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President and Oil Minister of Gabon Meet OPEC Secretary General

President and Oil Minister of Gabon Meet OPEC Secretary General

August 2, 2017 No Comments

OPEC Secretary General, HE Mohammad Sanusi Barkindo, met with Gabon’s President, HE Ali Bongo Ondimba, and the country’s Minister of Petroleum and Hydrocarbons, HE Pascal Houangni Ambouroue and other Gabonese officials. Each meeting was also attended by a group of accompanying OPEC officials. The Secretary General and an accompanying OPEC delegation were formally received today […]

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Oil Market is steadily progressing towards rebalancing

Oil Market is steadily progressing towards rebalancing

July 25, 2017 No Comments

The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) met in St. Petersburg for its fourth meeting on 24 July 2017 to review the June 2017 report as well as the first six months of the Declaration of Cooperation, as submitted by the Joint OPEC-Non-OPEC Technical Committee (JTC). This meeting was graciously hosted by the Russian Federation, […]

Schlumberger Announces Second-Quarter 2017 Results

Schlumberger Announces Second-Quarter 2017 Results

July 24, 2017 No Comments

Q2 2017 Earnings highlights Revenue of $7.5 billion increased 8% sequentially Pretax operating income of $950 million increased 25% sequentially GAAP loss per share, including charges of $0.40 per share, was $0.05 EPS, excluding charges, was $0.35 Quarterly cash dividend of $0.50 per share was approved Schlumberger Chairman and CEO Paal Kibsgaard commented, “Our second-quarter […]

16th edition of the World Oil and Gas Review

16th edition of the World Oil and Gas Review

July 23, 2017 No Comments

Eni presents the 16th edition of the World Oil and Gas Review, the annual statistics report on world reserves, production and consumption of oil and gas with a special focus devoted to crude oil quality and the refining industry. This year the Review presents two important innovations. For the first time, it includes a section […]

The Oil Glut

The Oil Glut

July 16, 2017 No Comments

The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks OPEC exports have come under pressure this week from technical threats to oil fields, with Saudi Arabia’s Manifa problems grabbing the headlines. Saudi Aramco CEO Amin Nasser, while addressing the World Petroleum Congress in Istanbul, stated that the outlook for oil […]

Oil Production News This Week

Oil Production News This Week

July 14, 2017 No Comments

OPEC Secretary General, HE Mohammad Sanusi Barkindo, this week attended the 22nd World Petroleum Congress (WPC) held in the historic city of Istanbul, Turkey. The price of OPEC basket of fourteen crudes stood at $45.66 a barrel on Thursday, 13 July 2017, compared with $46.02 the previous day, according to OPEC Secretariat calculations OPEC compliance […]

Is A Big Move In Oil Prices Due?

Is A Big Move In Oil Prices Due?

June 29, 2017 No Comments

In options trading, a straddle is literally a sit-on-the-fence strategy. By purchasing a put and a call at the same strike (price of underlying commodity) for the same time period, an investor isn’t making a conventional directional bet; rather the investor is looking for a big move either up or down. The rub is that […]

OPEC Secretary General congratulates new Crown Prince of the Kingdom of Saudi Arabia

OPEC Secretary General congratulates new Crown Prince of the Kingdom of Saudi Arabia

June 28, 2017 No Comments

OPEC Secretary General, HE Mohammad Sanusi Barkindo, has congratulated HRH Prince Mohammed bin Salman Al Saud on his appointment as the new Crown Prince of the Kingdom of Saudi Arabia following the announcement of the decision in a Royal Decree by King Salman Bin Abdul Aziz Al-Saud, the Custodian of the Two Holy Mosques. The […]

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 […]

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