LONDON (Reuters) - OPEC output in May has hit its highest since 2008 as Saudi Arabia maintained high production rates despite a drop in prices and Iranian shipments did not fall substantially further ahead of an EU embargo, a Reuters survey found on Tuesday.
LONDON (Reuters) - OPEC output in May has hit its highest since 2008 as Saudi Arabia maintained high production rates despite a drop in prices and Iranian shipments did not fall substantially further ahead of an EU embargo, a Reuters survey found on Tuesday. Supply from the 12-member Organization of the Petroleum Exporting Countries has averaged 31.80 million barrels per day (bpd), up from 31.75 million bpd in April, the survey of sources at oil companies, OPEC officials and analysts found. ...
LONDON — Brent crude prices hit their lowest in over 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year.
Oil production is running close to record highs and, with more barrels poised to enter the market from the likes of Iran, the United States and Libya, the price of crude is set for its largest monthly percentage decline in seven years.
While OPEC’s fight to snatch market share from rival oil producers might look like a costly failure as prices languish below US$50 a barrel, an entirely different picture could emerge next year.
Supplies outside OPEC are expected to contract in 2016 for the first time since 2008, sliding by 200,000 barrels a day, according to the International Energy Agency. With consumption set to grow by 1.4 million barrels a day, OPEC and its de facto leader Saudi Arabia could seize the chance to broaden their market as competitors damaged by the price slump fall off.
Big News! Saudi Arabia just opened a new front in ongoing “oil wars” that are being fought across the world. A few days ago, Saudi made a relatively quiet move; but it may as well have bombed Pearl Harbor, considering the impact and implications.
Saudi actions are already cascading across oil markets. We’ll likely see effects in the short-, medium- and long-terms. What will it mean for your energy investment portfolio? Let’s think it through…
LONDON: Oil prices resumed their slide on Tuesday, with US crude falling below $37 per barrel for the first time since early 2009, amid fears the world was running out of capacity to store crude as a global glut intensifies. The global oversupply is being compounded by OPEC's failure last week to agree a production ceiling, with members Iran and Iraq promising to ramp up output and exports next year. Benchmark Brent and WTI futures both fell more than 6 per cent on Monday, and on Tuesday they hit fresh lows last seen during the credit crunch of 2008/09.
Wall of Supertankers Heads For US
Brent crude at $125, US Crude at $110, and soaring gasoline prices everywhere have caused quite a stir. See Highest Price Ever of Gasoline in March; State-by-State Gas Price and Gas Tax Comparison for a discussion.
In response to high prices, Saudi Arabia has a plan to send a wall of supertankers to the U.S. to knock down prices and Republicans have attacked President Obama for not doing enough.
The latest confirmation that the oil cartel formerly known as OPEC is effectively non-existent, came a little over an hour ago when in its latest November monthly report, the Organization of Petroleum Exporting Countries reported that total monthly crude output for the member nations rose to 31.695 million barrels per day, the highest amount produced in three and a half years.
LONDON/NEW YORK — Saudi Arabia is quietly telling the oil market it would be comfortable with much lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch.
Some OPEC members including Venezuela are clamoring for production cuts to push oil prices back up above US$100 a barrel.
LONDON: Oil prices rose on Friday, breaking a two-day losing streak, after OPEC ministers maintained their existing oil production target for another six months at a level below current output. Speaking on his way out of OPEC's biannual ministerial meeting in Vienna, Saudi Arabia's oil minister Ali al-Naimi said the 12-member group had agreed to maintain their production target at 30 million barrels per day (bpd). The Organization of the Petroleum Exporting Countries had rolled over its target, he said.