Petrobras to be World's Largest Oil Producer
Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts.Brazil’s biggest-ever oil auctions in November were generally deemed to be disappointing, receiving…
Qatar Quits OPEC to Focus on LNG
Qatar said Monday that it will leave the oil cartel OPEC on January 1 after nearly 60 years. The announcement was made in a series of tweets.Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, announced Qatar’s withdrawal from OPEC and said the organization…
[Op/Ed] Congo and OPEC: A Marriage of Mutual Need
The Republic of the Congo has suffered dearly during the oil collapse; and Congolese President Denis Nguesso has pledged that the country would no longer be sitting on the side lines — suffering the effects of global decision-making in the oil industry without a voice.
Oil Falls as U.S. Shale Growth Gathers Pace
IEA sees U.S. gaining market share from OPEC, predicts robust oil demand in next 5 years. Oil prices edged lower towards $64 per barrel on Monday on predictions of a major spike in U.S. oil output in the next five years. International benchmark Brent crude was down 8 cents…
Venezuela's President: Oil Output up 200,000 bpd
Venezuela's president, Nicolas Maduro, said on Thursday the country's oil output was up 200,000 barrels per day at the beginning of 2018. Venezuela is undergoing an economic crisis, with quadruple-digit inflation and widespread shortages of food and medicine. Crude production is at its lowest levels in many years.
Unafraid Investors Pour Cash into U.S. Shale
Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to deliver up to 80 percent of the world's oil production gains through 2025, the International Energy Agency estimates…
Oil Falls On US Drilling
Oil prices fell on Monday, with U.S. crude easing from two-year highs on prospects of higher output, but losses were limited before an OPEC meeting that is expected to extend output limits. Brent crude oil was down 10 cents at $63.76 a barrel by 1430 GMT. U.S. light crude was 70 cents lower at $58.25. U.S.
U.S. Drilling Balances OPEC Cuts
OPEC and other producers expected to keep output limits. Oil prices fell on Monday, with U.S. crude easing from two-year highs on prospects of higher output, but losses were limited before an OPEC meeting that is expected to extend output limits. Brent crude oil was down 30 cents at $63.56 a barrel by 1310 GMT. U.S.
Barkindo Lauds Compliance with Oil Output Cut Deal
Compliance with the oil output cut deal between OPEC and non-OPEC nations is extremely high, OPEC Secretary-General Mohammad Barkindo said on Tuesday, adding that the global oil cartel was looking forward to strengthening its cooperation with Russia. Barkindo, on a visit to Moscow to attend an energy conference…
Ecuador President Says He's Tired of Fighting with OPEC
Correa, the leader of the Organization of the Petroleum Exporting Countries' smallest member, has long pushed for a cut in production to boost prices. However, those calls have gone unheeded by OPEC's bigger members. "With a small cut in production, the price could rise a lot," Correa told reporters. "Why don't they do it?
Oil Up as Multi-Year Lows Trigger Buying
Dollar at seven-week low against other currencies. Oil prices edged higher on Tuesday as a slump to near 11-year lows in the previous session triggered investors' buying appetite. Brent crude, the global benchmark, traded up 60 cents at $38.52 a barrel at 1117 GMT, after touching an intra-day high of $38.95. U.S.
Glencore's Hayward: OPEC's Strategy is 'Rational'
Oil cartel OPEC's decision to defend market share to counter a U.S. shale boom was "completely rational" and a sustained period of low prices was on the cards, Glencore's Chairman Tony Hayward said on Tuesday. Hayward said low prices had stimulated demand - expected…
Brent at $55 as Iran Talks Drag On
Iran hopes to wrap up talks by Wed night. Brent crude oil futures held around $55 a barrel as speculation continued over whether a preliminary deal over Iran's nuclear programme would be reached, opening the way for more Iranian crude to come into world markets. Talks…
Birol Elected as IEA Executive Director
The International Energy Agency (IEA) elected Turkish economist Fatih Birol as executive director, the Paris-based agency confirmed on Friday, a day after it was announced by Turkey. The current executive director, Maria van der Hoeven, a former Dutch economy minister…
High Noon on the Gulf Coast
Canada, Saudi oil set for showdown. As a test of wills between OPEC nations and U.S. shale drillers fuels a global oil market slump, a brewing battle between Canadian and Saudi Arabia heavy crudes for America's Gulf Coast refinery market threatens to drive prices even lower. While the stand-off between the oil cartel and U.S.
Banks Reassess Credit for U.S. Energy Firms
Banks are responding to tumbling crude prices by trimming the value of oil reserves tied to credit lines, possibly causing a cash crunch for some highly-leveraged U.S. exploration and production firms. With U.S. crude production still rising and the oil cartel OPEC showing no willingness to cut output to curb global oversupply…
Pain Looms for Some US Energy Firms as Banks Reassess Credit
Banks are responding to tumbling crude prices by trimming the value of oil reserves tied to credit lines, possibly causing a cash crunch for some highly-leveraged U.S. exploration and production firms. With U.S. crude production still rising and the oil cartel OPEC showing no willingness to cut output to curb global oversupply…
OPEC Inaction Sends Brent to Four-Year Low
Brent Crude off 4 year low, but set for 15 pct Nov drop. Brent crude fell to a fresh four-year low on Friday, sending oil-related shares and currencies lower, after OPEC decided against cutting output despite a supply glut. With markets in the United States due to reopen following Thursday's holiday, futures on major U.S.
Saudi's, PDVSA to Hash Out Price Question
Saudi Oil Minister Ali al-Naimi and Venezuelan Foreign Minister Rafael Ramirez will meet on Wednesday on the sidelines of a climate conference, according to a person close to the Saudi delegation. Though recently appointed foreign minister, Ramirez, the former energy minister and head of state oil company PDVSA…
