Bad news for Opec as US shale drillers gear up for $84bn spree
US shale explorers are boosting drilling budgets 10 times faster than the rest of the world to harvest fields that register fat profits even with the recent drop in oil prices.
OPEC
Oil steady as US stockpiles dropping again
Oil was steady before government data forecast to show U.S. crude stockpiles fell for a fifth week, further reducing an inventory surplus.
Russia throws weight behind extending output cuts
Russia has thrown its weight behind the extension of oil output curbs, ahead of OPEC talks.
Saudi Arabia says oil cuts could stretch into 2018
Saudi Arabia’s oil minister said he’s confident that an agreement by producers to curb crude output and shrink a market glut will be extended into the second half of the year and possibly beyond.
Hedge funds exit before Opec-driven oil rally disappears
Hedge funds jumped out of the oil market just in time.
Brunei said to be willing to prolong OPEC cuts, claims Saudi’s energy minister
Saudi Arabia's energy minister Khalid al-Falih has claimed that Brunei has expressed a "willingness" to extend the global oil cut agreement between OPEC and non-OPEC countries.
Oil prices at five-month lows following Russian indecision
Oil prices were hovering at near five-month lows on Friday, after comments from the Kremlin suggesting indecision over whether to extend production cuts sent crude tumbling overnight.
OPEC likely to extend cuts, sources claim
OPEC and non-OPEC oil producers are likely to extend their out cuts to help clear a glut, sources have claimed.
Oil rallies as US glut eases, Russia backs cuts
Crude rebounded from a six-week low on signs the U.S. supply glut is easing and as Russia signaled support for extending output cuts with OPEC.
Oil down as US rig count rises and Libya lifts output
Oil declined as rigs targeting crude in the U.S. rose for a fifteenth week and output from Libya rebounded.
Saudis losing market share to Iran, Iraq on oil cuts
Saudi Arabia, the world’s biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC’s agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority.
Extending oil output cuts a tough task for Russia
For Russian oil companies, the historic agreement to boost prices by cutting output in conjunction with the Organization of Petroleum Exporting Countries was an easy win. Extending the deal will be less straightforward.
Opinion: US shale’s the wild horse that OPEC just can’t tame
It was all so simple. By lifting restraints on output, Saudi Arabia would stop subsidizing high-cost oil producers and halt the rapid rise in U.S. production that was eating into OPEC's market share. At least, that was the logic back in November 2014.
Oil heads for biggest weekly loss since early March on US supply
Oil headed for its biggest weekly loss since early March as signs that OPEC will continue with output reductions was offset by growing U.S. production.
Brent rallies as Saudi signals potential for extending output cuts
Brent crude rebounded after the biggest slump in six weeks as Saudi Arabia said OPEC-led supply cuts may need to be extended past June to drain bloated global crude inventories.
Russia to support prolonged oil output cuts
Russia is likely to support extending a multinational deal to cut oil output as higher prices boost revenue in the run-up to next year’s presidential election, a Bloomberg survey shows.
Opec faces unexpected outcome after oil cuts: higher stockpiles
When OPEC and Russia meet next month to assess the impact of their oil cuts they face a surprising outcome: stockpiles are even higher than when they started.
OPEC to meet non-OPEC oil producers next month amid speculation over extended output cuts
Oil cartel OPEC plans to meet with representatives from non-OPEC countries next month as they decide whether to extend supply cuts into the second half of the year.
Oil producers closer to re-balancing market, Opec chief says
Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market, and OPEC will decide next month whether to extend its cuts in output beyond June, the group’s Secretary-General Mohammad Barkindo said.
Saudi oil exports drop to 2015 low as production cuts upheld
Saudi Arabia, the world’s largest crude shipper, trimmed exports to a 21-month low in February as local refineries took advantage of more abundant supplies and processed a record amount of crude.
Saudi says too early to discuss extending oil output reductions
Saudi Arabia’s energy minister said today that talk of extending the agreement on oil output reductions would be premature, according to a news report.
Third weekly gain for oil as IEA says market close to balance
Oil capped its third weekly gain after the International Energy Agency said production cuts have brought world markets “very close to balance” and should soon deplete stockpiles that rose in the first quarter.
Extending output cuts would ‘encourage’ US shale, IEA says
An extension to international production cuts would encourage the rival US shale sector, as it could fill the shortfall, the International Energy Agency (IEA) said today.
Opinion: Redefining sanity for oil traders in today’s market
If insanity is doing the same thing over and over and expecting different results, then sanity must be the reasonable expectation that repeat actions have repeat effects. What happens then, when long observed causal relationships break down? When an impressively broad OPEC and non-OPEC production cut doesn’t send prices soaring?
Libya field stoppage tees up oil for longest gain in 2017
Crude headed for its longest run of gains this year as Libya’s biggest oil field suffered another outage while Russia signaled it’s weighing an extension of OPEC-led production cuts.