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’s largest producer hit a 12-year production record last month Saudi Arabia increased oil production to 10.3 MMBOPD in March, setting a 12-year high for production in the country. Saudi Oil Minister Ali al-Naimi said the Kingdom will continue producing around 10 MMBOPD at a conference in Riyadh, reports Bloomberg. The March output is the highest since at least 2002,
EIA: U.S. remains the largest hydrocarbon producer for the third straight year The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2014, according to Energy Information Administration (EIA) estimates. U.S. petroleum production increased by 3 quadrillion Btu (1.6 MMBOPD) in 2014, while natural gas production increased by 5 quadrillion Btu (13.9 Bcf/d) over the
View PDF of Slides – Download the Source Video File If you glance through both recent and past editions of Bloomberg’s Analyst Rankings, a familiar name appears on many of the lists. Michael Carey, Chief Economist (North America) for Credit Agricole Corporate and Investment Bank, is recognized by Bloomberg as one of the top macroeconomic forecasters and is the second-best forecaster of
View PDF of Slides – Download Video File The Middle East is filled with countries that have complex energy policies that affect the whole globe. Many of them work together in the Organization of Petroleum Exporting Countries to make decisions felt throughout the world energy sector, but they all have their own concerns as well. To help us better understand energy policy in
Wants to double natural gas production but no plans to export After Saudi Arabia’s Oil Minister, Ali Al-Naimi, made his first public speech since September 11 of this year, a great deal of emphasis was placed on the minister’s comments about OPEC pricing policy. While undoubtedly important, discussion about whether or not OPEC is intentionally keeping prices low has overshadowed
MS Executive Director Jeremy Friesen Sees Prices Unsustainably Low, As Both Demand And Supply Will Move At These Levels At the November meeting of the Energy Finance Discussion Group in Denver on Nov. 11, Jeremy Friesen, Commodity Strategist for Morgan Stanley’s Commodity Trading Group, gave a presentation that looked at global economic trends and movements of oil supply and demand.
Falling oil prices have helped sell a lot of Rolaids lately, particularly in places like Houston where U.S. E&Ps are trying to plan their future drilling commitments, based on uncertain commodities prices in 2015. On Monday, some NYMEX options traders said they viewed $80 as a bottom, even on the heels of Goldman’s revised bearish oil forecast it released over the
According to a recent survey by Reuters, OPEC’s oil output dipped to a two-year low, falling from 30.32 MMBOPD in August 2013 to 30.07 MMBOPD in September 2013. The survey comes despite the fact that Saudi Arabia, the world’s largest oil exporter, has not weaned its production and continues to export more than 10 MMBOPD. The September 2013 OPEC output
CNBC – Saudi Arabia and the United Arab Emirates have opened new pipelines bypassing the Strait of Hormuz, the shipping lane that Iran has repeatedly threatened to close, in a move that will reduce Tehran’s power over oil markets. The quiet opening of the pipelines comes amid heightened diplomatic tensions over Tehran’s nuclear program. Iran’s oil production has fallen to
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