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Tag Archives: OPEC

Governments shouldn’t count on low oil prices: IEA

SINGAPORE – Countries should not bank on oil prices remaining low when formulating their energy policies, as supplies could tighten from mid-2016 due to a drop in investment and falling U.S. output, a senior industry official said on Monday. Global oil prices have more than halved since June 2014 on rising U.S. shale oil output and as members of the ...

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Ohio tax panel: Go slow with oil and gas industry

COLUMBUS — The oil and gas market remains too volatile to consider an immediate tax hike on an industry that Gov. John Kasich has repeatedly said was getting a great deal in Ohio, an informal legislative panel said Thursday. The panel, part of the broader 2020 Tax Policy Study Commission, had been working behind closed doors with the industry. The ...

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Halliburton revenue misses on weak drilling in North America

Halliburton Co <HAL.N>, the world’s No.2 oilfield services provider, reported a bigger-than-expected 36 percent drop in quarterly revenue, hurt by weak drilling and pricing in North America. Halliburton and bigger rival Schlumberger Ltd’s <SLB.N> disappointing results highlight the struggles of the oil and gas industry, which is seeing little hope of a rebound in crude oil prices The outlook for ...

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OPEC will keep oil output high, traders say

LONDON – Saudi Arabia and the other big Middle East oil producers in OPEC will keep pumping hard to build market share despite mounting over-supply that has brought prices to six-year lows, the world’s top traders say. The Organization of the Petroleum Exporting Countries probably will not change tack and trim output even if it means prices stay low for ...

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Expert: U.S. oil squeezing OPEC, Saudis

American shale production has weakened OPEC’s grip on the global oil and gas market, and the balance of control could tip even further toward the West in the years ahead, a former defense official said. The oil cartel led by Saudi Arabia has long influenced prices by increasing or scaling back production, but private U.S. producers are now “edging them ...

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Cooperation with OPEC? No thank you, ex-Soviet producers say

MOSCOW/ASTANA/BAKU – Ex-Soviet oil producers, led by Russia, are not bowing to pressure to reduce output in order to lift global prices, leaving little chance of a deal when OPEC experts meet with producers outside the group on Wednesday. The ex-Soviet oil nations have the financial cushion to weather low prices and some of them, too, find it difficult to ...

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OPEC has stalled the shale revolution: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – The resilience of U.S. shale producers has surpassed all expectations as they have wrung extra efficiencies out of their operations and pulled rigs back to the most prolific sections of existing plays. The shale sector’s ability to cut costs and sustain their output in the ...

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OPEC, non-OPEC experts to talk, but unlikely to cooperate on cuts

LONDON/DUBAI – A meeting of OPEC and non-OPEC oil market experts this week is unlikely to increase the prospect of joint co-operation on supply curbs or show much support for Venezuela’s proposed price band, OPEC delegates and analysts said. The Organization of the Petroleum Exporting Countries has invited eight non-member countries including Russia for talks on the market at its ...

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