LONDON (Reuters) – There is no need to panic at the recent drop in oil prices, the secretary general of OPEC said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.
Abdullah al-Badri said output of higher-cost oil supplies such as shale would be curbed if oil remained at around $85 a barrel, while the Organization of the Petroleum Exporting Countries enjoys lower costs and will see higher demand for its crude in the longer term.
LONDON (Reuters) – There is no need to panic at the recent collapse in oil prices, the secretary general of OPEC said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.
Abdullah al-Badri did not say whether OPEC needed to cut oil production at its next meeting in November, something he has called for previously, and said prices should be set by the market.
LONDON, Oct 23 (Reuters) – PetroIneos is ramping up imports
of West African crude to its Grangemouth refinery in Scotland,
according to shipping fixtures, booking at least 5 million
barrels since the start of October amid lower prices and
technical problems at the plant.
The joint venture between PetroChina and Ineos
which runs the 210,000 barrel-per-day plant booked
the latest 1 million barrel Suezmax tanker on Thursday, shipping
fixtures show, with another four or five listed since the start
of the month.
LONDON, Oct 21 (Reuters) – Australian investment bank
Macquarie Group has bought Deutsche Bank’s uranium
book, a source familiar with the matter said, as the
increasingly commodities-focused lender pushes deeper into
global energy trading.
The deal includes Deutsche’s long-term trading contracts and
stockpiles of low-grade uranium yellowcake, which were valued at
the end of last year at around $200 million.
LONDON, Oct 14 (Reuters) – Brent crude fell to a fresh low
below $88 a barrel on Tuesday, trading at the weakest level
since 2010 after the West’s energy watchdog cut its estimates
for oil demand this year and next.
The global oil benchmark has dropped almost 25 percent from
its 2014 high in June as supplies have risen and global demand
has slowed, creating a glut in many markets.
LONDON, Oct 14 (Reuters) – Demand for oil in 2015 will grow
far slower than previously forecast as global economies remain
weak, the International Energy Agency said on Tuesday, and
prices may extend their sharp fall so long as OPEC shows no sign
of countering a supply surge.
The IEA said it cut its 2015 estimate for oil demand growth
by 300,000 barrels per day (bpd) from its previous forecast and
now expects demand growth of 1.1 million bpd to 93.5 million. It
cut its 2014 estimate by 200,000 bpd to 0.7 million bpd.
LONDON, Oct 14 (Reuters) – The world will see much weaker
oil demand growth in 2015 than forecast previously, the
International Energy Agency said on Tuesday, adding that oil
prices may drop further.
“Recent price drops appear both supply and demand driven.
Further oil price drops would likely be needed for supply to
take a hit – or for demand growth to get a lift,” the agency
representing industrialised nations said in a monthly report.
LONDON/DUBAI, Oct 2 (Reuters) – Saudi Arabia’s decision to
slash the official selling price for its oil has sparked trader
talk of an emerging OPEC price cutting war, as members of the
producer group could compete to defend their market share amid
ample supplies and tepid demand.
Industry and trading sources in the Middle East say there
was now a risk of a race to the bottom, at a time when many were
calling for unity from members of the Organization of the
Petroleum Exporting Countries (OPEC) as it faces one of the
steepest price slides since the financial crisis.
LONDON, Sept 29 (Reuters) – Brent oil fell below $97 a
barrel on Monday, moving closer to a two-year low hit last week
as weak data from major buyer China and a stronger U.S. dollar
added to pressure from heavy supply.
The international benchmark for crude has fallen from $115
in June as geopolitical tension in the Middle East failed to
derail oil output, while concerns about slow demand have grown.
LONDON, Sept 23 (Reuters) – Brent crude oil fell towards a
two-year low near $96 a barrel on Tuesday, reversing early gains
as higher output from Libya and Iraq overshadowed the start of
U.S.-led air strikes against Islamist groups in Syria and
stronger Chinese economic data.
Libyan oil output has risen to 800,000 barrels per day, with
the key El Sharara oilfield restarting, a National Oil Corp
(NOC) spokesman said on Tuesday, from 700,000 bpd at the