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Opec Output

EIA Expects OPEC Output to Continue to Rise

The U.S. Energy Information Administration expects OPEC countries to continue producing above their quotas, pushing the cartel's average output 770,000 bpd above official levels for the quarter. OPEC's actual production would also be just 619,000 bpd lower during the first quarter from output levels at the end of last year, the agency said in its monthly OPEC update. That would be much less than the 1.5 million bpd that OPEC members (excluding Iraq) agreed to cut from their production quotas during a meeting last month in Vienna. The cartel set its production at 25.2 million bpd beginning Feb. 1 in order to stop oil prices from falling from what is expect to be lower oil demand in the first half of this year. The EIA said OPEC's production cuts should be sufficient, unless there is a world economic slowdown that dampens oil demand. "Not further cuts would be needed to maintain prices within OPEC's ($22-$28) target range," the agency said. Separately, the agency lowered its assessment of Iraqi oil production for the year. The EIA said it assumes Iraq will try to further erode United Nations sanctions by disrupting its own oil supplies. The EIA said it continues to believe that Iraq will not be able to meet its goal of producing 3.4 million bpd of oil this year, which was the country's output level in July 1990 just prior to the Gulf War. Because of problems with Iraq, the EIA lowered its projected overall OPEC production levels by 300,000 bpd for this year.


U.S. Oil Prices Surge Nearly $2

U.S. oil prices rocketed almost two dollars Wednesday on word that Saudi Arabia would reduce February crude sales by five percent despite U.S. appeals to the OPEC cartel not to cut oil output too sharply, Reuters reported. February crude futures oil on the New York Mercantile Exchange (NYMEX) closed at $29.50, up $1.86 a barrel or some seven percent. This takes gains over the last eight trading sessions to more than $3.50 dollars a barrel.


Oil Averages $18 In 1999

Oil Averages $18 In 1999 Oil prices in 1999 posted a 35 percent increase on average over 1998, in a triumph of output restraints by exporter group OPEC and key ally Mexico. International benchmark Brent blend for the year was averaging $18 a barrel near the close of business on the last trading day of the year. Brent averaged just $13.34 a barrel in 1998, the lowest in 22 years, when prices slumped amid global surplus caused by excess output and shrinking demand in collapsing Asian economies


Analysts Say Oil Stockpiles Could Vanish By Late Fall

Excess oil industry stockpiles are likely to disappear entirely in October or November as winter demand overwhelms supply constrained by OPEC export curbs, analysts said. Inventory statistics, always key to the international oil market, have assumed an even greater significance over the past week as OPEC officials singled out the indicator as the leading factor for judging when to ease supply limits. Now, even the most cautious of analysts expect OPEC's target of shrinking stockpiles to


Tightened Supply, Severe Winter Could Drive Oil Even Higher

Oil importers last week were facing the prospect of a severe winter price spike as OPEC exporters prepared to turn the screw on stringent supply restrictions. Benchmark Brent crude in London struck new 31-month highs last week at $22.30 barrel -- another 32 cent rise on top of Tuesday's 60 cent jump which took prices above $22 for the first time since February 1997. "As long as key producers give no hint of relaxing output restraint the price of Brent will probably approach $25 in the fourth


OPEC Compliance Slips

OPEC compliance with supply curbs appears to have fallen in October but from a level revised higher for September, according to a leading consultant. Preliminary indications from shipping and oil industry data are that OPEC October supply rose 230,000 barrels a day to 26.52 million bpd from a revised 26.29 million in September, Geneva's Petrologistics told clients on Wednesday. Output from the 10 OPEC members, excluding Iraq, that agreed output reductions in March was 23


Oil Prices Steady As Buyers Return

Oil prices steadied as buyers returned to the market on Friday to take advantage of a five percent slump set off by speculative fund sell-off on Thursday. Brent crude futures in London were trading 18 cents stronger at $21.60 a barrel, clawing back some of the losses sustained in Thursday's dramatic $1.17 fall. The losses were caused by funds selling futures in response to technical indicators, denting OPEC's hopes of keeping prices firm while they hold a tight rein on production


CGES Sees Oil Levels Nearing Minimum

Oil inventories are getting so tight that commercial stockcover held by oil companies could hit minimum operating levels by early next year, London's Center for Global Energy Studies warned. The CGES said that after a heavy draw in September, commercial inventories held in the industrialized nations of the OECD fell again in October - by an estimated 800,000 bpd in the U.S. and Europe. "What is more, there are hardly any spare stocks at sea, in temporary storage or in the non-OECD countries


