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OPEC Proposes Formal Oil-Production Alliance With Russia
OPEC Proposes Formal Oil-Production Alliance With Russia Even as the US brought sanctions against Venezuela’s state-run oil company, oil prices have slumped over the past week, erasing some of a January rebound that saw crude prices rebound alongside equities. But oil bulls who worried that Saudi Arabia and Russia’s tandem production cuts wouldn’t be enough […]
Oil Markets Could See Deficit In 2019
Oil Markets Could See Deficit In 2019 The oil supply surplus is “starting to reverse,” according to a new report from Bank of America Merrill Lynch. The investment bank noted that oil prices had collapsed in late 2018 not only because of an oversupply problem, but also because of other “non-fundamental factors,” including the selloff […]
Nothing To See Here, It’s Just Everything
Nothing To See Here, It’s Just Everything The politics of oil are complicated, to say the least. There’s any number of important players, from OPEC to North American shale to sanctions. Relating to that last one, the US government has sought to impose serious restrictions upon the Iranian regime. Choking off a major piece of […]
IEA Chief: U.S. Oil Output To Near Saudi+Russian Production By 2025
IEA Chief: U.S. Oil Output To Near Saudi+Russian Production By 2025 Total U.S. oil production around 2025 will almost equal the combined production of Russia and Saudi Arabia, Fatih Birol, the Executive Director of the International Energy Agency (IEA), told Turkish state-run Anadolu Agency on Friday. The huge growth in U.S. shale production will completely […]
Shale Under Pressure As Oil Falls Below $50
Shale Under Pressure As Oil Falls Below $50 The OPEC+ cuts still are not doing very much to boost oil prices, dashing hopes for many U.S. shale producers. With companies in the process of formulating their budgets for 2019, the prospect of $50 oil sticking around raises questions about the heady production figures expected from […]
The Impact of OPEC on Climate Change
The Impact of OPEC on Climate Change It is accepted that the Organization of the Petroleum Exporting Countries (OPEC) is a cartel that restrains oil production and keeps prices higher than they would otherwise be. Indeed, this is the premise behind the “OPEC Accountability Act of 2018” in the US Senate. This bill would address […]
Saudis Reportedly Target US Inventories By Slashing Oil Exports
Saudis Reportedly Target US Inventories By Slashing Oil Exports WTI prices briefly popped above $52 before fading quickly after Bloomberg reported that after flooding the US market in recent months, Saudi Arabia plans to slash exports starting in January in an effort to dampen visible build-ups in crude inventories. Bloomberg reports that, according to people […]
Multipolar World Order in the Making: Qatar Dumps OPEC
Multipolar World Order in the Making: Qatar Dumps OPEC The decision by Qatar to abandon OPEC threatens to redefine the global energy market, especially in light of Saudi Arabia’s growing difficulties and the growing influence of the Russian Federation in the OPEC+ mechanism. In a surprising statement, Qatari energy minister Saad al-Kaabi warned OPEC on Monday December […]
OPEC Cuts Deep to Save Cartel
OPEC Cuts Deep to Save Cartel With oil prices in free fall and the dawning realization that Great Reflation trade of 2017 is over, OPEC needed to do something drastic to remind everyone how important they are. Moreover, with Qatar quitting the cartel last week it was then doubly necessary for OPEC to make the […]
OPEC Surprises Markets With Last Minute Deal
OPEC Surprises Markets With Last Minute Deal In the last possible minute, OPEC+ managed to agree upon a massive cut of 1.2 million bpd, pushing oil prices up by over 3 percent. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to […]
Oil Volatile As Iran Denies Reports It Agreed To Deal
Oil Volatile As Iran Denies Reports It Agreed To Deal Update (8:00 am ET): Oil prices spiked Friday morning before quickly fading after Reuters reported that Iran has agreed to the OPEC deal for 800,000 b/d of cuts – only for an Iranian delegate to swiftly deny that report, sending crude prices back from whence […]
Qatar peak oil
Qatar peak oil Qatar announces it will leave OPEC Qatar to withdraw from OPEC in January 2019 Speaking at a news conference in the capital Doha, al-Kaabi said: “The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tonnes per year to […]
World Bank Warns Of Extreme Volatility In Oil Markets
World Bank Warns Of Extreme Volatility In Oil Markets After several months of oil price rises and then a sharp reversal over the last few weeks, world oil markets are in for more heightened volatility next year because of scarce spare production capacity among OPEC members. This warning comes from the World Bank, which in […]
Oil Crashes After Saudis Propose Smaller Than Expected Production Cut
Oil Crashes After Saudis Propose Smaller Than Expected Production Cut As if plunging equity futures were not enough for traders to worry about this morning, in the past two hours oil, which had rebounded heading into this week’s 2-day OPEC meeting, tumbled sharply, dropping as much as 5%, with WTI sliding as low as $50.23 […]
