OPEC ponders how to co-exist with U.S. shale oil

OPEC Businessamlive

First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas. The history of the relationship between OPEC and the U.S. shale oil industry has evolved a great deal since the cartel discovered it had a surprise rival emerging in a core market for its oil […]

Oil traders punish OPEC for promising too much

As OPEC’s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 […]

Nigeria LNG launches three-cargo sell tender – sources

Nigeria’s liquefied natural gas (LNG) export facility has launched a tender to sell three cargoes loading during June, trade sources said, Reuters reports.  Bids for the tender are due on June 1 and the specific cargo loading dates are June 14, June 20-June 30, and June 25-July 4, the trade sources said.

OPEC disappointment hits oil, stocks; sterling down on UK vote jitters

Oil prices weakened on Friday, prompting a move away from riskier assets and depressing Asian stocks, after an OPEC agreement to extend cuts in crude production for a further nine months disappointed investors who had bet on bigger output cuts. In the currency market, sterling GBP=D3 fell 0.5 percent to $1.288, its biggest one-day slide […]

OPEC considering whether to cap Nigerian oil output – delegates

Ibe Kachikwu, Nigeria's Minister of State for Petroleum Resources, (right) and Mohammad Barkindo, OPEC Secretary-General

OPEC is debating on Thursday whether to include Nigeria in its pact to restrict oil production, two OPEC delegates said. Nigeria and Libya, both suffering from unrest, were excluded from production caps agreed by OPEC and non-OPEC producers in December last year and effective from January until June 2017. Saudi Energy Minister Khalid al-Falih said […]

All eyes on Vienna as oil drops; growth hits pound

Oil retreated from a five-week high as investor attention turned from the U.S. Federal Reserve’s somewhat dovish message to the gathering of major crude producers in Vienna. The pound fell after disappointing output data. West Texas oil swung between gains and losses before sliding as Saudi Arabia signaled Thursday’s meeting won’t produce a deeper cut than […]

OPEC considers extending oil output cut to March 2018

OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December […]

OPEC, non-OPEC could deepen oil cuts –Kuwait

OPEC and non-member oil producers could deepen output cuts or extend them for a year when they meet in Vienna this week as they seek to clear a global stocks overhang and prop up the price of crude, Kuwait said on Wednesday. The top oil producer in OPEC, Saudi Arabia, favours extending the output curbs […]

There is debate over length of OPEC-led oil output cut extension -ISNA

Iran’s oil minister Bijan Zanganeh said Wednesday that OPEC will continue its production curb but there is debate among members about how long it will continue, the Iranian Students’ News Agency (ISNA) reported on Wednesday. “It could be three, six or nine months,” Zanganeh said. Zanganeh said Iran will not decrease its own production and […]