LONDON (Reuters) – OPEC oil output has fallen in October from the previous month, a Reuters survey found on Friday, as declines in top producers Saudi Arabia and Iraq outweighed higher supply from African members.
The drops are not indicative of deliberate supply cuts to prop up prices, sources in the survey said, and the Organization of the Petroleum Exporting Countries is still pumping close to a record high as major producers focus on defending market share.
VIENNA, Oct 21 (Reuters) – Only five non-OPEC countries have
sent representatives to a meeting of OPEC and non-OPEC oil
market experts that began on Wednesday at the petroleum exporter
group’s Vienna headquarters.
The Organization of the Petroleum Exporting Countries had
invited eight non-member nations including Russia for talks on
the market, ahead of OPEC’s policy-setting meeting on Dec. 4.
LONDON/DUBAI (Reuters) – A meeting of OPEC and non-OPEC oil market experts this week is unlikely to increase the prospect of joint co-operation on supply curbs or show much support for Venezuela’s proposed price band, OPEC delegates and analysts said.
The Organization of the Petroleum Exporting Countries has invited eight non-member countries including Russia for talks on the market at its Vienna headquarters on Wednesday. OPEC’s own meeting to set policy is not until Dec. 4.
LONDON (Reuters) – Oil eased further below $50 a barrel on Wednesday, falling for a third day, on concern a supply glut will persist and demand slow down as economic growth moderates in No. 2 consumer China.
Chinese growth for the third quarter is expected to fall below 7 percent for the first time since the global financial crisis. The International Energy Agency (IEA) said on Tuesday the oil market would remain oversupplied in 2016.
LONDON, Oct 13 (Reuters) – A global oil supply glut will
persist through 2016 as demand growth slows from a five-year
high and key OPEC producers maintain near-record output, the
International Energy Agency said on Tuesday, even as low prices
curb supply outside OPEC.
The IEA, which advises industrialised countries on energy
policy, said in a monthly report that world oil demand will rise
by 1.21 million barrels per day (bpd) in 2016, down 150,000 bpd
from last month’s forecast.
LONDON (Reuters) – OPEC forecast on Monday that demand for its oil in 2016 would be much higher than previously thought as its strategy of letting prices fall hits U.S. shale oil and other rival supplies, reducing a global surplus.
In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast the world would need 30.82 million barrels per day (bpd) from the group next year, up 510,000 bpd from the previous prediction.
LONDON, Oct 11 (Reuters) – OPEC’s policy meeting in December
will welcome Indonesia’s return as a member, complicating a
decision by the producer group on whether to change its oil
After refusing to cut output last year, the Organization of
the Petroleum Exporting Countries is pumping much more than its
target of 30 million barrels per day (bpd) because of
near-record Saudi Arabian and Iraqi production, and smaller
increases elsewhere in the group.
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.