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OPEC

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OPEC Sees Oil Glut Shrinking In Second Half Of Year

June 13, 2016

OPEC forecasts that the world oil market will be more balanced in the second half of 2016 as outages in Nigeria and Canada help to speed up the erosion of a supply glut. The Organization of the Petroleum Exporting Countries pointed in a monthly report to supply exceeding demand by just 160,000 barrels per day (bpd) in… Continue Reading »

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OPEC Optimism Masks Iran Risk to Oil Rally From 12-Year Low

June 7, 2016

Oil’s recovery from a 12-year low may be too good to last as Iranian output rebounds faster than expected. OPEC last week stuck to its policy of unfettered production, deciding against a new output ceiling as the price rally supported optimism among its members that the oil market is improving. Bijan Namdar Zanganeh, Iran’s oil… Continue Reading »

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Falih Charm Offensive Slowly Wins Back OPEC For Saudis

June 6, 2016

Russian oil billionaire Vagit Alekperov isn’t easily swayed, but Saudi Arabia’s new Energy Minister Khalid al-Falih achieved it this week. Intense diplomacy by the soft-spoken Falih at his first OPEC meeting – with his speech peppered by words such as “gentle approach”, “no shocks” and “consensus” – has persuaded Alekperov that OPEC is more alive… Continue Reading »

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UAE Sees Oil Market Correcting Itself Ahead Of OPEC Meeting

June 2, 2016

The global crude oversupply that has caused prices to slump since 2014 is correcting itself, the oil minister of the United Arab Emirates said Tuesday on arrival in Vienna ahead of an OPEC meeting this week. “From the beginning of the year until now, the market has been correcting itself upward,” U.A.E. Oil Minister Suhail… Continue Reading »

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Saudi, Iran Set To Clash Over OPEC Oil Output Targets

June 2, 2016

OPEC is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday, with Riyadh trying to revive coordinated action and set a formal oil output target but Tehran rejecting the idea. Tensions between the Sunni-led kingdom and the Shia Islamic Republic have been the highlights of several previous OPEC meetings,… Continue Reading »

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Oil Pares Drop as Kuwait Worker Strike Counteracts Doha Failure

April 20, 2016

Oil narrowed a decline as a labor strike in Kuwait cut output for a second day, counteracting the failure of producing nations to reach an output-freeze agreement in Doha. Kuwait was seeking to restore crude production as thousands of oil workers stayed off their jobs for a second day in a strike that’s slashed the… Continue Reading »

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Kuwait Oil Workers to Push Ahead With Strike, Reject Compromise

April 17, 2016

Kuwaiti oil workers will go ahead with a strike starting on Sunday, their union head said, rejecting an offer from the state oil company to suspend the implementation of public sector pay reforms. Kuwait Petroleum Corporation (KPC) and its subsidiaries agreed to temporarily freeze a planned government overhaul of the payroll system and seek a… Continue Reading »

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India Echoing Pre-Boom China As New Center Of Oil Demand Growth

April 12, 2016

In the energy world, India is becoming the new China. The world’s second-most populous nation is increasingly becoming the center for oil demand growth as its economy expands by luring the type of manufacturing that China is trying to shun. And just like China a decade ago, India is trying to hedge its future energy… Continue Reading »

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