Home / Tag Archives: oil ouput

Tag Archives: oil ouput

Iran to clients: Buy our oil and get joint ventures too

SEOUL – Iran has unveiled details for long-awaited foreign cooperation contracts which it hopes will attract oil buyers and investors to modernize its aging infrastructure, including offers to take part in joint ventures to extract its huge reserves. The United Nations endorsed a deal in July to end years of economic sanctions on the Islamic republic over its nuclear program, ...

Read More »

Expectations of Saudi oil shake-up stir uncertainty

DUBAI/RIYADH – A shake-up of Saudi Arabia’s oil leadership by King Salman has introduced a new element of unpredictability to its energy policymaking at a moment when Riyadh is grappling with slumping crude prices and its war in neighboring Yemen. State oil giant Aramco has been without a permanent chief executive since April, when Khalid al-Falih was made health minister, ...

Read More »

Iran says an OPEC emergency meeting may stop oil price slide – Shana

DUBAI – Iran’s Oil Minister, Bijan Zanganeh, said on Sunday that holding an emergency OPEC meeting may be “effective” in stabilizing the oil price, Iran’s oil ministry news agency Shana reported. Algeria said earlier this month that the Organization of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other OPEC delegates said ...

Read More »

Exxon profit halved by tumbling crude price; shares drop

Exxon Mobil Corp <XOM.N> reported lower-than-expected second-quarter results on Friday as tumbling crude prices halved profit at the world’s largest publicly traded oil company. Profit at Exxon’s exploration and production business fared even more poorly with a profit of $2 billion, down sharply from $7.9 billion a year earlier. The company’s shares fell 2 percent to $81.40 in premarket trading. ...

Read More »

OPEC sees more balanced oil market in 2016

LONDON – The global oil market should be more balanced next year as China and the developing world increase oil consumption while supply of shale oil from North America and other regions grows more slowly, OPEC said on Monday. In its monthly report, the Organization of the Petroleum Exporting Countries said it expected world oil demand to increase by 1.34 ...

Read More »

Tight oil is here to stay, Conoco CEO tells OPEC

VIENNA – The U.S. tight-oil boom is here to stay despite low crude prices as technological breakthroughs will allow steep reductions in costs, the head of U.S. firm ConocoPhillips told a seminar organized by oil-producing group OPEC. “Innovations have already led to a U.S. energy renaissance. Tight-oil reservoirs can remain viable today, breakeven costs are already down by 15 to ...

Read More »

Oil extends losses ahead of OPEC meeting

LONDON – Crude oil prices fell more than $1 on Thursday as investors prepared for a widely expected decision by OPEC members to maintain current production levels, despite worries over a global supply glut. The Organization of the Petroleum Exporting Countries is expected on Friday to keep a group output target of 30 million barrels per day (bpd), ignoring calls ...

Read More »

OPEC set to hold line on output, setting aside Iran dilemma

VIENNA – OPEC is set to carry on pumping oil nearly flat-out for months more, content that last year’s shock market therapy has revived demand and knocked back growing competition. With oil prices having stabilised at around $65 a barrel, some $20 above their January lows, there’s little appetite within the Organization of the Petroleum Exporting Countries to modify production ...

Read More »