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Tag Archives: OPEC

OPEC December oil output slips, near record

An oil pumping machine is seen as non-usable gases are being burnt behind it in Sakir, south of Manama, October 11, 2014. REUTERS/Hamad I Mohammed

LONDON – OPEC oil output fell in December, a Reuters survey found on Tuesday, led by lower supply from Iraq following a record-breaking month in November and smaller declines elsewhere in the producer group. The Organization of the Petroleum Exporting Countries is still pumping close to record amounts as Saudi Arabia and other big producers focus on market share, weighing ...

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Saudi economic shake-up shows it is planning for cheap oil

DUBAI – Saudi Arabia’s planned cuts in spending and energy subsidies signal that the world’s largest crude exporter is bracing for a prolonged period of low oil prices. The OPEC heavyweight shows no signs of wavering in the long-term oil strategy it has orchestrated since last year. Instead, it appears willing to continue tolerating cheap crude to defend market share ...

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2015 year in review: The boom went bust

2015 year in review 2015: The boom went bust

When the New Year arrived, it was clear Odessa would not see another year of an oilfield boom. Instead, locals in the industry wondered just how bad it would get and for how long? As the year ends, those same questions remain. The Organization of Petroleum Exporting Countries agreed on Thanksgiving Day 2014 not to cut production in the face ...

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

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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