OPEC Company News
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OPEC Sees Oil Markets Tighten Further Even As US Shale Booms
Thursday, April 12, 2018 The global oil stocks surplus is close to evaporating, OPEC says.
OPEC Supply Cut Compliance Hits Record, Oil Glut Going Fast
Wednesday, March 21, 2018 Compliance with a global deal to cut oil supply hit a new high in February and an inventory glut is shrinking fast.
The Next Entrant in the Shale Revolution? OPEC's Saudi Arabia
Wednesday, March 07, 2018 Saudi Aramco, the world's largest oil exporter, plans to start producing unconventional natural gas this month.
Gadfly: Trump Tariffs Are a Gift for OPEC and Russia. Not Shale
Monday, March 05, 2018 President Donald Trump's planned 25% import tariff on steel is a gift to OPEC and Russia.
OPEC Sec Gen: Lack of Investment 'Sowing Seeds for Future Energy Crisis'
Monday, March 05, 2018 IEA executive director Fatih Birol and OPEC secretary general Mohammad Sanusi Barkindo discuss challenges facing the oil and gas industry during the CERAWeek by IHS Markit conference in Houston.
Make Room OPEC: UK Is Set to Become Net Crude Oil Exporter
Monday, February 26, 2018 For all the talk of aging oil fields and shrinking production, the UK is about to achieve a surprising feat.
OPEC, Russia Said to See Oil Glut Dissipating at a Faster Rate
Tuesday, February 20, 2018 The latest discussions between OPEC and its oil-producer allies concluded that the supply glut is dissipating at a faster pace than previously anticipated.
OPEC Considers Moving the Goalposts - Here's Where They Might Go
Friday, February 16, 2018 The 24-country alliance wants to reduce oil stockpiles to their five-year average.
A Year Into OPEC's Production Cuts, Asia's Oil Markets Have Tightened
Thursday, February 15, 2018 Just over a year into production cuts lead by OPEC and Russia, oil markets in Asia have tightened noticeably.
Africa's Top Oil Producer Poised to Give OPEC an Output Headache
Thursday, February 15, 2018 Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies are trying to restrict output.
Kemp: OPEC Pact Likely To Evolve Rather Than Terminate
Wednesday, February 14, 2018 Ministers from OPEC have been anxious to counter speculation about an early end to production curbs.
OPEC President Says Shale Won't Thwart Plan to Clear Glut
Monday, February 12, 2018 Surging output of US shale oil won't be a 'huge distorter' of efforts by global crude producers to clear a glut, according to OPEC's president.
Oil World Turns Upside Down as US Sells Oil in Middle East
Wednesday, February 07, 2018 The United Arab Emirates isn't the most obvious customer for Texan oil.
North Dakota Bakken Oil Rises Again in Shadow of Mighty Permian
Thursday, February 01, 2018 The second-largest US shale-oil play is growing in the shadow of a newer, bigger and faster-growing competitor.
Shale Sends US Output Past Historic 10 Million-Barrel Mark
Wednesday, January 31, 2018 US oil production surged above 10 million barrels a day for the first time in four decades.
Minister: Iraq To Comply With OPEC Deal Despite Oil Export Capacity Rise
Monday, January 29, 2018 Iraq will comply with the OPEC-led deal on reducing output even though Baghdad is working hard to increase its oil export capacity.
Crumbling Refinery Profits Threaten OPEC-Led Crude Rally
Monday, January 22, 2018 The recent OPEC-led rally in crude prices is hitting refinery profits hard, flashing warning signs over oil's bull run.
OPEC's Cheer Over 2018 Oil Rally Tinged By Shale Worries
Tuesday, January 09, 2018 Oil's price rally this year to its highest since May 2015 may seem a source of glee for OPEC.
OPEC's Oil Cuts Claim a Victim as Supertanker Earnings Crash
Tuesday, January 09, 2018 OPEC's strategy to end a worldwide crude glut is causing havoc for a vital link in the oil industry's supply chain.
BLOG: What do Rigzone Readers Think of the OPEC/NOPEC Deal?
Thursday, December 07, 2017 Was the latest OPEC/NOPEC agreement sufficient?
Big Shale Turns OPEC Ally From Foe With Focus on Oil Returns
Monday, December 04, 2017 Don't expect Big Shale to rush and fill the hole left by OPEC in the oil market.
OPEC, Russia Agree Oil Cut Extension To End Of 2018
Thursday, November 30, 2017 OPEC agrees to extend oil production cuts until the end of 2018, Reuters reports.
OPEC Heading For Oil Cut Extension With A Caveat
Tuesday, November 28, 2017 OPEC and Russia are heading towards prolonging their oil supply cuts for the whole of 2018.
OPEC Sees Market Rebalancing after June as it Mulls Oil Cut Extension
Monday, November 27, 2017 Oil markets will rebalance after June 2018 at the earliest, an OPEC working panel concluded, according to OPEC sources, signalling the need to extend existing production cuts well into next year.
BLOG: Production Cut Extension at OPEC Meeting? Wouldn't Count On It
Wednesday, November 22, 2017 Rigzone readers aren't so confident that output cuts will be extended.
