Tag: OPEC

Libya halts biggest oilfield amid rebel attacks

The disruption “serves as a reminder that despite recovering export rates and the National Oil Corp.’s reassurances of stable supplies, the country remains in a state of civil war, where anything can happen,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said.  More »

OPEC cuts demand outlook by most in three years on shale

The change implies that OPEC’s 12 members would need to cut output by about 1.1 million barrels a day from the 30.3 million they produced in August.  More »

Insurance agents need to learn about energy, too

The first part of the day revolved on world events and their influence – perceived or real – on the oil industry as well as increasing U.S. oil production and what that means for OPEC.  More »

Oil demand up fastest since 2010 on China, IEA says

Global oil demand will rise at the fastest pace in five years in 2015 as China leads gains in emerging economies, the International Energy Agency said.  More »

OPEC: As U.S. production surges, global oil demand to grow in 2015

Global oil demand is projected to grow in 2015 as the world economy continues to recover but with U.S. production surging, demand for oil from the Organization of Petroleum Exporting Countries will continue to slide, the oil producer’s group announced Thursday.  More »

Oil slips closer to $103 as supply fears recede

Oil has been falling steadily since it hit a 10-month closing high of $107.26 on June 20 as the Iraqi government has slowly re-established stability.  More »

Texas oil production set to top No. 2 OPEC country

Texas now is pumping 36 percent of the nation’s oil, more than doubling its production in three years, according to new federal data.  More »

Bakken Shale oil explorers told to cut flaring or face punishment

Energy companies that don’t curb so-called gas flaring will face limits on the amount of oil they can pump from the Bakken shale formation, the North Dakota Industrial Commission said in a statement today.  More »

Iraq upheaval threatens oil development plans

The turmoil in Iraq has thrown the OPEC member’s ambitious plans to boost oil production into doubt, threatening to crimp its most vital economic lifeline.  More »

Deloitte: OPEC influence waning as US shale surges

Over the next five or six years, surging shale-oil production in the United States could cut deep into the Organization of Petroleum Exporting Countries’ influence over global oil prices, a new report says.  More »

Oil price creeps toward danger point for global economy

A spike in the price of crude historically has foreshadowed economic slumps and economists are worrying anew after the price touched its highest in nine months, above $113 a barrel, amid fresh violence in Iraq,  More »

Report: Iraqi strife could bring back 2008 oil prices

If the conflict in Iraq forced a third of the country’s oil production offline, it could thrust crude prices up $40 per barrel, a group of former military leaders and energy experts warned Tuesday.  More »
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