Tag: OPEC

Saudi prince sees ‘excellent’ oil market as kingdom meets demand

“We will supply any demand for Saudi oil, as we are interested in the stability of the market,” Prince Abdulaziz said.  More »

Saudi Arabia’s solution to global oil glut: Pump even more crude

The world’s biggest oil exporter now has incentive to maximize output and undermine rival producers by using its reserve capacity.  More »

CERAWeek: OPEC’s not dead, just different

OPEC no longer has the same stranglehold over oil markets it once had, but it’s wrong to declare the cartel dead, a panel of Middle East experts and analysts said Tuesday.  More »

CERAWeek: U.S. and Wall Street take over OPEC’s role as global swing producer

Financial markets underpinning the U.S. shale boom have emerged as the world’s de facto regulator of global oil production, taking over from the Saudi Arabia-led cartel of crude exporting nations that abdicated its decades-old role in November, a top IHS researcher said Monday.  More »

Oil prices retreat after OPEC reports 810,000-barrel boost in March

OPEC predicted output from U.S. oil fields would stall out and eventually fall later this year as producers park hundreds of drilling rigs.  More »

Saudi Arabia adds half a Bakken to global oil market in a month

Prices collapsed almost 50 percent last year as Saudi Arabia led OPEC in maintaining production in the face of a global glut.  More »

OPEC surge ahead of Iran exports could stall oil recovery

The International Energy Agency says Russia, India and others gobbled more cheap crude last month but oil-exporting states including Saudi Arabia pushed out more crude than in almost two years, a bid to remain kings in the oil market as Iranian exports loom.  More »

Shale output is falling faster than expected

Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite a global glut, the shale oil industry will record its first monthly dip since 2013.  More »

Bullish bets on oil increase

e funds boosted net-long positions on West Texas Intermediate crude by 30 percent in the seven days ended April 7, the biggest jump since October 2010, U.S. Commodity Futures Trading Commission data show  More »

Saudi Arabia sees crude price rising as it boosts oil production

OPEC kept output targets steady at its meeting in November, focusing on maintaining market share rather than supporting prices. The group meets next in June.  More »

Ruble trims weekly gain with stocks after oil drops on Iran deal

The ruble’s strength amid weaker oil prices risks exacerbating a budget shortfall that’s forecast to be the widest since 2010.  More »

Iran moves closer to restoring oil exports on nuclear accord

Minutes after the deal was announced, Brent crude, the global benchmark, fell as much as 5.4 percent.  More »

Oil is heading for its longest run of quarterly drops as the deadline for an Iran deal looms

Oil in New York is sliding toward the longest run of quarterly declines since 2003 amid speculation the global surplus that cut prices by almost 50 percent last year will persist.  More »

Blackstone CEO sees ‘remarkable’ opportunities in slumping oil

Most of Blackstone’s energy investments aren’t in oil, meaning its exposure to lower oil prices is limited, CEO Stephen Schwarzman said.  More »

Iran is waiting to flood the market with as much as 35 million barrels of crude

If a deal on its nuclear program is reached, the Persian Gulf nation could add its stockpiles into an oversupplied oil market where prices have fallen more than 50 percent since June.  More »
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