Wild Swings in Iraq Oil Production Give OPEC Another Problem
Tuesday, November 21, 2017 OPEC has an Iraq problem: the group's second-biggest exporter is lurching between quota busting and production-crimping crisis.
OPEC Points To Larger 2018 Oil Supply Deficit As Market Tightens
Monday, November 13, 2017 OPEC raises its forecast for demand for its oil in 2018 and says its deal with other producers to cut output was reducing excess oil in storage.
Total Primary Energy Demand to Increase by 35%
Wednesday, November 08, 2017 Energy demand is on the rise, according to the 2017 World Oil Outlook report.
OPEC Fightback Sees US Stocks Crumble
Tuesday, November 07, 2017 OPEC's finally getting some credibility back behind its swagger, ahead of the oil group's meeting later this month in Vienna.
OPEC Sees Oil Use Peak in Late 2030s If Electric Cars Boom
Tuesday, November 07, 2017 A larger-than-expected boom in electric vehicle sales could cause global oil demand to peak and flatten out in the late 2030s, OPEC says.
OPEC Oil Output Falls In October Led By Drop In Iraqi Exports
Tuesday, October 31, 2017 OPEC oil output fell this month by 80,000 barrels per day, a Reuters survey found.
OPEC Said to Work on Exit Strategy Alongside Cuts Extension
Tuesday, October 24, 2017 As OPEC negotiates the extension of its oil production cuts until the end of 2018, it's also quietly started working on an exit strategy.
OPEC Sends Strongest Signal Cuts Will Be Extended to End-2018
Thursday, October 19, 2017 OPEC sent its strongest signal yet that output cuts will be extended until the end of 2018.
World's Biggest Oil Traders See Wildly Diverging Crude Price
Thursday, October 19, 2017 The world's biggest oil traders say crude could rise above $60 a barrel in a year as demand grows and OPEC keeps cutting.
OPEC's Output Curbs Squeeze World's Biggest Oil Refining Complex
Monday, October 16, 2017 Being sophisticated in the age of OPEC output curbs can prove a disadvantage, as the operator of the world's biggest oil-refining complex is discovering.
Russell: China Crude Oil Storage Splurge Is OPEC's Best Friend
Monday, October 16, 2017 China's crude oil imports surged to the second-highest on record in September, but this isn't a sign of supercharged demand in the world's second-biggest economy.
OPEC Is Said to See Oil Inventory Glut Finally Gone in One Year
Thursday, October 12, 2017 OPEC expects its efforts to clear the surplus in oil inventories to finally succeed by the end of the third quarter of next year, say people familiar with the group's internal forecasts.
OPEC Again Raises Demand Forecast For Its Oil, Points To 2018 Deficit
Wednesday, October 11, 2017 OPEC forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was getting rid of a glut.
Ecuador to Offer Oil Blocks Under New Bidding Terms in Jan
Friday, October 06, 2017 The new terms will allow producers to be paid in oil and enable them to export or sell the barrels to local refineries, said Carlos Perez at a conference at Rice University in Houston on Friday.
Putin Says Oil Pact With OPEC May Be Extended to End of 2018
Wednesday, October 04, 2017 President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018.
OPEC Oil Output Climbed in September as Libya, Nigeria Recover
Monday, October 02, 2017 OPEC nations pumped slightly more crude in September as Libya's biggest oil field returned to production.
Libya Oil Output Drops to 5-Month Low on Biggest Field Halt
Monday, October 02, 2017 Libya's oil production slumps to a five-month low.
Libya Oil Output Gains as Country Faces Calls to Join OPEC Cuts
Wednesday, September 27, 2017 Libya's oil output is rising again after disruptions ended at its biggest field, with production reaching about 950,000 barrels a day.
Top BP Executive Warns OPEC Needs to Prolong Oil Output Curbs
Monday, September 25, 2017 OPEC and its allies need to extend their crude production cuts beyond March 2018 to rebalance the global oil market, a top executive at BP's trading arm said.
OPEC Says Winning Battle To Curb Oil Glut
Friday, September 22, 2017 Output cuts by OPEC and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a Friday meeting.
Kemp: Mission Accomplished? OPEC Banishes Contango
Thursday, September 21, 2017 The shift away from contango to backwardation has accelerated notably since July.
OPEC Has Success at Last, But Oil Revival May Be Short-Lived
Wednesday, September 20, 2017 When OPEC and its allies gather this week, they'll have the best evidence yet that their efforts to clear a global oil glut are succeeding. It may prove short-lived.
Iraq Says OPEC Mulls Deeper, Longer Oil Cuts to End-2018
Tuesday, September 19, 2017 Iraq and other oil producers taking part in global output cuts think they should reduce supply by an additional 1% to help re-balance the market, according to Jabbar al-Luaibi.
Kuwait Says OPEC May Decide on Extending Cuts in March 2018
Wednesday, September 13, 2017 OPEC and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018.
Qatar Says It's Fulfilling Oil and Gas Deals Despite Gulf Crisis
Wednesday, September 13, 2017 Qatar says it is fulfilling all of its contracted shipments of oil and gas despite a regional political crisis that led to the severing of ties with some of its neighbors.