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. ...
Now that the narrative of rising gasoline demand and a "strong summer driving season" is finally over, courtesy of gasoline stocks that just refuse to drop...
... and a glut in PADD1 that has never been greater...
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.
LONDON (Reuters) - OPEC's oil output set another record high in November ahead of a deal to cut production, a Reuters survey found on Monday, helped by higher Iraqi exports and extra barrels from two nations exempted from cutting supply - Nigeria and Libya.
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…
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.