Iraq nears oil output capacity of 5 mln bpd, committed to OPEC cuts

Saturday, 13 January 2018

Iraqi Oil Minister Jabar al-Luaibi said on Saturday that the OPEC member’s oil output capacity is nearing 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies. Luaibi said the supply cut agreement between OPEC and non-OPEC producers should continue despite a rise in oil prices. “The market now is not 100 percent stable,” he said at an industry conference in Abu Dhabi, ...

Oil surges to highest since 2014 as global stocks tighten

Thursday, 11 January 2018

Oil prices surged to their highest since 2014 on Thursday on tightening global crude stocks and after OPEC members said they would stick with output cuts for now despite gains in Brent to nearly $70 per barrel. Brent crude futures hit $69.88, their highest since December 2014. By 1531 GMT, the contract was trading at $69.70, 50 cents above the last close. US West Texas Intermediate (WTI) crude futures surged to $64.77, also the highest since December 2014, before edging ...

US oil prices hit highest since 2014, but analysts warn of overheated market

Wednesday, 10 January 2018

US oil prices hit their highest since 2014 on Wednesday due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating.A broad global market rally, including stocks, has also been fueling investment into crude oil futures.US West Texas Intermediate (WTI) crude futures were at $63.44 a barrel, 48 cents, or 0.8 percent, above their last settlement at 0752 GMT. Earlier prices rose to as much as $63.53, the highest since Dec. 9, 2014 ...

Oil dips away from mid-2015 highs as higher output looms

Wednesday, 3 January 2018

Oil prices held steady on Wednesday near mid-2015 highs reached the previous session as high output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran. US West Texas Intermediate (WTI) crude futures were at $60.50 a barrel at 1017 GMT, up 13 cents from their last close, though still not far off the $60.74 reached on the previous day that was the highest since June 2015. Brent crude futures - the international benchmark for oil prices - were at ...

Oil near mid-2015 highs on strong China data, tighter outlook

Thursday, 28 December 2017

Oil prices stood near their highest in two and a half years, supported by strong data from top importer China amid thin trading activity ahead of the New Year weekend. Heading into 2018, traders said market conditions were relatively tight because of supply cuts led by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) and Russia. US West Texas Intermediate (WTI) crude futures were up 2 cents at $59.66 a barrel by 1328 GMT. ...

Rising US output weighs on oil prices

Thursday, 14 December 2017

Oil prices came under pressure on Thursday after the International Energy Agency (IEA) increased its forecast for growth in US oil output next year, raising the prospect of excess supply. US West Texas Intermediate futures fell 29 cents to $56.31 a barrel, down from a high of $56.93. Brent crude futures were at virtually unchanged at $62.45 a barrel at 14.44 GMT, after hitting a session high of $63.14. The Paris-based IEA said US crude output next year ...

Kuwait: Exit strategy of global cuts to be discussed before June

Sunday, 10 December 2017

Kuwait’s oil minister Essam al-Marzouq said on Sunday that OPEC and other oil producers will study before June the possibility of an exit strategy from the global oil supply-cut agreement. “There are still meetings every couple of months for the ministerial monitoring committee, and there will be a study formed for the possibility of an exit strategy... before June,” he told reporters. The Organization of the Petroleum Exporting Countries and non-OPEC ...

Vienna and the oil world conflicts

Wednesday, 6 December 2017

Three years ago, former Saudi Minister for Petroleum Ali al-Naimi joined the OPEC summit deliberations in his usual calm manner, refusing to cut production unless all other member countries also agreed to do so.He believed the Saudi Arabia should maintain its share of the oil markets. Since that time, oil prices have been in a state of decline.Resilience of shale oil companiesThe perception of observers at that time was that OPEC countries with the least cost of production could bear lower ...

Mazen al-Sudairi

OPEC and non-OPEC pact: An endgame becomes necessary

Monday, 4 December 2017

OPEC’s suspense party is over, at least for the next few months as the cartel and its partners, including Russia, agreed to extend oil-production cuts to the end of 2018 and caught the market by surprise by including Libya and Nigeria in the deal for the first time, while leaving Iran uncapped. This was probably because unlike the wider production fluctuations by the two African countries, Iranian production seems to have stuck at around 3.75 mbpd given Iranian capacity constraints. Libya ...

Dr. Mohamed A. Ramady

Saudi Arabia reasserts oil market leadership role with deal in Vienna

Friday, 1 December 2017

Saudi Arabia has reasserted its leadership of the oil market on Thursday after brokering its desired extension of output cuts with OPEC and non-OPEC partners through to the end of 2018. The deal -- agreed after nearly nine hours of negotiations in Vienna -- kept its new ally Russia onside and prevented a sell-off that many analysts had feared, according to S&P Global Platts. OPEC agreed on Thursday to extend oil output cuts until the end of 2018 as it tries to finish clearing a global glut ...

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