OPEC

US push European and Asian states for zero oil imports from Iran

June 27, 2018 | Commodities & Oilprice, Government & Regulations, Middle East, OPEC

Trump administration is looking to increase pressure on Tehran by cutting off its main revenue stream London, UK | – The Trump administration is asking its international partners for a full halt on oil imports from Iran by November 4, saying non-compliance could lead to sanctions. A State Department briefing on Tuesday confirmed that Washington is pushing to cut oil imports to zero. “We are not granting waivers,” an official told reporters. Instead, the Trump administration wants European, Asian and regional countries “to isolate streams of …

OPEC cuts may go deeper as another member sees output slump

April 27, 2018 | Angola, OPEC, South America

London, UK | – While plunging output in Venezuela captures the oil world’s attention; problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate — a shipping program seen by Bloomberg News shows crude exports will fall in June to the lowest since at least 2008 — the …

Qatar says too early to exit OPEC oil production cuts

April 05, 2018 | Middle East, OPEC

Tehran, Iran |  – OPEC and its allies should maintain oil supply curbs to guarantee healthy price levels which will allow increased investment in the industry and help avoid a big supply and price shock in the long run, OPEC member Qatar said. Qatar’s Energy Minister Mohammed al-Sada told Reuters he also supported the idea of creating a permanent platform for OPEC’s cooperation with Russia even after the current round of joint oil supply cuts ends. “There is a clear recovery in oil prices. But …

Unfazed by OPEC, Libya and Nigeria seek to boost oil output

December 12, 2017 | Libya, Nigeria, OPEC

London, UK |  – Less than two weeks after OPEC’s decision to extend oil production cuts, Libya and Nigeria – the only two exempt members of the group – are signalling their intent to raise output next year. While several ministers at the November 30 meeting of the Organization of the Petroleum Exporting Countries suggested the two nations had joined the output-curbing deal, both are working to add to their peak production from this year. On Friday, oil company Total said its new Egina field …

Russia concerns keeps market guessing ahead of OPEC meeting

November 28, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

  OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels a day off the market, but what’s not clear is for how long OPEC ministers head to Vienna on Thursday to decide whether to extend output cuts beyond March next year. The prospect, however, of an alliance breakdown between the world’s two largest oil producers threatens to scupper the cartel’s plans. OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels …

Iraq wants control of Kurdish region’s oil exports: state firm

November 02, 2017 | Development / Production, Middle East, OPEC

Baghdad, Iraq | – Iraq wants the Kurdistan region to stop independent crude exports and to hand over sales operations to the Iraqi state-oil marketer SOMO, the company’s director said on Thursday. Iraq is talking to Turkey to allow SOMO to sell the Kurdish crude that arrives by pipeline in Ceyhan, the Turkish terminal on the Mediterranean, acting SOMO director general Alaa al-Yasiri told reporters in Baghdad. About 530,000 barrels per day (bpd) used to arrive in Ceyhan via the pipeline until mid-October, of which …

Russia’s oil cut deal with OPEC may be extended to end of 2018 – Putin

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, OPEC

London, UK | – President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018, though he’ll wait to make a decision until nearer the expiry of the existing pact in March, Bloomberg reports. The comments are the strongest signal yet that the Kremlin is willing to redouble efforts to lift global energy prices, coming as Putin prepares to welcome King Salman Bin Abdulaziz of Saudi Arabia to Russia for the first time this week. …

OPEC’s long-sought success spoiled by 2018 oil supply worry

August 15, 2017 | Commodities & Oilprice, OPEC

London, UK | – Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding. Uncertainty about how supplies curbed by OPEC and its allies will be returned to the market in 2018 is clouding the outlook for crude, according to BMI Research. Prices remain vulnerable even though demand is strong, production gains are largely exhausted in Libya and Nigeria, and U.S. shale output is slowing, the …