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
Imports of Russian crude to China are up 52.4% from last year For the second time this year, Russia supplied more crude oil to China than Saudi Arabia. Crude imports from Russia increased 53.4% year-over-year in April to reach 1.17 MMBOPD, topping the previous record of 1.13 MMBOPD in December, Reuters reported. April imports from Saudi Arabia fell 21.8% from
Iran made a statement when the country issued official selling prices for June contracts of heavy crude oil sold to Asia. The most recent pricing information unveiled by Iran is the largest discount to Saudi and Iraqi oil since 2007. The Iranian announcement was just a few days after Saudi Arabia announced a price increase for their June contracts to
Saudi stockpiles reach an 18-month low in March Saudi Arabia’s oil production remained unchanged in the final month of the first quarter, according to reports from OPEC, but as demand for the kingdom’s oil continues to grow, OPEC’s largest producer is increasingly depleting its stockpiles. The kingdom’s crude oil stockpiles fell to 296.7 MMBO in March, down 3% from 305.6
From The Hill The upper chamber approved the Justice Against Sponsors of Terrorism Act by unanimous consent. “This bill is very near and dear to my heart as a New Yorker because it would allow the victims of 9/11 to pursue some small measure of justice,” Schumer said. “[This is] another example of the [John] Cornyn-Schumer collaboration, which works pretty
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