LONDON (Reuters) – OPEC has trimmed its crude oil output towards next year’s global requirement, the exporter group said on Tuesday, further whittling away at a supply surplus that could weigh on prices.
The monthly report from the Organization of the Petroleum Exporting Countries, which kept its output policy unchanged at a meeting last week, also sounded an upbeat note on the prospects for the world economy in 2014.
VIENNA (Reuters) – Paolo Scaroni of Italy’s Eni (ENI.MI: Quote, Profile, Research, Stock Buzz) met with Iranian Oil Minister Bijan Zanganeh on Thursday, the first western oil CEO to meet publicly with the minister since last month’s interim nuclear deal.
The meeting, in the minister’s Vienna hotel suite following Wednesday’s OPEC meeting, came after Zanganeh named Eni as one of seven Western companies he wanted to invest in Iran’s energy sector if international sanctions are lifted.
VIENNA, Dec 4 (Reuters) – Iran on Wednesday named seven
Western oil companies it wants back in its vast oil and gas
fields once international sanctions are lifted and said it would
offer contract terms in April next year.
Iranian Oil Minister Bijan Zanganeh named the seven in
order: Total of France, Royal Dutch Shell,
Italy’s ENI, Norway’s Statoil, Britain’s BP
and U.S. companies Exxon Mobil and ConocoPhillips
VIENNA, Dec 3 (Reuters) – Iran and Iraq on Tuesday gave
notice to OPEC of intended big oil output increases to come,
saying others in the cartel will need to give way to make room
Speaking ahead of an OPEC meeting, oil ministers for the two
countries, rivals as the group’s second and third biggest
producers after Saudi Arabia, said they were targeting 4 million
barrels a day, growth of about one million bpd apiece.
VIENNA, Dec 3 (Reuters) – Iraq is planning to lift oil
output by more than a million barrels a day to over 4 million
bpd in 2014, in what would be the country’s biggest oil supply
increase since the fall of Saddam Hussein a decade ago.
Oil Minister Abdul Kareem Luaibi said Iraq planned to lift
exports to 3.4 million barrels daily, including 400,000 bpd from
the semi-autonomous Kurdish region.
VIENNA, Dec 2 (Reuters) – OPEC is perhaps fortunate that the
misfortune of some of its own members should make a production
policy meeting this week look set to be a straightforward
The Organization of the Petroleum Exporting Countries would
face a significantly trickier task at a Wednesday meeting if
several in the producer cartel were not pumping below par
because of civil strife or sanctions.
VIENNA (Reuters) – Bijan Zanganeh returns this week to the same Vienna hotel suite he last occupied eight years ago as Iranian oil minister, ready to prepare OPEC for what Tehran hopes will mark its return as the cartel’s second biggest producer.
Emboldened by its nuclear deal with the West, Iranian oil negotiators led again by industry veteran Zanganeh, will seek to reassert Tehran’s authority in the Organization of the Petroleum Exporting Countries at a Wednesday meeting.
LONDON, Nov 19 (Reuters) – Iraq’s oil industry is poised for
a second year of only modest growth in 2014, starting off slowly
as extensive work at a major port curbs exports and red tape and
violence prompt some oil firms to delay projects.
After decades of wars and sanctions, oil output from OPEC’s
second-biggest producer began a swift revival in 2010 after Big
Oil signed deals to tap its southern oilfields. Work by the
likes of BP and Exxon Mobil boosted output by
600,000 barrels per day (bpd) to top 3 million bpd in 2012.
LONDON, Nov 13 (Reuters) – Oil rose to $107 a barrel on
Wednesday as support from supply outages countered concern about
the prospect of the U.S. Federal Reserve soon reducing its
monetary stimulus and forecasts of a rise in U.S. stockpiles.
Lack of success in weekend talks on Iran’s nuclear work
reduced the chance of 1 million barrels per day (bpd) of Iranian
crude, off the market since 2012 due to sanctions, returning
soon. Libyan exports remain disrupted by strikes and protests.
LONDON, Nov 12 (Reuters) – The United States will stride
past Saudi Arabia and Russia to become the world’s top oil
producer in 2015, the West’s energy agency said, bringing
Washington closer to energy self-sufficiency and reducing the
need for OPEC supply.
But by 2020, the oilfields of Texas and North Dakota will be
past their prime and the Middle East will regain its dominance -
especially as a supplier to Asia, the International Energy
Agency (IEA) said on Tuesday.