The EIA has noted in This Week in Petroleum that, for the first time, the sum of non-OECD country demand contributed more than half to the total of liquid fuels consumed in the world. Figure 1. Changes in the relative shares of liquid fuel consumption…  More »

The Organization of Petroleum Exporting Countries will reduce crude shipments this month as rising U.S. production dulls a seasonal increase in the nation’s imports, tanker tracker Oil Movements said.  More »

Technological advances to harness shale resources will curb OPEC’s influence in the oil market and cap crude prices at $120 a barrel, said Nansen Saleri, former head of reservoir management at Saudi Arabian Oil Co.  More »

OPEC’s weakening grip on international oil markets is causing a lot of head scratching and hand wringing among countries that aren’t used to not getting their way. “I imagine some members of OPEC may be flipping out over shale oil,” Morningstar analyst Jason Stevens said.  More »

OPEC has formed a committee to examine the impact of U.S. shale oil, an admission that the burgeoning supply is worrying some of its members.  More »

OPEC oil ministers reached quick agreement Friday on keeping output targets steady but deferred solutions on how to deal with surging U.S. shale oil production and internal rivalries denting the organization’s image of unity.  More »

OPEC members agree that their production target will remain unchanged after a meeting in Vienna Friday, Venezuelan Oil Minister Rafael Ramirez told reporters in Austria’s capital Thursday.  More »

Saudi Arabia, the world’s largest crude exporter, is content with current conditions in the oil market, the kingdom’s petroleum minister said three days before OPEC members meet to assess the group’s output policy.  More »

Markets will also be watching Friday’s meeting at its Vienna headquarters of the Organization of Petroleum Exporting Countries.  More »

Saudi Arabia will need to drop production by a million barrels a day from 2012 levels if it wants to keep the global oil market balanced and defend $100 Brent, according to Energy Security Analysis Inc. consulting firm.  More »

The U.S. shale boom will send “shockwaves” through the global oil trade over the next five years, benefiting the nation’s refiners and displacing OPEC as the driver of supply growth, the IEA said.  More »

Since its inception in 1960, OPEC has never been shy in flexing its energy-fuelled power over the West. But those days are gone. And it’s not just the US and Israeli shale gas and oil revolution which threatens OPEC decline. OPEC is already grappling with a whole bunch of serious energy problems that are colluding to hasten its demise.  More »