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Mar 18, 2015

OPEC, non-OPEC oil talks on ice, Iran return unlikely to change that

LONDON, March 18 (Reuters) – OPEC efforts to bring
non-member countries such as Russia on aboard in cutting output
have made little progress, officials say, and even the chance of
more Iranian exports hitting prices if sanctions end is unlikely
to boost cooperation.

Since the oil price collapse, top OPEC exporter Saudi Arabia
has said it wanted non-OPEC producers to cooperate with the
group. But a plan for a meeting between the two
sides this month appears to have been shelved.

Mar 16, 2015

OPEC comes cleaner on how much oil its members pump

LONDON, March 16 (Reuters) – OPEC members’ own versions of
their oil output were for years greeted with such scepticism
that the group resorted to publishing what others thought they
were producing.

That gave rise to a mini-industry of OPEC watchers, tapping
secretive sources to track every barrel. Output was hotly
contested when the group squabbled over member quotas, which
have since been abandoned.

Mar 16, 2015

OPEC says low oil prices may hit U.S. output by late 2015

LONDON (Reuters) – U.S. oil output could start to take a hit by late 2015 due to low prices, OPEC said on Monday, suggesting the exporter group will have to wait beyond its next meeting in June to see if its strategy to defend market share will dent the shale oil boom.

The halving of oil prices since June 2014 has prompted spending cuts by oil companies and a drop in U.S. drilling, raising expectations of slowing output in countries outside the Organization of the Petroleum Exporting Countries (OPEC).

Mar 13, 2015

IEA sees renewed pressure on oil prices as glut worsens

LONDON (Reuters) – Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday.

The West’s energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices.

Mar 11, 2015

Iraq builds up arrears to majors as oil price drops: sources

LONDON (Reuters) – Iraq is building up debts to the oil companies developing its giant fields, industry sources said, a further sign of how the oil-price drop is putting a squeeze on revenues in OPEC’s second-largest producer.

Western oil companies including Royal Dutch Shell, BP and Exxon Mobil are working at Iraq’s southern oilfields under service contracts, which are currently based on a fixed dollar fee for additional volumes produced.

Feb 27, 2015

OPEC’s February oil supply hits lowest since June on Iraq-survey

LONDON (Reuters) – OPEC’s oil supply has fallen this month as bad weather delayed exports from Iraq’s southern ports, a Reuters survey found on Friday, slowing an expansion of supplies in the group’s second-largest producer.

The survey also found slightly higher output in Saudi Arabia, a sign that the largest producer in the Organization of the Petroleum Exporting Countries is sticking to its strategy of focusing on market share rather than cutting output.

Feb 26, 2015

Oil rises above $62 after Saudi comments on demand

LONDON (Reuters) – Oil rose above $62 a barrel on Thursday as indications of a coming recovery in demand offset a further jump in U.S. crude stockpiles which underlined currently ample supplies.

Crude benchmarks in the U.S. and Europe posted their largest percentage gains in nearly two weeks on Wednesday, supported by remarks from Saudi Arabia’s oil minister, Ali al-Naimi, and a slightly stronger-than-expected Chinese manufacturing survey.

Feb 25, 2015

Analysis – Saudi satisfaction with ‘calm’ oil markets signals $60 anchor

LONDON (Reuters) – OPEC kingpin Saudi Arabia is feeling vindicated after a strategy of allowing oil to flood the market has begun to achieve what it was aiming for.

As a global oil glut pushed prices down 60 percent between June 2014 and January 2015, signs began to emerge that OPEC’s rivals, including North American producers, will have to curtail output of their expensive barrels.

Feb 25, 2015

Saudi satisfaction with ‘calm’ oil markets signals $60 anchor

LONDON (Reuters) – OPEC kingpin Saudi Arabia is feeling vindicated after a strategy of allowing oil to flood the market has begun to achieve what it was aiming for.

As a global oil glut pushed prices down 60 percent between June 2014 and January 2015, signs began to emerge that OPEC’s rivals, including North American producers, will have to curtail output of their expensive barrels.

Feb 25, 2015

Saudi satisfaction with ‘calm’ oil markets signals $60 anchor

LONDON, Feb 25 (Reuters) – OPEC kingpin Saudi Arabia is
feeling vindicated after a strategy of allowing oil to flood the
market has begun to achieve what it was aiming for.

As a global oil glut pushed prices down 60 percent between
June 2014 and January 2015, signs began to emerge that OPEC’s
rivals, including North American producers, will have to curtail
output of their expensive barrels.

    • 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."
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