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Tag Archives: global oil supply

In a world awash with oil, inland Europe runs dry with the Rhine

LONDON/FRANKFURT – While the world grapples with overflowing oil, Europe is struggling to refill its inland tanks as a result of a decidedly old world problem that could torpedo any recovery in oil prices – lack of rain. Stubbornly low water levels <WL-KAUB> are disrupting barge traffic on the Rhine, threatening car drivers in Switzerland and oil producing behemoths such ...

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Oil rises after week of heavy losses

LONDON – Oil prices rose on Friday, snapping a week-long decline as investors closed positions at the end of a volatile week that saw prices slide nearly 10 percent on renewed signs a global supply glut was here to stay. Brent crude’s new front-month December contract <LCOc1> was up 60 cents at $50.33 a barrel at 1338 GMT. November Brent ...

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Shell CEO sees first signs of oil price recovery

LONDON – Oil markets are beginning to recover but the scale of global oversupply means prices may rise only slowly, the chief executive of Royal Dutch Shell Plc <RDSa.L> said on Tuesday. “I see the first mixed signs for recovery of oil prices,” Ben van Beurden told an oil industry conference in London. “But with U.S. shale oil being more ...

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Oil prices to recover into 2016 – Reuters poll

Oil prices have fallen too far, too fast and should recover gradually over the next year as supply growth slows and demand recovers, a Reuters poll showed on Tuesday. Benchmark North Sea Brent crude is likely to average $62.30 a barrel in 2016, up from an average so far this year of around $57.60, the monthly survey of 30 analysts ...

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Indonesia to rejoin OPEC in move to secure oil supplies

JAKARTA, Indonesia — Indonesia’s energy ministry said Friday the country will rejoin the Organization of Petroleum Exporting Countries this year to forge a closer relationship with oil suppliers. I Gusti Nyoman Wiratmadja Pudja, director-general of oil and gas at the ministry, said Indonesia will reactivate its membership in November after all OPEC members approved its application to rejoin the oil ...

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India seeks to use its oil thirst to drive bargains

NEW DELHI – India is trying to use its position as one of the world’s biggest energy consumers to strike better bargains for its companies with oil exporting nations, in a marked change of approach under Prime Minister Narendra Modi. The oil ministry is moving beyond seeking additional barrels for import in talks with exporters. Now, the energy-deficient country wants ...

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Sour is the new sweet: OPEC’s view of oil quality dilemma

LONDON – The U.S. shale oil boom is turning global crude pricing on its head with the historical notion that light grades shall be priced at a premium to heavy ones quickly disappearing, according to predictions from producer group OPEC. The trend will have big implications for global oil flows, reducing revenues of light-oil-producing nations such as Nigeria and refiners ...

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U.S. set to get more accurate oil production data: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – “The data must be wrong,” according to veteran oil analyst Phil Verleger, who wrote in a blistering note that the Energy Information Administration is probably overestimating U.S. oil production by 1.6 million barrels per day. Verleger argues substantially lower U.S. production is the most likely ...

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Global forces drive local oil and gas activity

TRAVERSE CITY — Crude oil prices are likely to remain relatively low in the near future. Unless the Saudis decide to take matters into their own hands. Dr. Mary Cline, a Washington, D.C.-based consultant who recently spoke in Traverse City as part of the International Affairs Forum, thinks the price of crude could go even lower this summer. “I don’t ...

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