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. ...
What is Saudi Arabia’s bottom line for propping up oil prices unilaterally before it leans on the rest of OPEC to help share the burden?
At $112 a barrel for Brent crude, well above OPEC’s preferred $100, it may not look like a hot issue just yet.
As Ali al-Naimi, oil minister for Saudi Arabia, OPEC’s biggest producer said this week, the oil market is in “the best situation it can be” and at “the right price.”
OPEC further lowered the forecast demand for its crude in the fourth quarter and 2014, and said its production remained higher than next year’s global requirement despite a plunge in Iraqi and Libyan output.
The outlook could point to a challenging 2014 for the Organization of the Petroleum Exporting Countries. Rising rival output will make it harder for it to keep its own production at high rates without risking a drop in prices below its preferred level of $100 a barrel.
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.
Iran’s interim deal with global powers on its nuclear program may do little to remove the risk premium on Middle East oil and may even send prices higher, according to an analyst.
“Price reaction may be subdued in the short-term,” said Michael Cohen, analyst at Barclays Bank Plc. in a telephone interview from New York. “There are so many geopolitical tensions that, if anything, could actually be worse off [due to] this deal.”
VIENNA — OPEC oil exporters on Thursday were in no mood to fight over how much crude to produce and instead weighed the impact of rising supplies of U.S. shale and a looming turf war in Asia.
The Organization of the Petroleum Exporting Countries has little room to pump more oil due to the U.S. oil boom that has sparked competition for marketshare in Asia and set off a rivalry between its top two producers Saudi Arabia and Iraq.
VIENNA — OPEC oil exporters, basking in the market’s equilibrium, agreed to leave output policy unchanged on Friday as oil held around the group’s preferred level of $100 a barrel.
The Organization of the Petroleum Exporting Countries will retain its 30 million barrels per day (bpd) production target for the rest of this year, said Venezuelan Oil Minister Rafael Ramirez, after a swift meeting at OPEC headquarters.
The group is due to gather again on December 4.
A surge in U.S. oil production has pushed the country’s output to the highest level since 1992, threatening the dominance of the Organization of Petroleum Exporting Countries.
The U.S. pumped 7.06 million barrels a day in the week ended Feb. 8, up 1 percent from the previous week and extending last year’s 19 percent gain, the Energy Information Administration said today. OPEC production fell to the lowest level in a year in January, the Paris-based International Energy Agency said today in its monthly report.
LONDON (Reuters) - OPEC oil output has risen slightly in October as extra supplies from Iraq, Angola and Libya have offset disruptions in Nigeria and a further decline in Iran to its lowest in two decades, a Reuters survey found on Wednesday. The survey indicates Iraq's expansion in export capacity and continued high output from top exporter Saudi Arabia are helping to compensate for reduced supply from Iran, whose output has fallen sharply due to Western sanctions. Supply from the 12-member Organization of the Petroleum Exporting Countries has averaged 31. ...