LONDON, Oct 6 (Reuters) – OPEC sees the oil market improving
because of higher demand for the group’s crude and a drop in
supply growth from non-members, its secretary general said, the
latest sign that OPEC believes its strategy of defending market
share is working.
Oil prices have almost halved in the last year on
oversupply in a drop that deepened after the Organization of the
Petroleum Exporting Countries in 2014 changed strategy to
protect market share against higher-cost producers, rather than
cut output to prop up prices as it has done in the past.
LONDON (Reuters) – Oil rose above $49 a barrel on Thursday as an emerging risk premium over the situation in Syria countered further signs of an economic slowdown in Asia and rising U.S. inventories.
Russia launched air strikes in Syria on Wednesday in its biggest Middle East intervention in decades. The attacks raised the specter of Washington and Moscow running air strikes in the same region, but without coordination.
LONDON (Reuters) – OPEC oil output has risen in September from the month before, a Reuters survey found on Wednesday, as Iraq’s northern exports recovered from disruption that had halted supply growth from the group’s second-largest producer.
Saudi Arabia and other Gulf members of the Organization of the Petroleum Exporting Countries have kept output mostly steady, a further sign they are sticking to their focus on defending market share instead of prices.
LONDON (Reuters) – Top oil exporter Saudi Arabia is slowly regaining market share following its 2014 decision to no longer support prices, data shows, but has a long way to go if it wants to go back to the larger levels it has seen in the past.
Saudi Arabia led a shift by the Organization of the Petroleum Exporting Countries in November 2014 to defend market share against competing supplies, rather than cut output to prop up prices as they had for years.
LONDON, Sept 23 (Reuters) – A planned shutdown of Britain’s
North Sea Buzzard oilfield is likely to be rescheduled to
November from October, an industry source said, which would
boost next month’s supply of the crude that helps underpin the
Buzzard’s output is closely watched by traders as the field
is the biggest contributor to the Forties oil stream, the
largest of the four North Sea crudes used in the global Brent
LONDON/VIENNA (Reuters) – OPEC’s new medium-term forecasts point to higher demand for the group’s oil, OPEC delegates said, a sign that its strategy of letting prices fall is discouraging supplies from competing producers.
The forecasts, to be published in OPEC’s World Oil Outlook later this year, are expected to be discussed on Thursday during the second day of a meeting of OPEC’s national representatives taking place at its Vienna headquarters.
LONDON (Reuters) – Oil edged higher towards $47 a barrel on Tuesday, supported by the prospect of lower U.S. inventories and production although concern about weaker Asian demand kept prices in check.
While analysts expect reports this week to show no change in U.S. crude stocks overall, an estimate from market intelligence company Genscape that they fell by 1.8 million barrels at Cushing – U.S. crude’s delivery point – lent oil some support.
LONDON (Reuters) – OPEC on Monday predicted higher demand for its crude oil next year, sticking to its view that a strategy of letting prices fall will tame the U.S. shale boom and cut a global surplus.
The monthly report from the Organization of the Petroleum Exporting Countries also said a weaker outlook for China would contribute to slower global oil demand growth next year.
LONDON, Sept 14 (Reuters) – OPEC on Monday predicted higher
demand for its crude oil next year, sticking to its view that a
strategy of letting prices fall will curb supply from the United
States and other rival producers.
The monthly report from the Organization of the Petroleum
Exporting Countries, however, trimmed its estimate for 2016
global oil demand growth and predicted a less dramatic slowdown
in non-OPEC supply than the International Energy Agency.
LONDON/JAKARTA, Sept 8 (Reuters) – Indonesia is reactivating
its membership of the Organization of the Petroleum Exporting
Countries in December, OPEC said on Tuesday, which would add
almost 3 percent to the group’s oil output already close to a
The southeast Asian country would be the fourth-smallest
producer in the Organization of the Petroleum Exporting
Countries ahead of Libya, Ecuador and Qatar, and bring the
number of participants to 13 countries.