Senior Correspondent
Alex's Feed
Dec 17, 2014

Despite pain, OPEC hawks come round to merits of riding out oil slump

LONDON (Reuters) – OPEC members which backed an output cut at the group’s meeting last month are coming around to the view of Saudi Arabia that they need to focus on market share, further reducing the chance of any action to defend prices.

While Venezuela – which campaigned for output cuts in the run-up to the Nov. 27 meeting – has continued to call for measures to prop up prices, other nations which usually back such action such as Iran and African members have been silent.

Dec 16, 2014

Oil drops to near $59 for first time since 2009

LONDON, Dec 16 (Reuters) – Oil fell to close to $59 a barrel
for the first time since May 2009 on Tuesday, extending a
six-month selloff as slowing Chinese factory activity and
weakening emerging-market currencies added to concerns about
demand.

International benchmark Brent crude has almost halved since
reaching a 2014 high of $115 a barrel in June on ample supply
and slowing demand, and a switch in strategy by exporter group
OPEC to defending market share rather than prices.

Dec 16, 2014

Oil slumps near $59 for first time since 2009 on oversupply

LONDON (Reuters) – Oil fell to just above $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.

International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel in June on ample supply and slowing demand, and a switch in strategy by exporter group OPEC to defending market share rather than prices.

Dec 11, 2014

Oil slips towards $64, oversupply weighs

LONDON, Dec 11 (Reuters) – Oil slipped towards $64 a barrel
on Thursday and within sight of a five-year low, pressured by
signs that already ample supply will be even more plentiful in
2015.

Crude prices sank on Wednesday as OPEC forecast an
increasing supply surplus in 2015, U.S. crude inventories
unexpectedly rose and OPEC’s most influential voice, Saudi
Arabia’s oil minister, shrugged off the need for an output cut.

Dec 11, 2014

Oil edges up toward $65, traders see more downside

LONDON (Reuters) – Oil edged higher on Thursday towards $65 a barrel helped by a weaker U.S. dollar, although prices remained close to a five-year low on signs that already ample supply will be even more plentiful in 2015.

Crude prices sank on Wednesday as OPEC forecast an increasing supply surplus in 2015, U.S. crude inventories unexpectedly rose and OPEC’s most influential voice, Saudi Arabia’s oil minister, shrugged off the need for an output cut.

Dec 11, 2014

OPEC cuts 2015 demand forecast for its oil to lowest in a decade

LONDON (Reuters) – Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom.

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the group’s oil will drop to 28.92 million barrels per day (bpd) in 2015, down 280,000 bpd from its previous expectation and over 1 million bpd less than it is currently producing.

Dec 10, 2014

OPEC cuts 2015 demand for its oil, says low prices may slow shale

LONDON, Dec 10 (Reuters) – Global demand for OPEC crude in
2015 will be less than expected and far below its current
output, the group said on Wednesday, pointing to a hefty supply
surplus without OPEC output cuts or a slowdown in the U.S. shale
boom.

In a monthly report, the Organization of the Petroleum
Exporting Countries (OPEC) forecast demand for the group’s oil
will drop to 28.92 million barrels per day (bpd) in 2015, down
280,000 bpd from its previous expectation and over 1 million bpd
less than it is currently producing.

Dec 4, 2014

Iraq exports boost to add pressure on 2015 oil market

LONDON, Dec 4 (Reuters) – Iraq’s plan for higher oil exports
in 2015, emerging in detail just days after OPEC shunned any
output cut, will add to global over supply and is likely to
entrench the reluctance of other OPEC members to curb their own
supplies.

Iraq’s government on Tuesday reached a temporary agreement
with Kurdish regional authorities, preparing the ground for
flows of 300,000 barrels per day (bpd) of Kirkuk crude exports
to resume, on top of 250,000 bpd from the region’s own fields.

Dec 2, 2014

OPEC oil output drops in November as Libyan recovery falters

LONDON, Dec 2 (Reuters) – OPEC’s oil supply in November fell
by 340,000 barrels per day (bpd) as a recovery in Libya
faltered, a Reuters survey found, although a lack of deliberate
cutbacks by Saudi Arabia and other key members underlines their
focus on defending market share.

The group on Nov. 27 decided against cutting production to
support prices, a departure from its policy of adjusting output
to keep crude around $100 a barrel. Prices have slipped
since and fell below $68 to the lowest since 2009 on Monday.

Nov 28, 2014

Inside OPEC room, Naimi declares price war on U.S. shale oil

VIENNA, Nov 28 (Reuters) – Saudi Arabia’s oil minister told
fellow OPEC members they must combat the U.S. shale oil boom,
arguing against cutting crude output in order to depress prices
and undermine the profitability of North American producers.

Ali al-Naimi won the argument at Thursday’s meeting, against
the wishes of ministers from OPEC’s poorer members such as
Venezuela, Iran and Algeria which had wanted to cut production
to reverse a rapid fall in oil prices.

    • About Alex

      "Senior correspondent in the crude oil team on Reuters energy desk in London. I joined Reuters in 2006 and previously covered energy for Bloomberg, Platts and Bridge News."
    • Follow Alex