“It’s unlikely that we will need to continue [production cuts past June.]” – Khalid al-Falih OPEC may not continue oil production cuts after the middle of the year, according to estimations from Saudi Minister of Energy and Industry Khalid al-Falih. The group is scheduled to meet in May to discuss whether or not production cuts should continue. “Based on my
OPEC Agrees to a 1.2 MMBOPD Cut “We have made great success today” – OPEC announces first cut since 2008 “We have made great success today. We reviewed all scenarios… [and] we have been able to reach an agreement,” Qatar energy minister and president of the OPEC Conference, Mohammed Bin Saleh Al-Sada said in the introduction to a press conference announcing a production
Russian President Vladimir Putin’s key role in brokering the OPEC agreement The price of crude oil continues to climb past $50 per barrel following OPEC’s deal to cut 1.2 MMBOPD of production Wednesday. A number of non-OPEC producers will join the organization in lowering output, chiefly Russia, which has agreed to reduce its production 300 MBOPD from post-Soviet highs. Russian
OPEC deal to cut 1.2 MMBOPD could return market to balance in the first half of 2017 Crude oil prices surged Wednesday following news from OPEC that the group agreed to cut 1.2 MMBOPD of production after two years of producing near capacity in a bid for market share. OPEC agreed to cap production at 32.5 MMBOPD, which, along with
Saudi Aramco indefinitely halts shipments of oil products to Egypt Saudi Arabia’s state-owned oil giant Saudi Aramco has stopped the flow of oil products to Egypt as tensions between the two and the wider Arab world continue to worsen. Egyptian officials confirmed Aramco notified the oil ministry that it would no longer continue shipments of oil products expected under a
Regional rivalry between Saudi Arabia and Iran could scuttle OPEC production deal Bad blood between Saudi Arabia and Iran could threaten to halt yet another OPEC production deal. Reports from Reuters indicate that Saudi Arabia has threatened to increase production even further in an attempt to damage Iran’s oil profits if the Islamic Republic does not agree to cap its
Information about Saudi Aramco IPO advisors to be released soon Saudi Aramco plans to sell shares in its entire business, the company’s CEO Amin Nasser said. When the IPO was originally announced, there was speculation that the kingdom might only seek to sell shares in the downstream operations of the world’s biggest oil company. The company plans to list shares
Iran’s national oil company signs $2.2 billion deal with Persia Oil & Gas Industry Development Co. Iran continues to look for ways to rejuvenate its oil and gas sector following news from Algiers last week that the Islamic Republic would be one of the few OPEC members allowed to continue increasing output, even as the group looks to reinstate a
OPEC agreed to cut production for the first time in eight years, according to a delegate briefed on the matter that Bloomberg spoke with under conditions of anonymity. The news shot oil prices up more than $3.00 to a high for the day for WTI of $47.45. Sources that asked to remain unnamed due to the sensitivity of the issue
Saudi Arabia hoped to raise at least $10 billion from bond sales next month The Justice Against Sponsors of Terrorism Act (JASTA), which would allow families of 9/11 victims to sue Saudi Arabia in U.S. courts, became law today by virtue of a Senate override of the earlier veto by President Obama. The legislation could interfere with the kingdom’s plans
Oil prices down: Iran and Saudi Arabia say no production deal in Algeria this week Oil prices erased gains from last week on Tuesday as Iran and Saudi Arabia confirmed that there would not be a definitive agreement on OPEC production coming out of the group’s meeting in Algeria this week. “This is a consultative meeting,” Saudi Energy Minister Khalid
U.S. output down 460 MBOPD since May, making Saudi Arabia the largest global oil producer for now As lower oil prices put pressure on U.S. shale expansion, Saudi Arabia has reclaimed the top spot as the world’s largest producer of crude oil, according to the International Energy Agency’s (IEA) monthly report. “Saudi Arabia’s elevated oil production has allowed it to
