OPEC June production hits 31.60 MMBOPD on the back of increased Iraq output OPEC continued to produce well above its target of 30 MMBOPD in June, according to information compiled by Reuters. The information, based on shipping data and information from sources at oil companies, OPEC and consultants, suggest that OPEC produced 31.60 MMBOP in June, the highest output the
New Iranian Oil Volumes Could Hit the Market as Early as Oct. 2015 Chairman of global oil and gas consultancy FGE, Dr. Fereidun Fesharaki, in a conference call organized by Credit Suisse, said he believes that the basics of an agreement are already in place and that a deal could be announced in the first week of July. Dr. Fesharaki
Sanctions against Iran have dramatically reduced its crude oil exports The five permanent members of the United Nations Security Council and Germany (P5+1) are set to reach a comprehensive agreement with Iran regarding its nuclear agreement by June 30, potentially lifting the sanctions put on place on the country, and allowing it to export its crude oil. Since the implementation
“If you are Saudi Arabia…you would go to full capacity” Goldman Sachs and Citi Group predict that Saudi Arabia will likely start to push production to its daily maximum of 11 MMBOPD in the second half of 2015, reports Bloomberg. “If you are Saudi Arabia and you’re looking at the new oil order we live in, you would go to
Emirates National Oil Company (ENOC), a wholly owned entity of the Dubai government, will buy out Dragon Oil for $3.7 billion. Neither company has confirmed the announcement but several news outlets are reporting an agreement has been reached. ENOC already owns 54% of Dragon and will acquire the remaining interest for 750 pence per share – a premium of 47%
42 years after the Arab oil embargo knocked the U.S. for a loop, energy experts are cheering the fact that the U.S. is the world’s number one producer—but Harvard University’s business school sees “a real risk that American citizens, companies, and communities will fail to capitalize on this opportunity” At the University of Colorado-Denver’s Global Energy Management program’s 2015 “Energy Moving
The 12 country cartel decides to maintain production—as expected As many experts predicted, OPEC decided to maintain its production ceiling at 30 million barrels per day (MMBOPD) at its June 5 meeting held in Vienna Austria. Brent and West Texas Intermediate crude oil prices both fell 1% following the news, according to a note from Baird Equity Research. In OPEC’s
Exclusive Oil & Gas 360® Pre-OPEC Interview with Former Shell Oil President With all eyes peering toward Vienna tomorrow, analysts and experts are in near lockstep that OPEC will maintain production, with a few saying it may raise its cap which OPEC has out-produced for the last 12 months. Oil & Gas 360® interviewed John Hofmeister, former President of Shell
“[ISIS] presents a whole new reality for the region, which just isn’t reflected in the oil market at the moment,” said Daniel Yergin, Vice Chairman of IHS, in an interview with The Telegram. “It’s an increasingly grave situation for most of OPEC and the Middle East. At some point the security issues will start to come back into the price
Iraq continues to increase production ahead of OPEC meeting Iraq’s oil production reached record levels in May. The country produced an average of 3.87 MMBOPD, the highest levels in decades, according to Bloomberg. This news comes just days before OPEC’s June meeting, in which the cartel is expected to maintain its current policy of defending market share. Iraq’s oil exports
The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet for the first time in 2015 on June 5 in Vienna. Assumptions point to the meeting being a terse exchange between the 12 members in an attempt to fulfill their respective end goals in the oil market. Brent oil prices at the time of the meeting are expected to
OPEC expects basket price to fall for third straight week The price of OPEC’s basket of twelve crudes stood at $60.73 per barrel today, down $1.30 from just a week ago when the basket sold for $62.03, according to information released by OPEC. OPEC’s crude oil basket has been trending downward since the beginning of the month when it reached
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