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Tag Archives: oil supply

Will OPEC continue to cut production?

Photo: Nick Taylor via Flickr.

Ten OPEC countries achieved 91 percent of their required cuts in January, according to an S & P Global Platts survey released on Monday. In the agreement signed last year, OPEC countries promised to cut 1.2 million b/d for six months and freeze production at 32.5 million b/d for six months in 2017. This includes production by Indonesia, whose OPEC membership is ...

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Oil supply seen outpacing demand, capping price

Oil supply seen outpacing demand, capping price

PARIS (AP) — The International Energy Agency says oil supply is set to outpace demand this year, keeping a lid on any expected price increases. The organization, which advises countries on energy policy, said in its monthly report Tuesday that global excess supply may reach 2 million barrels per day during the first quarter, and a further 1.5 million barrels ...

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OPEC’s market share to shrink by 2020 as rivals keep pumping despite oil’s collapse

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. REUTERS/Heinz-Peter Bader

LONDON – Global demand for OPEC’s crude will be lower in 2020 than next year as supply from rivals proves more resilient than expected, potentially fueling a debate on the merits of its strategy to let prices fall to hurt other producers. The Organization of the Petroleum Exporting Countries, which a year ago refused to cut supply to retain market ...

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Oil production in US seen tumbling due to price drop

oil prices drop_getty

PARIS — Oil supply from the United States, Russia and other non-OPEC countries is expected to drop sharply next year — possibly the steepest decline since the Soviet Union collapsed — because of low prices, the International Energy Agency forecast Friday. In its latest monthly report, the IEA says non-OPEC production is expected to drop nearly half a million barrels ...

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Global oil demand slowed to a crawl in 2014: Kemp

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(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – World oil demand grew by just 843,000 barrels per day (bpd) last year, the slowest pace for 14 years, outside U.S. recessions. Consumption increased by less than 1 percent to 92.1 million bpd in 2014, according to the BP Statistical Review of World Energy published ...

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Top 5 Bakken stories of the week

Image: Mike Kopp / Shale Plays Media

Here are the top five stories from Bakken.com for the week of May 16th through May 22nd. Enjoy! 5. How do you lose 100 million barrels of oil? Kemp LONDON – Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices. Some blame ...

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Brent inches towards $67, despite weak China factory activity

china

SINGAPORE – Brent crude edged towards $67 a barrel on Monday, reversing earlier losses after weak Chinese data reinforced views that stimulus measures would be rolled out for the world’s second largest economy. China, the world’s second-largest oil consumer, posted its biggest drop in factory activity in a year to 48.9 in April, a private business survey showed on Monday. ...

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Iran nuclear deal may open oil taps in months, not weeks

The SPQ1 gas platform is seen on the southern edge of Iran's South Pars gas field in the Gulf, off Assalouyeh. (REUTERS/Caren Firouz via NewsCred)

WASHINGTON – A possible deal over Iran’s nuclear program that would phase out economic sanctions against Tehran is unlikely to flood world markets with more oil any time soon, despite Iran’s declared intention to claw back market share lost because of the curbs. Negotiators are still working out details of the deal they aim to seal by the end of ...

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U.S. oil output “party” to last to 2020 – IEA

Getty Image/ NewsCred

LONDON – The United States will remain the world’s top source of oil supply growth up to 2020, even after the recent collapse in prices, the International Energy Agency said, defying expectations of a more dramatic slowdown in shale growth. The agency also said in its Medium Term Oil Market report that oil prices, which slid from $115 a barrel ...

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