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Opec

Drop in Oil Prices Cripples OPEC’s Net Oil Export Revenues, EIA Finds

Drop in Oil Prices Cripples OPEC’s Net Oil Export Revenues, EIA Finds

The collapse in crude oil prices has decimated net oil export revenues for the Organization of the Petroleum Exporting Countries (OPEC) over the last three years, and the decline is expected to continue into 2016, according to the U.S. Energy Information Administration (EIA).

June 15, 2016
Long-Time Saudi Oil Chief Departs, But Energy Policy Said Unlikely to Change

Long-Time Saudi Oil Chief Departs, But Energy Policy Said Unlikely to Change

Saudi Arabia on Saturday ousted longtime energy minister Ali Al-Naimi and promoted Khalid Al-Falih, who chairs the country’s national oil company, a move not expected to upend the country’s policy to allow markets — and not shut-ins — to rebalance prices.

May 9, 2016
Long-Time Saudi Oil Chief Departs, But Energy Policy Said Unlikely to Change

Long-Time Saudi Oil Chief Departs, But Energy Policy Said Unlikely to Change

Saudi Arabia on Saturday ousted longtime energy minister Ali Al-Naimi and promoted Khalid Al-Falih, who chairs the country’s national oil company, a move not expected to upend the country’s policy to allow markets — and not shut-ins — to rebalance prices.

May 9, 2016
Fundamentals, Not OPEC Freeze, Likely to Stabilize Oil Prices, Say Experts

Fundamentals, Not OPEC Freeze, Likely to Stabilize Oil Prices, Say Experts

The failure to reach an agreement to freeze global oil production by the Middle Eastern-led oil cartel may play to the market fundamentals, but it also could lead to more U.S. bankruptcies as oil prices continue to decline, industry experts said Monday.

April 19, 2016
Fundamentals, Not OPEC Freeze, Likely to Stabilize Oil Prices, Say Experts

Fundamentals, Not OPEC Freeze, Likely to Stabilize Oil Prices, Say Experts

The failure to reach an agreement to freeze global oil production by the Middle Eastern-led oil cartel may play to the market fundamentals, but it also could lead to more U.S. bankruptcies as oil prices continue to decline, industry experts said Monday.

April 19, 2016

Low Oil Prices Failing to Raise Demand, Impacting Global Economy, OPEC Says

Persistently low crude oil prices haven’t spurred rising demand for petroleum products and have begun to impact the global economy, the Organization of the Petroleum Exporting Countries (OPEC) said Wednesday.

February 11, 2016

OPEC, U.S. Shale Producer Price War Not Over, Analysts Say

U.S. crude oil prices slumped below $40/bbl on Friday after OPEC sidestepped action to curb output levels, despite a saturated market.

December 4, 2015

Indonesia to Rejoin OPEC in December

After a seven year absence, Indonesia will reportedly rejoin the Organization of the Petroleum Exporting Countries (OPEC) in December.

October 16, 2015

OPEC Reverses U.S. Outlook, Now Sees Oil, Liquids Production Declining in 2016

U.S. crude oil and natural gas liquids production in 2016 may reverse for the first time in years, OPEC said Monday in its monthly forecast report, a reverse from what analysts predicted one month ago.

October 12, 2015

OPEC Says U.S. Oil Production Shows Signs of Slowing

The Organization of the Petroleum Exporting Countries (OPEC) said U.S. oil production “has shown signs of slowing,” and it projects that the total amount of oil produced outside the 13-nation cartel in 2016 will grow by only 160,000 b/d, due in part to production slowing in the United States.

September 14, 2015