Nigeria Says OPEC, Non-OPEC Producers To Meet In Moscow

March 5, 2016

Some members of the Organization of Petroleum Exporting Countries plan to meet with other producers in Russia around March 20 for new talks on an oil output freeze, Nigeria’s petroleum minister said on Thursday. “We’re beginning to see the price of crude inch up very slowly. But if the meeting that we’re scheduling, it should… Continue Reading »


Russian Oil Bosses Voice Support For Oil Output Freeze, Not Cut

March 4, 2016

Russian oil companies back the idea to freeze output at near-record levels reached in January, but did not support any proposals to cut oil production to lift global prices, Energy Minister Alexander Novak said. Russian President Vladimir Putin met the heads of the country’s top producers, including Rosneft Chief Executive Igor Sechin, Lukoil CEO and… Continue Reading »


Sources: Putin Summons Top Russian Oilmen on Tuesday

March 2, 2016

President Vladimir Putin has called for a meeting with top managers of Russia’s leading oil producers on Tuesday, which is expected to be dominated by low oil prices and taxation, industry sources said on Monday. The Vedomosti business daily cited a government source as saying that while there was no solid agenda for the meeting,… Continue Reading »


OPEC Losing Its Grip On Oil Markets

March 1, 2016

From their opposing positions on U.S. shale to whether freezing – or even cutting – oil production around the world is even possible, the Organization of Petroleum Exporting Countries (OPEC) and Saudi Arabia – its most significant member – appear to be reading from different playbooks. Abdalla Salem El-Badri, OPEC’s executive director, stopped short of… Continue Reading »


Saudi Arabia’s Oil Minister: Production Cuts in Any Nation Unlikely

February 25, 2016

As thunder rumbled outside, Saudi Arabia’s petroleum minister Ali Al-Naimi insisted to an IHS CERAWeek 2016 audience that the oil giant isn’t chasing market share. Rather, Saudi Arabia wants to work cooperatively with all oil-producing nations to freeze production and let demand catch up. “As an industry, we have more that unites us rather than… Continue Reading »


Shale Fightback Seen Lifting US Oil Output To Record High By 2021

February 24, 2016

Oil production in the United States will reach a record high by 2021 as efficiency gains help domestic producers to combat the low prices that are likely to force hefty output cuts this year and next, the International Energy Agency (IEA) said on Monday. After an initial dip this year and next, U.S. output is… Continue Reading »


OPEC Doesn’t Know How It Can ‘Live Together’ With Shale Oil

February 24, 2016

OPEC and U.S. shale may need a relationship counselor. After first ignoring it, later worrying about it and ultimately launching a price war against it, OPEC has now concluded it doesn’t know how to coexist with the U.S. shale oil industry. “Shale oil in the United States, I don’t know how we are going to… Continue Reading »


El-Badri: Oil Production Freeze Success Requires OPEC, Non-OPEC Nations

February 23, 2016

The success of a proposed oil production freeze first floated by Russia and Saudi Arabia depends on whether all other oil-producing nations will get onboard, OPEC Secretary General Abdalla Salem El-Badri said following a discussion Monday at IHS CERAWeek. “If all the countries, OPEC and non-OPEC, will agree to freeze, then we will know the… Continue Reading »


There’s One Place Where OPEC Can’t Broker An Oil Deal: Texas

February 19, 2016

Saudi Arabia and Russia have taken the first step to stem the slide in oil prices. There’s just one problem: If they are successful — and that’s a big if — the wildcatters of Texas, Oklahoma and North Dakota are waiting to pounce. With 4,000 wells drilled and just waiting for better prices to be… Continue Reading »


Oil Production Freeze Agreement No Panacea, but Suggests Restraint Possible

February 18, 2016

A reported agreement that Venezuela, Russia and Saudi Arabia have agreed to a production freeze, but analysts are noting it may not be time to celebrate just yet. The agreement hinges on Iraq and Iran signing on and pledging they won’t increase their production either – a caveat that doesn’t bode so well for the… Continue Reading »

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