Saudi Arabia feels real danger from Iran Saudi Arabia and its neighbors in the Persian Gulf play an indisputably important role in global oil and gas markets. Much of the news that comes out about the region fails to capture the nuances that exist between the countries in the Gulf Cooperation Council, however. Speaking Wednesday at EnerCom’s The Oil & Gas
With OPEC out, is this what the new normal looks like for the oil and gas industry? Wednesday’s 1.1 million-barrel build in U.S. crude oil inventories drove West Texas Intermediate crude prices down by roughly a buck. A couple days before, rumors of OPEC having a special meeting to look at possible price support sent markets up a buck and
Supply and demand beginning to cool as oversupply shrinks – IEA, OPEC weigh in The International Energy Agency sees supply and demand coming into balance during the third quarter of the year, according to its August Oil Market Report. From July through September, demand will outpace the supply of crude oil by almost 1 MMBOPD, even as OPEC producers continue
From the Wall Street Journal Under pressure from Russian, Iraqi and Iranian oil exports, Saudi Arabia discounted its crude last weekend to maintain its share of big Asian markets. The price cut, which applies to September purchases, comes after two years of high-volume pumping by Saudi Arabia, the world’s largest oil producer. The kingdom had chosen to feed an oil
OPEC’s July output could be a record Oil prices have fallen below the $40 per barrel mark as markets continue to worry about global oversupply of crude oil. Oil prices flirted with the $40 mark earlier this week, but finally took the plunge back into the 30s ahead of tomorrow’s crude oil inventory report. Oil traders and investors expect the
Iran tapped spare capacity and increased production more than 800 MBOPD July 14 marks the one-year anniversary of the implementation of the Joint Comprehensive Plan of Action (JCPOA) negotiated by Iran and the P5+1, which included the U.N. Security Council and Germany. The JCPOA marked a historic deal between Iran and the political West, with the former agreeing to give
Data includes estimates of yet to be discovered resources The U.S. has taken a new place atop the list of countries with the largest recoverable oil resource potential in the world. This places the U.S. ahead of Russia and Saudi Arabia. For the U.S., more than 50% of the remaining oil reserves are located in unconventional shale plays. Texas alone
“Supply and demand are almost equal”- Khalid al-Falih Global oil markets are improving as supply and demand come back to parity said Saudi Arabian Oil Minister Khalid al-Falih. The global glut that sent oil prices tumbling at the end of 2014 is over now, according to Falih. “We are out of it,” he said in his first newspaper interview since
No cuts, no ceilings, but new secretary general is elected – OPEC The biannual OPEC meeting in Vienna today has come and gone, but OPEC’s policy of defending market share remains. Reports indicated earlier in the week that the group might reinstate a production ceiling, a feature of OPEC that the cartel did away with in December 2015, but it
Saudi Arabia may use a production cap to mend bridges with other OPEC members Oil prices rebounded off of intraday lows today on news that OPEC may pursue a production cap in its meeting Thursday. OPEC did away with its official production ceiling in December of last year, a move many saw as the final nail in the cartel’s coffin.
Saudi’s internal needs first, OPEC’s somewhere down the scale With the biannual OPEC meeting fast approaching, many are wondering what role Saudi Arabia will take in the organization with the recent change of oil ministers. Traditionally, Saudi Arabia has served as the leader of OPEC, but with the organization’s role of market balancer cast aside, and Saudi visions of an
Total U.S. hydrocarbon production continued to grow even as prices remained low The United States remained the largest hydrocarbon producer in the world for the third consecutive year in 2015. Despite low crude oil prices, and a 60% drop in the number of operating oil and natural gas rigs, U.S. petroleum and natural gas hydrocarbon production increased roughly 2.0 MMBOEPD
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