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Nov 19, 2014

Libya official sees OPEC at least cutting above-target oil output

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.

Nov 18, 2014

Saudi oil policy uncertainty unleashes the conspiracy theorists

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?

Nov 18, 2014

OPEC needs to cut output by up to 1 million bpd: delegate

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.

Nov 14, 2014

Oil edges up from 4-year low to $78, IEA warns on 2015

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
cut supply.

Nov 14, 2014

IEA sees new era, no quick rebound in oil prices

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.

Nov 14, 2014

IEA sees further downward pressure on oil prices

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.

Nov 13, 2014

OPEC delegates split on whether Naimi for or against oil output cut

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.

Nov 12, 2014

OPEC sees lower 2015 demand for its oil, Saudi output still high

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.

Nov 11, 2014

OPEC delegates start whispering about potential oil cut

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.

Nov 6, 2014

OPEC sees its oil market share shrinking as shale contribution grows

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.

    • 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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