Oil slides as Venezuela sees mid-$20 crude if OPEC doesn’t act
Oil extended its decline amid a broader commodity rout while Venezuela predicted crude prices may drop as low as the mid-$20s a barrel unless OPEC takes action to stabilize the market.
OPEC
Oil bulls see little chance of help from OPEC as supply grows
Hedge funds are betting OPEC won’t do anything next month to keep crude oil above $40 a barrel.
Oil faces third weekly loss at US glut remains
Oil's global glut will be prolonged as US stockpiles see their longest run of gains in seven months.
Saudi oil minister says OPEC will help stabilise market
Saudi Arabia is working with other OPEC members and producers from outside the group to stabilise the market, Saudi Oil Minister Ali al-Naimi said.
OPEC menaced by US shale hits Canada harder in price fight
OPEC took a swing at US shale and knocked down Canada. Threatened by surging production from North America, the Organization of Petroleum Exporting Countries has been pumping above its quota for 17 months as it seeks to take market share from higher-cost regions. The resulting 60 percent price crash is hitting Alberta harder than Texas. Canadian producers are struggling to cut the cost of extracting bitumen from the oil sands, and their other wells are failing to match the efficiency gains of US rivals, a Bloomberg Intelligence analysis shows.
OPEC export price falls below $40 for first time since 2009
The average price of crude sold by OPEC fell below $40 a barrel for the first time 2009, underscoring the financial cost of the group’s strategy to defend its market share.
Crude heading for sub-$40 as oil keeps pumping
Oil headed for a second weekly decline in New York, trading near its lowest level in two months, as US crude stockpiles rose three times more than forecast and the IEA said inventories in developed nations have reached a record.
Opinion: Saudis continue to play long game as oil price pain endures
The world crude oil price has been fluctuating around a low-level of $50/barrel for three months, now the prospect seems even gloomier as the International Energy Agency projects that 41% of the world market will continue to be taken by OPEC countries until 2020, with the rest of the world stagnating their production.
OPEC challenges shale afresh as Iraq crude floods Gulf of Mexico
OPEC’s latest challenge to U.S. shale oil producers would be about two miles long, lined end to end, and weigh almost 3 million metric tons. It’s due to reach American ports this month.
Oil industry cuts $200billion in investment says Saudi Prince
The oil and gas industry has cut $200 billion from investments this year as low prices discourage new projects, leading to cuts in crude supplies equal to half the daily output of Saudi Arabia, according to the kingdom’s Prince Abdul Aziz bin Salman.
Kuwait’s oil minister believes oil prices have bottomed out
Kuwait’s oil minister said he believes oil prices have bottomed out, according to reports. Ali al-Omair was asked if he agreed with recent remarks made by Qatar’s energy minister. He said for between two and three months prices hadn’t gone done so potentially be “at the bottom”.
Iran sees no OPEC output change as country seeks $70-$80 oil
Iran’s oil minister sees no imminent change in OPEC’s output strategy even as he urged fellow members of the group to cut their collective production to buoy crude to a range of $70 to $80 a barrel. Iran is preparing to ramp up its own output once world powers remove sanctions on its economy, regardless of any decisions by the Organization of Petroleum Exporting Countries, Oil Minister Bijan Namdar Zanganeh told reporters Monday at an industry conference in Tehran. “No one is happy” with prices at current levels, he said. “OPEC should decide to manage the market by reducing the level of production,” Zanganeh said. “It seems that the atmosphere is not well for making a change in the market.”
OPEC brings oil price war home in pursuit for Asia’s cash
When it comes to deciding how much to charge Asian oil buyers, OPEC members are showing little regard for tradition. Suppliers from the Organization of Petroleum Exporting Countries have long moved in lockstep, raising or lowering prices in tandem. Now, Kuwait is undercutting Saudi Arabia by the most on record and Iraq is also selling its oil more cheaply than the group’s biggest member. Qatar is pricing cargoes at the biggest discount in 27 months to competing crude from the U.A.E.’s Abu Dhabi. While the group that accounts for about 40 percent of global oil supplies maintains a collective strategy of flooding the market with crude, the semblance of unity has vanished when setting monthly selling prices. With Asia forecast to account for most of the growth in global oil demand this year, competition for the region’s buyers is trumping historical allegiances.
Iran’s oil minister urges OPEC members to cut crude output
OPEC member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s Oil Minister Bijan Namdar Zanganeh said. “No one is happy” with prices at current levels, Zanganeh told reporters in Tehran. “OPEC should decide to manage the market by reducing the level of production.” Even so, Zanganeh said he doesn’t expect the Organization of Petroleum Exporting Countries to decide to reduce output when its ministers meet next in December.
OPEC set to re-admit Indonesia to the club
Indonesia has been told by OPEC that it plans to accept the country's request to reactivate its membership at its next meeting in December.
A $70 oil floor? Fat chance, but OPEC price plan may be first step
The safe money for oil traders is betting that Venezuela's plan to resurrect OPEC's old price band mechanism, attempting to set a $70 floor for the battered market, will be doomed from the start.
Venezuela says eight non-OPEC nations invited to Vienna meeting
Venezuelan oil minister Eulogio del Pino has revealed that eight non-OPEC countries have been invited to an oil meeting to take place next week.
Oil glut to persist as global demand slows says IEA
A global oil supply glut will persist through 2016 as demand growth slows from a five-year high and key OPEC producers maintain near-record output, the International Energy Agency said on Tuesday, even as low prices curb supply outside OPEC.
Oil extends gains close to $50 a barrel as Opec sees demand growth
Oil extended gains near $50 a barrel amid speculation an increase in demand will ease a global glut.
Oil industry’s “best days yet to come” says Opec chief
The oil industry’s “best days are yet to come” as demand will grow to 110 million barrels a day by 2040, OPEC Secretary-General Abdalla Salem El-Badri stated as a conference in Kuwait City.
September saw largest three-day gain in Brent price since 1990
Brent prices jumped by $11 in the month of September marking the largest gain in three days since 1990, according to a market update. The latest findings from KPMG showed volatility in the oil markets has persisted in August and mid-September brought on by China’s financial slump and its wider effect on the markets. The price jump per barrel was influenced by speculation of an OPEC production cut.
Oil prices weak as OPEC targets market share
Oil markets were weak on Friday as fresh signs that OPEC will continue to value market share over prices outweighed expectations of a lift when the United States kept interest rates at historic lows.
Venezuela sees oil summit plan advancing in bid to support price
Venezuelan proposals for a summit between OPEC and non-OPEC producers are advancing, and should focus on bolstering oil prices rather than limiting volumes, government officials said Tuesday. The country seeks a fair price for oil that will support economic growth and energy demand, Oil Minister Eulogio Del Pino said in an interview at Tuesday’s meeting between Venezuela and Saudi Arabia officials in Caracas. The oil price floor Venezuela is suggesting would be analyzed every quarter, he said. The Organization of Petroleum Exporting Countries has come under pressure from Venezuela and some other members to take action after the group decided last November not to reduce output. Saudi Arabia led OPEC’s decision to compete for market share against US shale producers rather than support prices. Oil in New York and London reached six-year lows last month amid excess global supply.
Oil edges further above $46, weak Asian outlook weighs in
Oil edged further above $46 a barrel on Tuesday, supported by the prospect of lower US inventories and production although concern about weaker Asian demand kept prices in check.
Iraq’s record Basra oil exports will add to global oversupply
Iraq aims to export a record volume of Basra crude from its southern terminals in October as it ramps up production, adding to a global oil supply glut.