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Is There Still Hope For Higher Oil Prices?

Is There Still Hope For Higher Oil Prices?

June 26, 2017 No Comments

Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared. All signs point to a period of “lower for longer” for oil prices, a refrain that is all too familiar to those in the industry. WTI dipped below $44 […]

Expect $30 Oil -Bank Of America

Expect $30 Oil -Bank Of America

June 21, 2017 No Comments

Oil prices hit on Tuesday their lowest levels since mid-November last year, with WTI entering a bear market, and analysts now see the price of oil sliding further down to below US$40 and even into the US$30s, as rising output from Libya and Nigeria adds to the persistent concerns over global oversupply. As of 2:21pm […]

OPEC basket 13 June 2017

OPEC basket 13 June 2017

June 14, 2017 No Comments

The price of OPEC basket of thirteen crudes stood at $46.01 a barrel on Tuesday, 13 June 2017 compared with $45.93 the previous day, according to OPEC Secretariat calculations. Oil prices fell on Wednesday after industry data showed a build in U.S. crude stocks. OPEC reported a rise in its production despite a pledge to […]

Oil Prices Are Set To Rebound

Oil Prices Are Set To Rebound

June 14, 2017 No Comments

The latest selloff in oil prices have left speculators in a predicament: The fundamentals continue to look poor with unimpressive drawdowns in crude oil stocks, but there is a general consensus that the extension of the OPEC deal should push the market towards a rebalancing over the next few quarters. What that means for short-term […]

Saudi Prince Meets With Putin To Discuss Oil, Syria

Saudi Prince Meets With Putin To Discuss Oil, Syria

May 31, 2017 No Comments

Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman is meeting Russian President Vladimir Putin today to discuss the extension of OPEC’s agreement with 11 other oil producers to extend the cuts approved last November, as well as the situation in Syria. Earlier in the day, Russia’s Energy Minister Alexander Novak met with his Saudi counterpart, […]

Oil Glut To Return When OPEC Deal Expires

Oil Glut To Return When OPEC Deal Expires

May 29, 2017 No Comments

OPEC is about to extend its production cuts for another nine months in an effort to bring the oil market back into balance. Keeping in place the 1.2 million barrels per day (mb/d) of OPEC cuts, plus the 558,000 bpd of non-OPEC reductions, for nine months rather than six should be enough to “normalize” crude […]

OPEC Immune From Early Adoption Of Electric Cars, Says Glencore

OPEC Immune From Early Adoption Of Electric Cars, Says Glencore

May 23, 2017 No Comments

The low-cost producers in the Organization of Petroleum Exporting Countries (OPEC) will not experience the worst effects of declining oil demand caused by the accelerated adoption of electric cars, according to remarks by the chairman of Glencore on Monday. The mining company anticipates that while low-cost OPEC members may be relatively unscathed, electric cars will […]

Today’s Stunted Oil Prices Could Cause Oil Price Shock In 2020

Today’s Stunted Oil Prices Could Cause Oil Price Shock In 2020

May 23, 2017 No Comments

As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil’s immediate future. As Saudi Arabia announces plans to slash production and move their economy away from oil dependency, many industry insiders are predicting that the now over-saturated market will reach an equilibrium with higher commodity prices […]

Saudi Alters Oil Pricing To Attract European Buyers

Saudi Alters Oil Pricing To Attract European Buyers

April 5, 2017 No Comments

Saudi Arabia is trying to lure buyers from European markets by changing the way it prices its oil in order to make it easier for hedging, Reuters reported on Tuesday, quoting industry sources. As of July 1, the Saudis will begin pricing their oil sales to Europe against the ICE settlement for the Brent benchmark, […]

JMMC reports high level of conformity

JMMC reports high level of conformity

March 27, 2017 No Comments

The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) convened in Kuwait City for its second meeting on 26 March 2017. It announced that, based on the Report of the Joint OPEC/Non-OPEC Technical Committee (JTC) for the month of February 2017, OPEC and participating non-OPEC countries have continued their progress towards full conformity with their voluntary adjustments […]

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