Trump request for OPEC oil production hike may backfire
If OPEC is the central bank of oil, then the Trump administration is commanding it to run the printing presses at full speed.
OPEC
Oil extends longest quarterly rally in a decade on supply risks
Oil in London extended gains after the longest quarterly rally in a decade as a slowdown in American drilling added to supply risks while the U.S. and Saudi Arabia discussed market stability.
$100 oil cannot be ruled out, says Aberdeen petro-economist
A senior lecturer at Aberdeen University has argued $100 oil “cannot be ruled out” as Brent’s price surge continues.
OPEC gives tepid response to Trump’s demand for lower oil prices
U.S. President Donald Trump’s demand that OPEC take rapid action to reduce oil prices got a tepid response, with the group saying it would boost output only if customers requested it.
Brent near $79 as Saudis signal comfort with higher prices
Brent oil traded near the highest level in a week after Saudi Arabia was said to be content with the global benchmark crude breaking above $80 a barrel.
OPEC warns of threats to oil supply from Iran, other producers
The Organization of Petroleum Exporting Countries is concerned by threats to crude supply from large producers such as Iran, the group’s top official said.
Opec needs to keep oil supply deal as demand faces headwinds
OPEC needs to keep working with other oil producers to manage global supplies as demand for crude faces “headwinds,” the head of the organization said.
Oil trades near $70 as storm threat weighed against OPEC output
Oil traded near $70 a barrel as investors assessed the threat to U.S. production from a storm that is forecast to strike the Gulf Coast as well as rising OPEC crude output.
Iraq says it’s ready to boost oil exports once OPEC gives OK
Iraq sees a need to increase crude exports and says it’s ready to ship more as soon as OPEC agrees how members will share a collective supply boost, according to the acting director-general of the state-run Oil Marketing Co.
A Saudi-Iran oil war could break up OPEC
When OPEC and Russia shook on increasing crude oil production by a million barrels daily to stop the oil price climb that had begun getting uncomfortable for consumers from Asia to the United States, there was no sign of what was to come just two months later: slowing demand in Asia, ample supply, and a brewing price war between Saudi Arabia and Iran.
OPEC plus or OPEC minus? Rosneft points to oil cartel in flux
Since late 2016, the Organization of Petroleum Exporting Countries and other nations, including Russia, Kazakhstan and Mexico, have managed the oil market, giving birth to a group popularly known as OPEC+.
Oil tanker owners scrap vessels at 1980s proportions
Oil tanker owners are giving up.
OPEC seeking legal strategy as U.S. pushes anti-cartel bill
OPEC is consulting with lawyers to prepare a strategy to defend against proposed U.S. legislation that could open the cartel up to antitrust lawsuits, according to people familiar with the matter.
OPEC output may be stretched to limit by supply crises, IEA says
OPEC’s Gulf members may need to pump almost as much crude as they can to cover swelling supply losses from Venezuela to Iran and beyond, the International Energy Agency said.
OPEC says it’s doing best to supply market but won’t overdo it
OPEC and its allies are doing what they can to offset crude output shortfalls that have kept global supplies tight and prices high, but they don’t want to overdo it.
OPINION: The new oil cartel threatening OPEC
When reports emerged that India and China are in talks about forming an oil buyers' club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.
Trump piles pressure on Saudis flummoxed by higher oil price
If the world’s biggest crude exporter says it’s going to ramp up production, prices usually drop. But as Saudi Arabia adds barrels before its customers get burned, prices have jumped. And Donald Trump isn’t happy.
OPEC supply buffer shrinks as it heeds call to pump more oil
OPEC is heeding consumers’ calls to pump more crude, but that’s only making the oil market more nervous.
Global oil benchmarks clash after ambiguous OPEC pact
The world’s two most important oil benchmarks are behaving very differently in the aftermath of OPEC’s meeting in Vienna.
Prof Kemp: Opec announcement ‘substantially reduces’ market uncertainty
Uncertainty in the global oil market was “substantially” reduced following Opec's meeting.
Russia and Saudi Arabia to account for Opec production boost, say analysts
Despite Opec announcing a 1million barrel daily increase in production yesterday, the oil cartel did not say which countries will account for that.
Market lifted as OPEC meeting signals a surge in oil price
London’s blue-chip index was lifted on Friday as oil-related stocks were helped by the outcome of a key meeting of the Organisation of Petroleum Exporting Countries (Opec).
OPEC decision: how much more oil will this bring the market?
OPEC have agreed to keep the current total limit, but will now attempt to comply with it. Oddly enough, low compliance with cuts has been from members and non-OPEC signatories to the cuts producing too little rather than too much. This has not come about through want to of trying, but because some signatories (most notably Venezuela) have been unable to reach their quotas. Clearly the only way 100% compliance with the total can be achieved when some countries cannot pump any more, is by those with spare capacity doing the job for them. The UAE oil minister, Suhail Al Mazrouei who did the talking, was asked repeatedly in the press conference about how the allocation would work. He always gave the same answer - the Joint Ministerial Monitoring Committee (JMMC - a committee formed of OPEC and non-OPEC members to monitor the implementation of cuts) will figure it out. As yet there is no plan as to how the limits will be reallocated. Presumably we will need to wait until the JMMC has met to agree on this.
Opec agrees 1million barrel output hike
Opec has agreed to increase global oil production by nearly 1million barrels per day.
OPEC chiefs weighing 1m barrel output hike to ease energy costs
The countries of the Opec oil cartel are discussing increasing production by about a million barrels a day at a meeting that could influence the cost of energy globally in coming months.