LONDON (Reuters) – OPEC will agree as a minimum step to remove crude from the market that it is pumping above the agreed target, a Libyan oil official said, to support prices that hit a four-year low.
Oil ministers from OPEC meet on Nov. 27 to consider adjusting their output target of 30 million barrels per day (bpd). More delegates are talking of a need to lower production, although top exporter Saudi Arabia has yet to say whether it supports a cut.
LONDON, Nov 18 (Reuters) – If Saudi Oil Minister Ali al
Naimi wants to stop conspiracy theories spreading before a
crucial OPEC meeting next week, it’s too late.
Naimi’s intervention last week after a two-month silence
failed to address a question energy markets want answered: is
the OPEC leader no longer willing to defend oil prices which
have dived by a third to their lowest since 2010, and is it
pursuing new commercial or even geopolitical goals?
LONDON (Reuters) – OPEC needs to cut its oil output by up to 1 million barrels per day (bpd) at its meeting next week, a delegate from one of OPEC’s smaller producers said, as oil prices that have slid to a four-year low squeeze producers’ budgets.
The comments are a further sign that support for action is broadening in the Organization of the Petroleum Exporting Countries, although the most influential member Saudi Arabia has yet to say if it supports a cut.
LONDON, Nov 14 (Reuters) – Oil edged up from an early
four-year low below $77 a barrel on Friday, when it had been
pressured by excess supply and scepticism that OPEC would cut
output at a meeting in two weeks.
The International Energy Agency, which usually refrains from
predicting oil prices, said in its monthly report that prices
could fall further in 2015 and pressure was building on OPEC to
LONDON (Reuters) – The oil market has entered a new era with lower Chinese economic growth and booming U.S. shale output, making a return soon to high prices unlikely, the West’s energy watchdog said on Friday.
The International Energy Agency, which typically refrains from predicting oil prices, said in its monthly report that prices could fall further in 2015 after declining to their lowest levels since 2010 below $80 per barrel.
LONDON, Nov 14 (Reuters) – The oil market has entered a new
era with lower Chinese economic growth and booming U.S. shale
output, making a return soon to high prices unlikely, the West’s
energy watchdog said on Friday.
The International Energy Agency, which typically refrains
from predicting oil prices, said in its monthly report that
prices could fall further in 2015 after declining to their
lowest levels since 2010 below $80 per barrel.
LONDON/DUBAI (Reuters) – Saudi Oil Minister Ali al-Naimi’s first comments in months on the oil market left other OPEC delegates scratching their heads over whether he will support calls for an output cut when the producer group meets in two weeks, with crude prices sinking.
Naimi, sometimes dubbed the “Alan Greenspan of oil” in a reference to the former Federal Reserve chairman’s huge influence and occasional cryptic remarks, on Wednesday said the Saudi policy of seeking stable global markets had not changed.
LONDON, Nov 12 (Reuters) – Global demand for oil from OPEC
next year will be far below its current output level because of
the U.S. shale boom, the group said on Wednesday, as its top
producer, Saudi Arabia, kept silent on whether it will cut
output to remove surplus oil from the market.
Saudi Arabia, unusually, has not commented publicly on the
fall in oil prices to their lowest since 2010, which has
prompted industry watchers to wonder whether the kingdom may be
moving away from a policy of managing the market and instead
pursuing geopolitical goals.
LONDON/ABU DHABI, Nov 11 (Reuters) – A subtle shift may be
taking place within OPEC as it heads into its most important
meeting in years, according to delegates with the producer
group, as the discussion over whether it needs to cut output to
defend oil revenues quietly intensifies.
OPEC’s Secretary General Abudulla al-Badri this week urged
markets not to panic over the drop in prices to a 4-year low
near $81 a barrel, while Kuwait’s oil minister said OPEC was
unlikely to cut output when it meets on Nov. 27 in Vienna.
LONDON (Reuters) – OPEC’s oil market share is set to be 5 percent smaller by 2018 as supply of U.S. shale oil grows faster than previously thought, giving the 12-member exporter group little comfort from rising world demand.
The Organization of the Petroleum Exporting Countries has tended to downplay the impact that hydraulic fracturing, or fracking, is having on supply. Now, it expects the rise in U.S. shale oil output to last longer and the supply source to start spreading to other countries.