News Topics: OPEC

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OPEC Sees Rising Crude Demand in 2017 as Saudis Pump Near Record
Tuesday, July 12, 2016 OPEC forecasts higher demand for its crude next year as the global surplus fades, while Saudi Arabia pumped near-record levels amid peak summer consumption.

Falling US Oil Output Not Enticing Enough For Wary Investors
Monday, July 11, 2016 Not even a sharp decline in U.S. oil production can convince investors that oil prices are ready to rebound.

Oil Market Heading Toward A Balance, Prices Beginning To Settle
Monday, July 04, 2016 The energy minister of Saudi Arabia and the secretary general of OPEC agree that the global oil market is heading toward a balance and that prices are starting to settle.

OPEC Oil Output Hits Record High in June on Nigerian Rebound
Thursday, June 30, 2016 OPEC's oil output has risen in June to its highest in recent history, a Reuters survey finds, as Nigeria's oil industry partially recovers from militant attacks and Iran and Gulf members boost supplies.

Oil Heads For Best Quarter Since 2009 Amid Rebalancing
Thursday, June 30, 2016 Oil headed for the biggest quarterly advance in seven years as falling U.S. supply added to speculation the global oversupply is easing.

BP Receives Its First Venezuelan Crude Cargo Under Swap Deal
Wednesday, June 29, 2016 BP this month receives a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies agreed on a swap arrangement to settle pending payments for US oil shipments.

World's 2nd-Biggest Sovereign Fund Sees Oil Glut Until Mid-2017
Thursday, June 23, 2016 The global oil glut will probably persist until at least next summer as markets take time to absorb excess crude in storage, according to the head of research at the world's second-largest sovereign wealth fund.

OPEC Says Its Oil Revenue Plunges $438 Billion to 10-Year Low
Wednesday, June 22, 2016 OPEC says its oil revenue plunged by $438 billion to a 10-year low last year, as an increase in export volumes failed to compensate for the collapse in prices.

Oil Producers Keep Output Freeze Revival on Standby if Prices Weaken
Wednesday, June 22, 2016 Russian Energy Minister Alexander Novak has a contrarian message for those who question the wisdom of freezing global levels of oil output.

China's March To Biggest Oil Importer Hits US Shale Roadblock
Friday, June 17, 2016 The world's biggest oil importer. The title nobody wants.

OPEC Turmoil Could Turn IEA's Balanced Market Into Shortfall
Thursday, June 16, 2016 The world's most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year.

Iran Oil Comeback That Startled Doubters Approaches Roadblock
Thursday, June 16, 2016 Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions. Without an injection of cash and the easing of remaining trade barriers, the recovery may have run its course.

Source: Iran Oil Sales On Track For 4.5-Yr High as European Buying Recovers
Tuesday, June 14, 2016 Iran's oil exports are on track to hit the highest in almost 4.5 years in June, as shipments to Europe recover to near pre-sanctions level, according to a source with knowledge of the country's crude lifting plans.

Rising Oil Prices Encourage Shale Producers, Dissuade Investors
Monday, June 13, 2016 The oil market just hit a yellow light.

OPEC Sees Oil Glut Shrinking In Second Half Of Year
Monday, 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.

OPEC Optimism Masks Iran Risk to Oil Rally From 12-Year Low
Monday, June 06, 2016 Oil's recovery from a 12-year low may be too good to last as Iranian output rebounds faster than expected.

Falih Charm Offensive Slowly Wins Back OPEC For Saudis
Friday, June 03, 2016 OPEC meeting is peaceful and free of the usual clashes between political rivals Saudi Arabia and Iran, with Falih promising not to flood the market and to listen to Tehran.

Russia to Maintain OPEC Relations, Plans Autumn Meeting
Friday, June 03, 2016 Russia, the world's top oil producer, plans to continue its consultations with OPEC and may hold a meeting with the group this autumn, Energy Minister Alexander Novak told reporters.

Saudis Pledge Not To Shock Oil Market As OPEC Clash Looms
Thursday, June 02, 2016 Saudi Arabia promised Thursday not to flood the oil market with extra barrels as OPEC headed into a heated debate about production policy, with Iran insisting on the right to raise output steeply.

Saudi, Iran Set To Clash Over OPEC Oil Output Targets
Thursday, June 02, 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.

Incoming OPEC Sec-Gen Says Group Intent on Stronger Unity
Thursday, June 02, 2016 OPEC's incoming secretary-general says his appointment showed the oil producer group was intent on stronger unity and that he wanted to make a difference when he takes over its top post.

OPEC Said to Keep Status Quo After Failing to Agree Output Limit
Thursday, June 02, 2016 OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling, according to a delegate at the group's meeting in Vienna.

Gulf OPEC Members Seek To Revive Global Oil Output Deal
Wednesday, June 01, 2016 Gulf OPEC members including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers when the group meets on Thursday.

UAE Sees Oil Market Correcting Itself Ahead Of OPEC Meeting
Wednesday, June 01, 2016 The global crude oversupply that has caused prices to slump since 2014 is correcting itself, the oil minister of the United Arab Emirates says on arrival in Vienna ahead of an OPEC meeting this week.

New Saudi Energy Minister Shows He Takes OPEC Seriously
Tuesday, May 31, 2016 Saudi Arabia's new energy minister shows signs that he is taking OPEC seriously.

OPEC Oil Output Falls from Near-record in May on Nigeria Outages
Tuesday, May 31, 2016 OPEC's oil output fell in May from near a record high, a Reuters survey found on Tuesday, as attacks on Nigeria's oil industry and other outages outweighed increases in Iran and Gulf members.

In Rare Compromise, Nigerian Emerges as Frontrunner for OPEC Boss
Tuesday, May 31, 2016 A Nigerian oil technocrat has emerged as frontrunner to take the top job at OPEC, with members seeing Mohammed Barkindo as what would be a rare compromise candidate to lead the group amid rising tensions between Saudi Arabia and Iran.

Oil States Expected To Stick With Saudis: OPEC Reality Check
Monday, May 30, 2016 OPEC members gathering in Vienna June 2 are expected to go along with a Saudi Arabia-led policy focused on squeezing out rivals amid signs the strategy is working.


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