Global Oil & Gas: After Abu Dhabi, OPEC expects major adherence on its oil cut pact

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OPEC expects greater adherence to its pact with non-OPEC producers to cut oil output after two days of meetings in Abu Dhabi aimed at boosting compliance with the accord.

OPEC expects greater adherence to its pact with non-OPEC producers to cut oil output after two days of meetings in Abu Dhabi aimed at boosting compliance with the accord, as reported by Reuters news agency. Continue reading

Global Oil & Gas: OPEC And Non-OPEC To Discuss Cut Extensions in Vienna

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OPEC and Non-Opec  to meet in Vienna

The members and non-members of OPEC that participated in the global agreement to reduce oil production in November will be meeting on May 25th – the day of the bloc’s planned summit in Vienna, sources in-the-know told Reuters. Continue reading

Global Oil & Gas: OPEC, Non-OPEC Agree First Global Oil Pact Since 2001 – Reuters

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Global oil glut was set to worsen as Nigeria, Libya fields restarted

OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. Continue reading

Global Oil & Gas Industry: IEA sees low oil price triggering largest cut in non-OPEC supply in more than 2 decades

Russia Oil and gas

Russia Oil and gas

The International Energy Agency (IEA) said Friday that the low oil price is likely to trigger the largest cut in non-OPEC supply in more than two decades. The latest tumble in the price of oil, which hit a six-year low in August, is expected to cut non-OPEC supply in 2016 by nearly 0.5 million barrels per day (mb/d) – the biggest decline in more than two decades, the IEA Oil Market Report for September informed subscribers. Continue reading