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Tag Archives: global oil production

OPEC oil ministers to meet informally in September

OPEC

VIENNA (AP) — OPEC has announced that oil ministers of the 14-nation organization will meet in September, well ahead of their previously scheduled November meeting. Monday’s announcement notes that the meeting will be “informal.” Still, it is unusual for the Organization of the Petroleum Exporting Countries to come together at the ministerial level outside of their regularly set gatherings. OPEC ...

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Global oil production cash negative at current prices

oil barrel, market quick take, crude oil market

3.4 Million barrels per day (b/d) of oil produced globally is produced at cash negative number, according to an analysis by Wood Mackenzie. This has resulted in an unexpectedly low rate of stopped production of less than 100,00 b/d globally. Companies continue to pump oil despite these low rates in hopes oil prices will rebound. Restart costs and covering fixed ...

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Will the Saudis drive U.S. shale out of business?

Destination Saudi Arabia . Riyadh on the map shown by pin

LONDON, Nov 12 – There has always been a close link between U.S. oil production, international prices and OPEC, so it should come as no surprise that North America’s shale drillers find themselves locked in a battle with Saudi Arabia over prices and market share. Until the 1950s, the United States accounted for more than half of all global oil ...

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