LONDON, Nov 17 (Reuters) – As ministers from the 12 members
of the Organization of the Petroleum Exporting Countries (OPEC)
prepare to fly to Vienna for their 166th meeting next week, the
quiet consultations and soundings have already begun.
OPEC must decide whether and how to respond to the 30
percent decline in oil prices since the middle of June, in what
may be the organisation’s toughest test in five years.
LONDON, Nov 17 (Reuters) – Hedge funds have been badly
wrong-footed by the slide in oil prices over the past five
months, and by trying to turn their positions around have
accelerated the rout.
Going into the summer, hedge funds and other money managers
had amassed one of the largest bullish positions on oil prices
LONDON, Nov 14 (Reuters) – The best way to think about the
dramatic slide in oil prices over the last five months, Brent
has fallen by more than 30 percent, is that the market is caught
in a negative bubble.
The downward lurch in oil prices over such a short space of
time is the mirror image of the price spike in the first half of
LONDON, Nov 14 (Reuters) – “As a result of the fall in
demand and the rise in non-OPEC supplies, we recognised too late
that oil was overpriced, that it had reached an unwarrantably
high level, destroying the state of virtual equilibrium between
supply and demand,” the Saudi oil minister told his audience.
The recent sharp drop in prices had not been good for either
producers or consumers, he explained. “Neither … can plan with
confidence for long-term energy production, investment and
consumption … What the oil industry badly needs is price
stability in the long term.”
LONDON, Nov 13 (Reuters) – Beijing is one of the most
polluted cities in China, according to official statistics.
Every time China hosts a major international event the
government has to take extraordinary measures to clean up the
air and avoid suffocating its prominent guests in a dangerous
LONDON, Nov 12 (Reuters) – There has always been a close
link between U.S. oil production, international prices and OPEC,
so it should come as no surprise that North America’s shale
drillers find themselves locked in a battle with Saudi Arabia
over prices and market share.
Until the 1950s, the United States accounted for more than
half of all global oil production. Big finds such as Oklahoma’s
Glenn Pool (1905) and the East Texas field (1930) drove oil
price changes around the rest of the world.
LONDON, Nov 12 (Reuters) – The joint statement by the United
States and China on climate change, issued on Wednesday, is more
important for its political and diplomatic symbolism than any
practical effect it might have in reducing emissions.
The statement reiterates policies China and the United
States have been developing on their own and contains no new
binding limits on greenhouse emissions.
LONDON, Nov 10 (Reuters) – “The Silk Road, no longer just a
concept in history books, has evolved into a story of modern
logistics and Sino-European cooperation,” Yang Jiechi, China’s
top diplomat, told a conference this month.
The New Silk Road Economic Belt – from China across Central
Asia and Russia to Europe – and the 21st Century Maritime Silk
Road – through the Malacca Strait to India, the Middle East and
East Africa – have become the centrepiece of China’s economic
LONDON, Nov 6 (Reuters) – The Environmental Protection
Agency’s (EPA) Clean Power Plan could harm the reliability of
the power grid and may need to be modified before it is
In an initial review released on Wednesday, the North
American Electric Reliability Corporation (NERC) assessed how
proposed limits on greenhouse emissions from existing
fossil-fuelled power stations would affect the reliability of
the bulk power system (“Potential reliability impacts of EPA’s
proposed clean power plan”, Nov 5).
LONDON, Nov 6 (Reuters) – In the three months ending in
August, the United States and Canada swapped a record amount of
crude oil with each other, one of the more bizarre consequences
of outdated U.S. export controls.
Because U.S. oil producers cannot export crude oil to any
other country, crude is sent north to refineries in Canada, even
if it would make more sense to ship it to refineries in Europe,
Latin America or Asia.