December 16, 2017

Opec has victory in its sights in oil price war with US shale – Telegraph

The Organisation of the Petroleum Exporting Countries (Opec) has given the clearest signal yet that it believes it is winning its oil price war with the US shale industry. The group of 12 mainly Middle Eastern producers has said that output from outside the cartel in 2016 will be over 100,000 barrels per day (bpd) lower than it had previously predicted, as lower prices shut down more production. In its closely-watched monthly market report, Opec said: “There are signs that US production has started to respond to reduced investment and activity. Indeed, all eyes are on how quickly US production falls.” The…

Has Opec cartel won the oil price war? | The Week UK

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An oil turf war that has devastated global prices over the past year appears to be going the way of the Saudi Arabia-led cartel Opec, according to its own estimates which echo those of the global energy watchdog last week.  The 12-nation group’s latest report predicted that supply from non-Opec countries would be around 58 million barrels per day next year, significantly lower than current projections. Most of this decline, in line with the forecast by the International Energy Agency, is accounted for by a fall in US shale production, most of which makes a sizeable loss while oil is…

Iran says an OPEC emergency meeting may stop oil price slide: Shana| Reuters

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Iran’s Oil Minister, Bijan Zanganeh, said on Sunday that holding an emergency OPEC meeting may be “effective” in stabilizing the oil price, Iran’s oil ministry news agency Shana reported. Algeria said earlier this month that the Organization of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other OPEC delegates said no meeting was planned. “Iran endorses an emergency OPEC meeting and would not disagree with it,” Zanganeh told reporters in Tehran, according to Shana. U.S. oil prices CLc1 fell below $40 a barrel on Friday for the first time since the 2009…

OPEC Pumps at Three-Year High Despite Oil Glut – WSJ

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The return of crude-oil prices below $50 a barrel is testing the unity of the Organization of the Petroleum Exporting Countries, which on Tuesday posted near-record levels of production even as low prices ratchet up pain for its members. In its monthly oil-market report, the 12-nation cartel of some of the world’s biggest oil producers said members pumped 31.51 million barrels a day in July—its highest level since May 2012 and representing an increase of 101,000 barrels a day, compared with the previous month. That is more than 1.5 million barrels a day above the group’s stated output ceiling of…

OPEC just kicked oil into the $30s

Increased pumping by OPEC as Chinese demand appears to be slackening could drive oil to the lowest prices since the peak of the financial crisis. West Texas Intermediate crude futures skidded through the year’s lows and looked set to break into the $30s-per-barrel range after the Organization of the Petroleum Exporting Countries admitted to more pumping and China devalued its currency, sending ripples through global markets. Read MoreChina’s big bang dents global markets “The familiar theme of oversupply and shaky demand is getting punctuated today,” said Again Capital partner John Kilduff, who has expected WTI to aim for $30 per…

OPEC’s Oil Revenues Have Dropped Below $1 Trillion – Here’s What That Looks Like – Bloomberg Business

OPEC nations’ oil revenues dropped last year below the psychological $1 trillion mark for the first time since 2010, in the clearest sign yet of the economic impact of lower prices for oil-rich nations. The Organisation of the Petroleum Exporting Countries said on Wednesday in its annual statistical report that its 12-members earned $964.6 billion selling their petroleum, down 12.7 per cent from $1.1 trillion in 2013 and the lowest amount since 2010. Oil export revenues hit a nominal record of $1.2 trillion in 2012, according to OPEC data. You can see a breakdown of how things are panning out for OPEC members in…

Nigeria Under Buhari Will Be More Effective in OPEC | Naija247news

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The Federal Government under the administration of President Muhammadu Buhari has pledged its commitment to playing more proactive and effective roles in the affairs of the Organization of the Petroleum Exporting Countries, OPEC. Speaking in Vienna, Austria at the ongoing OPEC International Seminar, Head of Nigeria’s Delegation to the 167th OPEC Meeting Dr. Jamila Shu’ara stated that Nigeria under the leadership of Muhammadu Buhari, a one-time Minister of Petroleum Resources and Head of Nigeria’s Delegation to the OPEC Conference, will continue to work for the realization of the aims and objectives of the organization. Dr. Shu’ara’s remark was followed by an…

WorldStage News | Nigeria pledges commitment to OPEC

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WorldStage Newsonline– The Federal Government of Nigeria under the administration of President Muhammadu Buhari has pledged its commitment to playing more proactive and effective roles in the affairs of the Organization of the Petroleum Exporting Countries, OPEC. Speaking in Vienna, Austria at the ongoing OPEC International Seminar, Head of Nigeria’s Delegation to the 167th OPEC Meeting Dr. Jamila Shu’ara stated that Nigeria under the leadership of Muhammadu Buhari, a one-time Minister of Petroleum Resources and Head of Nigeria’s Delegation to the OPEC Conference, will continue to work for the realization of the aims and objectives of the organization. The Nigerian…

Goldman’s Oil Trade: How to Profit on OPEC Move

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The Organization of Petroleum Exporting Countries is widely expected to leave oil prices unchanged at Friday’s meeting. But what if OPEC surprises everyone, and investors all around the world find themselves on the wrong side of the incredibly crowded oil trade? With oil prices up some 40% since March, this is a key question permeating the market. To position for a potentially explosive move on Friday, Goldman Sachs is telling clients to buy Select Sector SPDR-Energy (ticker: XLE ) straddles in anticipation oil prices make a sharp move up or down on OPEC news. With XLE at $78.60, investors can buy XLE’s…

All OPEC Members are not Created Equal – Oil & Gas 360

Country Budgets in Oil Price Rout are Unsettling Some Members The oil and gas world is not expecting to receive any groundbreaking news from this Friday’s meeting of the Organization of Petroleum Exporting Countries (OPEC). But the likelihood of all 12 nations embracing the status quo is nil, and many people expect to see ample discord between the members of the cartel. The oil price swoon affected the industry worldwide, hitting the wallets of companies in every facet of the industry. Countries primarily dependent on national oil companies for gross domestic product are under significant pressure as their revenues have…