Tag Archives: shale oil

OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ …

In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Now, the cartel created 60 years ago is more likely to do Washington’s bidding. Since Saudi Arabia and other Arab OPEC members imposed their famous oil embargo as retribution for U.S. support …

Iraq is seeking an exemption from an OPEC+ deal curbing oil production during the first quarter of 2021 but will adhere to the cuts over the next three months, Oil Minister Ihsan Abdul Jabbar said on Wednesday. Abdul Jabbar has spoken about the exemption to OPEC oil ministers in three …

OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters. However, there was no agreement yet on whether to hold an OPEC+ …

Russian Energy Minister Alexander Novak is due meet oil majors to discuss the implementation of global oil production curbs and the possible extension of the current level of cuts beyond June, sources familiar with the plans told Reuters. The meeting on Tuesday is a further sign that Moscow is committed …

President Vladimir Putin discussed Russia’s cooperation with Iraq over an OPEC+ deal to reduce oil supply in a telephone conversation with Iraq’s Prime Minister Mustafa al-Kadhimi, the Kremlin said on Monday. The two men noted the importance of continuing their countries’ joint efforts in the oil markets, the Kremlin said. …

President Donald Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry. “Well, I’ll look at it,” Trump told reporters at a daily news conference after he was asked about requests …

Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said came from White House national security advisers. That the concept was even considered …

The United States is not concerned by the prospect of further output cuts by OPEC and its allied oil producers, U.S. Energy Secretary Dan Brouillette said on Tuesday. A technical panel that advises the Organization of the Petroleum Exporting Countries and its allies, led by Russia, have proposed an additional …

Iran supports deeper crude oil cuts by the Organisation of the Petroleum Exporting Countries (OPEC) if a majority of members agreed with it, Oil Minister Bijan Zangeneh was quoted as saying by the Iranian energy news website Shana. A technical panel, known as the JTC, that advises OPEC and its …

Saudi Arabia’s Industrialization and Energy Services Company (TAQA) announced today the signing of an agreement with AlMansoori Petroleum Services (AMPS). The announcement was made at the opening of this year’s International Petroleum Technology Conference (IPTC), taking place for the first time in the Kingdom of Saudi Arabia. The agreement establishes …

Oil prices slipped on Thursday after U.S. crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops. U.S. West Texas Intermediate (WTI) crude futures, were at $54.47 per barrel at 0740 …

Opec and its allies are pumping half a million barrels a day below the target they set two months ago as output drops in countries from Iran to Venezuela. The group is currently over-complying by 29 per cent, meaning it’s pumping less than it pledged. While there won’t be any …

Oil prices rose on Monday as US drilling stalled and as investors anticipated lower supply once new US sanctions against Iran’s crude exports kick in from November. Benchmark Brent crude oil rose $1.09 (Dh4) a barrel, or 1.4 per cent, to a high of $77.92 and was trading at $77.85 …

Brent crude is likely to trade in the range of $70-$80 (Dh257.11-Dh293.84) per barrel in the coming days due to supply concerns stemming from the decision of US President Donald Trump to reimpose sanctions on Iran, one of the biggest producers of oil in the world. According to analysts, Iran’s …

The Organisation of the Petroleum Exporting Countries (Opec) and other oil-exporting producers are expected to agree on a mechanism to monitor their crude production before the end of the year, Kuwaiti Oil Minister Bakhit Al Rashidi said on Wednesday. A committee set up by Opec and allied non-Opec exporters would …

BP Plc has agreed to buy US shale oil and gas assets from global miner BHP Billiton for $10.5 billion (Dh38.53 billion), expanding the British oil major’s footprint in oil-rich onshore basins in its biggest deal in nearly 20 years. The acquisition marks a big turning point for BP since …

Saudi Aramco is winning thanks to US President Donald Trump’s trade war with China. Sales of liquefied petroleum gas by the state-run producer to China — one of its biggest Asian customers — this year have already reached 90 per cent of all shipments in 2017, according to data from …

The world’s oil supply cushion could be stretched to the limit due to prolonged outages, supporting prices and threatening demand growth, the International Energy Agency said on Thursday. The expected drop in Iranian crude exports this year due to renewed US sanctions, coupled with a decline in Venezuela’s production and …

Opec and allies including Russia will boost oil production starting next month, offering relief to consumers after Saudi Arabia secured a last-minute deal to overcome Iran’s veto threat. “We have an agreement” for a “nominal” production increase of 1 million barrels a day, Saudi Energy Minister Khalid Al Falih told …

After months of sharp oil price rises there is now considerable uncertainty as to the market’s direction for the rest of the year, Opec said on Tuesday as a key meeting of oil producers looms. Question marks over global economic growth, and resulting oil demand, as well as over US …

“We need more oil!” isn’t usually the cue for a sell-off. But after Bloomberg News reported Tuesday morning that US officials asked Saudi Arabia and some other Opec members to bump up supply by about one million barrels a day — typically a demand that intimates some kind of shortage …

