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Tag Archives: Organization of the Petroleum Exporting Countries

OPEC oil ministers to meet informally in September

OPEC

VIENNA (AP) — OPEC has announced that oil ministers of the 14-nation organization will meet in September, well ahead of their previously scheduled November meeting. Monday’s announcement notes that the meeting will be “informal.” Still, it is unusual for the Organization of the Petroleum Exporting Countries to come together at the ministerial level outside of their regularly set gatherings. OPEC ...

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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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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, ...

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Iraq warns foreign oil firms of cut in funds

DUBAI – Iraq has told foreign companies developing the country’s southern oilfields that they may need to slash development spending next year because it has less money to pay them due to a slump in crude prices. In a letter dated Sept. 6 sent to international oil companies and seen by Reuters, the oil ministry said “because of the drop ...

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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, ...

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Exclusive: Arab OPEC producers brace for oil-price weakness for rest of 2015

DUBAI/LONDON – A second oil price rout of 2015 has forced Arab OPEC members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude for longer to defend market share and curb rivals’ output. OPEC delegates, including those from core Gulf OPEC countries, see economic troubles in top energy consumer China as short term ...

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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 ...

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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. ...

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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 ...

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