slowing demand and the rise in U.S. oil output. Investors have just about lost faith in OPEC's ability to re-balance the market.
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By AFP
Paris -
Supply and demand in the oil market are close to matching up, the IEA said Thursday, as landmark OPEC-led production cuts are mitigated by rising US supply and slipping worldwide demand growth.
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By AFP
Paris -
OPEC said Tuesday oil producers have kept their promise to cut output in accordance with a landmark deal designed to lift petroleum prices.
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According to independent economists, oil production and exports under the Trump administration are forecast to hit fresh records. It helps that a rollback on environmental regulations has been put in place, including a halt to methane emissions reviews.
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By AFP
Moscow -
Russian Energy Minister Alexander Novak, responding to a decision by OPEC Wednesday to reduce crude output to lift prices, said Russia was ready to cut its own oil production by 300,000 barrels a day next year.
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By AFP
Moscow -
Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani on Monday expressed support for OPEC's plans to limit the cartel's output ahead of a crucial meeting this week.
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By AFP
Alger -
Venezuelan Oil Minister Eulogio del Pino said Monday he was "optimistic" that an OPEC meeting this week in Vienna will reach agreement on oil production cuts to boost prices.
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By AFP
Budapest -
Iraq has to up its crude output because dwindling oil prices and the fight against Islamic State have left "a huge hole" in the economy, Foreign Minister Ibrahim al-Jaafari said Tuesday, as the OPEC cartel scrambles to agree a production cut deal.
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By AFP
Alger -
Saudi Arabia's oil minister said it was "imperative" that OPEC nations finalise an agreement over a cut in oil production aimed at boosting crude prices, Algerian media said Sunday.
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By AFP
Vienna -
OPEC officials held talks with Russia and other non-cartel members Saturday in Vienna to debate how to implement a plan aimed at cutting oil output to reduce a global supply glut and bolster prices.
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By AFP
Istanbul -
Russia on Tuesday said its oil majors were ready to back moves by the government to curb oil production in coordination with OPEC to push up pressured oil prices.
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Opec Image
Oil pices at close of trading on March 14, 2018. Bloomberg Energy
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