Oil prices will continue strengthening towards $80 (Dh293.84) per barrel due to geopolitical uncertainties in the market, but rising US production is expected to counter efforts by the Organisation of the Petroleum Exporting Countries (Opec) to curb production and keep the market tight, experts said. Global benchmark Brent was at …

The Organisation of Petroleum Exporting Countries (Opec) and non-Opec members are working towards market stability and are not aiming for certain prices, UAE Energy Minister Suhail Al Mazroui said on Sunday. “The objective of Opec and non-Opec members is to reach market stability, to have [the] market stabilised at an …

Oil prices closed at three and a half year peaks Monday ahead of a US announcement on Iran policy as global equity markets pushed higher. Speculation that US President Donald Trump would exit the Iran nuclear deal pushed US oil prices to their first close above $70 a barrel since …

Oil markets are expected to remain pressured throughout 2018 due to a rise in shale production, experts said. Oil prices are currently trading higher due to the strict implementation of an output cut agreement by the Organisation of Petroleum Exporting Countries (Opec) and non-Opec members, which seeks to lower global …

The oil stockpile surplus that’s weighed on prices for three years is all but gone, but instead of celebrating victory some of the world’s largest producers are finding reasons to continue cutting output. Opec and Russia’s historic agreement has achieved impressive results, wiping out 97 per cent of the targeted …

Opec is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation, the International Energy Agency said. Less than 10 per cent of the surplus in oil inventories remains, as Opec and its partners have cut …

Oil prices are likely to rise this year thanks to supply disruptions and an Opec-led deal to limit production, but doubts over the future of compliance with the multilateral agreement and rising US production could stem the upward momentum, a Reuters poll showed on Thursday. A survey of 31 economists …

Oil’s recovery to almost $70 a barrel hasn’t been sufficient to stimulate the return of enough investment in the sector, according to Saudi Arabia’s energy minister. “We will have a framework where we’re always monitoring, always working together, and always ready to step in to adjust production to stabilise the …

Energy executives say the Trump administration’s proposed steel and aluminum tariffs could bump up the cost of big-ticket projects needed for rapidly rising US shale oil and gas output by three to 10 per cent. Higher construction costs could slow growth in production and exports of crude and natural gas …

Oil prices rose on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut. U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.28 percent, to $61.42 per barrel. Oil ministers …

The United Arab Emirates has become the first country in the Middle East to import crude oil from the United States, Bloomberg reports. Citing data from the federal government, the financial news provider said a tanker carrying American condensate sailed from Houston and arrived in the Persian Gulf country last …

Saudi Arabian Oil Co. and Malaysia’s state-owned oil firm are close to raising an $8 billion loan to partly finance the construction of a planned refinery and a petrochemical complex in the Southeast Asian nation, people familiar with the matter said. Aramco and Petroliam Nasional Bhd could sign the loan …

The Federal Energy Regulatory Commission on Monday unanimously rejected a proposal by Energy Secretary Rick Perry that would have propped up nuclear and coal power plants struggling in competitive electricity markets. The independent five-member commission includes four people appointed by President Trump, three of them Republicans. Its decision is binding. At the …

Attention will turn towards rising shale oil production in the US and compliance among oil producers as Opec and its allies extend their output cut agreement to the end of 2018, analysts said. At a meeting in Vienna last week, Opec members and countries outside the group including Russia, Kazakhstan, …

Saudi Arabia’s plans to float state oil titan Aramco are prompting the country to think the unthinkable. Late last year, Saudi Arabia tried to get fellow oil producers around the world to agree to reduce production. Before an OPEC meeting in Vienna in November, Saudi officials were armed with an …

Oil prices are likely to be stuck within a range of $40 to $60 for the next year or more, according to the latest investment forecast from U.K.-based wealth manager Coutts. In its mid-year investment outlook, published Wednesday, the private bank – which is reported to have the U.K. queen …

The Secretary General of OPEC, Mohammad Barkindo, said today that the cartel he oversees, “has broken the ice in reaching out to shale producers in the U.S.” The announcement came as a surprise, since many have assumed that OPEC and shale producers are engaged in a prolonged battle in the …

Oil prices rose 1 percent early on Monday on a weaker dollar, but an increase in U.S. drilling activity stoked worries that a global supply glut will persist despite an OPEC-led effort to curb output. Global benchmark Brent crude futures were trading up 45 cents, or 1.0 percent, at $45.99 …

There’s yet another concern growing as oil prices continue to erode: A record U.S. fracklog. There were 5,946 drilled-but-uncompleted wells in the nation’s oilfields at the end of May, the most in at least three years, according to estimates by the U.S. Energy Information Administration. In the last month alone, …

Cash-strapped U.S. shale firms scaled back their hedging programs in the first quarter, leaving them more vulnerable to tumbling spot market prices just after OPEC reached a landmark deal to curb global supply. The pullback in hedging was driven by rising service costs and expectations that prices would continue to …