Saudi Arabia To Boost Production 500K bpd

Saudi Arabia is poised to unilaterally boost its oil output by 500,000 barrels per day (bpd) by the end of August, industry sources said. The kingdom, the world's biggest oil producer, has already turned up its taps by 250,000 bpd and aims to lift output by the same amount starting from August 1, the sources added. The extra Saudi barrels will head for markets in the U.S. and the Far East, they said. OPEC President and Venezuelan Oil Minister Ali Rodriguez said on Tuesday OPEC would not raise


OPEC Secretary General Says No Shortage of Oil

OPEC is ready to pump extra oil in the event of any supply disruptions caused by Iraq and its biggest producer, Saudi Arabia, can ramp up to capacity if needed, oil officials said on Tuesday. For now the market is well-supplied and prices above $114 a barrel are the result of market nervousness, OPEC Secretary General Abdullah al-Badri said. An official from Saudi Arabia, the only OPEC member with significant spare capacity, said it was committed to supplying the market if needed.


Brent Crude Slips Towards US$102

HFO: File image

Brent crude fell towards $102 a barrel on Tuesday on concerns of slowing oil demand growth due to weak economic recoveries in China and Europe, although new unrest in OPEC oil producer Libya kept losses in check. * Weak factory data in China, Europe raise oil demand concerns


Brent Crude Falls Below US$98

HFO: File image

Brent crude dropped below $98 a barrel on Thursday, falling for the sixth straight session, as worries about ample supply and weak demand, which have dragged prices to 17-month lows, outweighed geopolitical concerns in the Middle East. * US air strikes could threaten Islamic reprisals -risk


Oil Demand Growth Slowing at 'Remarkable' Pace

  World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of remarkable


Brent Oil Hits 26-month Low Under US$97

HFO: File image

 Brent crude oil on Monday slumped to its lowest in over two years, below $97 per barrel as lacklustre economic data from China, the world's top energy consumer, cast a shadow over the outlook for oil demand at a time of abundant supply.


Libyan Rebels Refuse to Deal with New PM

Stance threatens efforts to reopen terminals; Maiteeq sworn in as PM after chaotic election. Seizure of ports, oilfields has cut vital crude output. Rebels occupying major oil ports in eastern Libya said on Wednesday they would not deal with new Prime Minister Ahmed Maiteeq


Saudis Keep June Crude Supply Steady To 1 Asia Buyer

Saudi Crude

  Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil to at least one Asian term buyer in June, unchanged from May, an industry source familiar with the matter said on Friday. The OPEC kingpin has supplied full contractual volumes to most Asian


Oil Prices Climb Again Amid Escalating Violence In Iraq

  Crude oil prices rose to new nine-month highs on Friday as concerns persisted that an insurgency in Iraq could disrupt oil exports from the second-largest OPEC producer. Grand Ayatollah Ali al-Sistani, the highest religious authority for Shi'ites


IEA: Unconventional Oil Revolution to Spread by End of Decade

Photo courtesy of IEA

IEA five-year oil market outlook also sees global demand growth losing momentum The IEA’s Medium-Term Oil Market Report 2014 will be officially launched during a Press webinar on Tuesday, June 17, 2014, 11 a.m. Paris time. In addition


Oil Falls Towards $111 on Libya Ports Deal

Oil fell towards $111 a barrel on Wednesday, its lowest in almost three weeks, on a possible substantial recovery in Libyan exports after rebels said they would reopen two oil terminals. Libyan rebels blockading eastern oil ports have agreed to reopen the remaining two terminals at Es Sider and


Med Tanker Market Pins Freight Rate Hopes on Libya Oil Export Push

Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up.


Brent Slips below $105

HFO: File image

Brent crude slipped under $105 a barrel on Monday, dropping from a one-week high hit on Friday, as U.S. intervention in Iraq eased concerns over the risk of disruption to supply from OPEC's second-largest producer. * U.S. conducts air strikes on Islamic State targets in north Iraq


Brazil's Sugar Output Slows Due to Rains

Sugar output from Brazil's main center-south cane region slipped in the second half of July to 2.24 million tonnes, down from the 2.55 million tonne output in the prior two weeks due to rains over the productive region, the cane industry said on Tuesday.


Brent Crude Falls Below US$104

HFO: File image

Brent crude fell below $104 a barrel on Thursday, after briefly bouncing off a 13-month low the previous day, on ample supplies and concerns about weak demand despite the ongoing political turmoil in Iraq and Ukraine. * Ample supplies keep pressure on oil prices


Second Tanker Awaits Lifting Opportunity at Libya Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal swung back into action after being closed for a year. The OPEC member's oil production has risen in the past few weeks as major


Second Tanker Waits to Load Oil at Libya's Reopened Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal swung back into action after being closed for a year. The OPEC member's oil production has risen in the past few weeks as major






 
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