DUBAI (Reuters) - Top oil exporter Saudi Arabia pumped 9.8 million barrels per day (bpd) of crude oil in May, an industry source said on Saturday. May's oil production was lower by 300,000 bpd from April when the Saudi kingdom pumped 10.1 million bpd, its highest for more than 30 years, as it bids to meet growing demand and curb oil prices. Members of the Organisation of Oil Exporting Countries (OPEC) will meet on June 14 in Vienna to review output policy. (Dubai Newsroom)
energyspectrumindo.com(Reuters) - Goldman Sachs said the formal agreement by non-OPEC oil producers this weekend in Vienna to help curb output was reached with a goal of "normalization" of inventories and not necessarily just at raising oil prices.
LONDON — Oil prices climbed more than $1 on Wednesday, lifted by a surprise drawdown in U.S. inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts should create a crude deficit in the first half of 2017.
“For those looking for a rebalancing of the oil market the message is that they should be patient, and hold their nerve,” the IEA said in its monthly report.
KUWAIT CITY: Gulf oil producers, led by Saudi Arabia, will resist attempts to cut output at an OPEC meeting next month as preserving market share remains their top priority, industry analysts said. A decision by the 12-member Organisation of Petroleum Exporting Countries not to cut production in November sent prices crashing 60 per cent before a partial recovery in recent weeks. Gulf and other OPEC members said they wanted to safeguard their share of a market that has faced a supply glut as a result of sharp increases in the production of shale and sand crudes.
Top oil exporter Saudi Arabia pumped 9.8 million barrels per day of crude oil in May, an industry source said on Saturday. May's oil production was lower by 300,000 bpd from April when the Saudi kingdom ...
Kuwait City (AFP) - Gulf oil producers, led by Saudi Arabia, will resist attempts to cut output at an OPEC meeting next month as preserving market share remains their top priority, industry analysts say.
By Prathamesh MallyaWTI and Brent oil prices rose around 2.5 and 2 per cent, respectively, over the past fortnight (1st-14th Dec'2016), while on the MCX, prices declined marginally by around 0.03 per cent.The past fortnight saw oil prices consolidate in a narrow range of ($51-53/bbl) as investors awaited the outcome of key events such as policy reviews by the ECB, the US Fed and RBI.RBI maintained status quo by keeping the rates unchanged; ECB extended its bond-buying programme till December 2017, however, reducing the asset purchases to euro 60 billion per month from the previous euro 80 bill
Top oil exporter Saudi Arabia told OPEC it reduced its oil output in August by 400,000 barrels per day (bpd), a cutback coinciding with a drop in oil prices towards the kingdom’s preferred level of $100 a barrel.
In a monthly report issued on Wednesday, the Organization of the Petroleum Exporting Countries also cut its forecasts for demand for OPEC crude this year and next, pointing to a supply surplus of more than 1 million bpd in 2015 if OPEC keeps output at current levels.
LONDON: OPEC oil output fell in August from the highest monthly level in recent history, a Reuters survey found on Wednesday, as disruptions to flows on Iraq's northern pipeline halted supply growth from the group's second-largest producer. Largely stable output from Saudi Arabia and other Gulf members of the Organization of the Petroleum Exporting Countries indicated they are not wavering in their focus on defending market share instead of prices.