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OPEC

(AP Photo/ Nabil al-Jurani, File)

Iraq’s oil exports climb to record with output at all-time high

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Iraq joined Saudi Arabia in pumping more oil as OPEC members defend market share against higher-cost producers. Brent crude has climbed 10 percent this year, spurring speculation that higher prices will lead to even more output and prolong a surplus.
Categories: General
(AP file photo/George Osodi)

OPEC crude market share at its lowest in more than a decade

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The erosion of OPEC’s dominance by surging North American shale oil prompted the group to abandon its decades-long role of balancing world markets at a meeting in November.
(Spencer Platt/Getty Images)

Oil price recovery on the way, panel says, but pace will be slow

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In a webcast, the panel of experts from financial services giant Ernst & Young said that the energy sector is expected to rebound, albeit at a sluggish pace, after several months of unrest following the collapse in oil prices that began last fall.
(ALEXANDER KLEIN/AFP/Getty Images

Speculators retreat from oil as OPEC oversupply crowds out shale

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Saudi Arabia, OPEC’s biggest member, is ready to produce more oil if demand rises, Oil Minister Ali-Al Naimi said June 18. It has 1.5 million to 2 million barrels a day of spare capacity, he said.
A handout picture released by the Saudi Press Agency (SPA) shows Saudi Arabia's new King Salman bin Abdul Aziz (C) praying along with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah (2nd L), King Hamad bin Issa al-Khalifa of Bahrain (L) and other dignitaries and officials during the funeral of his half-brother late King Abdullah in Riyadh on January 23, 2015. The desert kingdom's elderly King Abdullah died early in the morning and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam. AFP PHOTO / HO / SPA == RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/HO/SPA" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ==-/AFP/Getty Images

Saudi Arabia’s test for U.S. shale drillers isn’t over yet, Goldman says

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Saudi Arabia steered the Organization of Petroleum Exporting Countries in November to protect its market share in the face of swelling U.S. crude output, rather than cut supplies to shore up prices as it did in the past.
Ali al-Naimi, Saudi Arabia's petroleum minister, gestures as he speaks during a panel discussion at the Business Climate Summit in Paris, France, on Thursday, May 21, 2015.  (Jasper Juinen/Bloomberg)

World’s two largest oil producers meeting to form cooperation pact

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Saudi Arabia’s oil minister will meet his Russian counterpart in St. Petersburg to discuss energy, after which the world’s two biggest crude exporters plan on signing a cooperation pact.
(ALEXANDER KLEIN/AFP/Getty Images

OPEC revenues slump below $1 trillion for first time since 2010

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he revenue drop shows the strain on the group’s members as they increase pumping at a time of oversupply, following a Saudi Arabia-led strategy of defending market share instead of prices.
Memers of theOrganization of the Petroleum States meet In November 2014 at OPEC headquarters in Vienna. AFP PHOTO/SAMUEL KUBANISAMUEL KUBANI/AFP/Getty Images

Indonesia to rejoin OPEC in move to secure oil supplies

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The Southeast Asian country left the group in 2008 after nearly five decades of being the only Asian member amid declining oil reserves and investment
(DEwira/AFP/Getty Images)

IEA: Crude demand returns, and OPEC steps up

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The world’s appetite for crude is making a comeback as economies improve and cheap oil draws out more buyers, the International Energy Agency says.
(ALEXANDER KLEIN/AFP/Getty Images

OPEC’s push for market share is working, slowly but surely

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The group’s production increases came ahead of OPEC’s decision at a gathering in Vienna last week to keep the flow of oil steady even in the face of the oil bust, a strategy it has used to capture more of the market as other producers retreat.