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May 22, 2015

Iraq exports hold close to record high in May

LONDON, May 22 (Reuters) – Iraq’s oil exports have held
above 3 million barrels per day (bpd) so far in May, according
to loading data and an industry source, keeping shipments from
OPEC’s second-largest producer close to a record high.

Another strong month from Iraq adds to signs of high output
from major members of the Organization of the Petroleum
Exporting Countries focused on keeping market share, weighing on
global oil prices.

May 21, 2015

Oil edges further above $65 on U.S. inventory drop, Iraq

LONDON (Reuters) – Oil rose further above $65 a barrel on Thursday, gaining for a second day, supported by expectations that a global supply glut is starting to ease and by fighting in Iraq.

The U.S. government’s supply report on Wednesday showed crude inventories declined for a third week. Stockpiles had been at record levels due to excess supply, raising concern that storage capacity was getting tight. [EIA/S]

May 19, 2015

Libya’s NOC chief sees higher oil prices, not relying on OPEC

LONDON (Reuters) – The head of Libya’s National Oil Corp (NOC) sees higher oil prices and said the company is working to boost output and regain market share taken by other producers.

Speaking on a visit to London, NOC Chairman Mustafa Sanallah said he saw signs of oil demand increasing across the globe and a fall in the supply of shale oil in the United States.

May 12, 2015

OPEC oil output boost keeps supply surplus despite higher demand

LONDON (Reuters) – OPEC said its oil output rose further in April, keeping an excess supply in the market despite stronger demand and signs the producer group’s strategy of letting prices fall to hurt other producers is taking effect.

In a monthly report on Tuesday, OPEC said demand for its oil this year would be 50,000 barrels per day (bpd) higher than previously thought, thanks to a slightly lower supply forecast for countries outside the group.

May 5, 2015

OPEC policy rollover likely in June as oil rebounds -delegates

LONDON/DUBAI, May 5 (Reuters) – OPEC countries are set to
maintain current production levels at a meeting next month,
three delegates said, as Gulf states continue to focus on market
share and a rally in crude prices mutes calls from other members
for supply cuts.

While the June 5 meeting in Vienna is likely to hear demands
from some members of the Organization of the Petroleum Exporting
Countries for a reduction in the amount of oil pumped, even
officials from countries which favour a curb see it as unlikely.

May 4, 2015

Oil slips after hitting 2015 high above $67

LONDON (Reuters) – Oil eased towards $66 a barrel on Monday after reaching a 2015 high, as ample current supplies and weak Chinese factory activity countered expectations of a tighter supply and demand balance later this year.

The collapse of oil prices in 2014 has prompted expectations that supply growth in higher-cost crude producers such as the United States will slow. On Friday, oil services firm Baker Hughes Inc. said the number of U.S. active rigs had fallen for a record 21 weeks in a row.

May 4, 2015

Oil hits 2015 high as traders look beyond ample current supply

LONDON (Reuters) – Oil rose towards $67 a barrel on Monday to reach a 2015 high, supported by expectations the supply glut will ease and after weak Chinese factory activity reinforced views that stimulus measures would be rolled out.

Activity at China’s factories shrank at its fastest pace for a year as new orders fell in April, a private business survey showed on Monday, hardening the case for policy stimulus to boost the world’s second biggest economy.

Apr 30, 2015

OPEC oil output in April climbs to highest since 2012: survey

LONDON (Reuters) – OPEC oil supply in April has jumped to its highest in more than two years, boosted by record or near-record supplies from Iraq and Saudi Arabia, a Reuters survey showed, as key members stand firm in their focus on market share.

The increase from the Organization of the Petroleum Exporting Countries puts output further above forecasts of demand for OPEC oil in the first half of the year, although second-half demand is expected to be stronger.

Apr 29, 2015

Iran’s oil exports rise in April after framework nuclear accord

LONDON (Reuters) – Iran’s crude oil exports have risen in April following softer sales last month, helped by a framework nuclear agreement between Tehran and world powers and the possibility that Western sanctions could be lifted soon.

Iran, once OPEC’s second-largest producer after Saudi Arabia, hopes to boost crude exports by as much as 1 million barrels per day (bpd) if Tehran and six major powers finalise a nuclear agreement by a June 30 deadline. The sides reached a framework accord on March 31.

Apr 21, 2015

Iraq oil exports slip so far in April, still near record

LONDON (Reuters) – Iraq’s oil exports have slipped so far in April to 2.92 million barrels per day (bpd), according to loading data and industry sources, although shipments from OPEC’s second-largest producer remain close to a record high.

If sustained, Iraq’s exports this month will be just short of the record of 2.98 million bpd set in March. Another strong month from Iraq adds to signs of continued high output from major members of the Organization of the Petroleum Exporting 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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