Global Industry: Factors Affecting Oil Prices

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Brexit impact on oil

Oil prices are factored into the economic growth of most nations because it is used as a basic energy source in the production of a majority of goods and services. The international price of oil and the global oil market are both complicated. Based source FXDailyReport.com The oil price is dependent on a multitude of factors and some of them that affect international oil prices are detailed briefly in the paragraphs below. Continue reading

Africa Oil & Gas: Nigeria Oil Minister Warns OPEC Won’t Play Price Regulator Forever

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Nigeria Oil Minister Emmanuel Ibe Kachikwu

In the latest sign that OPEC is becoming increasingly nervous about the absent success of its oil production cut deal, Nigeria’s Petroleum Minister Emmanuel Ibe Kachikwu warned the U.S. and other non-OPEC producers that OPEC cannot continue indefinitely to just take the tank, take the blames and take the issues and yield the market space and also create the cuts that are essential to stabilise.” Continue reading

Analyse: Can OPEC Keep Its Nerve?

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OPEC beleives in Balanced Oil Markets

The recent OPEC agreement to extend production cuts for a further nine months has had a mixed response from industry commentators. For some, it’s an example of OPEC’s new steadfastness and unity of purpose, whereas for others it’s a deal likely to have little impact on bloated oil inventories and the current oil price. For such critics, other, more influential factors are in play undermining OPEC’s influence – American shale production, for example. Continue reading

Global Oil & Gas: OPEC’s Next Move may be to expand the Cartel

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OPEC is working on establishing a legal relationship with its partners in the crude oil production cut agreement. This would mean a larger oil cartel controlling possibly more than half of global oil supplies: OPEC currently controls 40 percent. Continue reading

Global Oil & Gas: OPEC to Extend Oil Cuts for Nine Months to End Global Glut

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OPEC beleives in Balanced Oil Markets

OPEC extended oil production cuts for nine more months after last year’s landmark agreement failed to eliminate the global oversupply or achieve a sustained price recovery.

Extending the deal will bring price stability, Nigerian Oil Minister Emmanuel Kachikwu said in a Bloomberg Television interview before Thursday’s meeting in Vienna, suggesting a “$50 floor” for oil if producers stick to their cuts, or even a “crawl back to $60” a barrel.

On Rigzone: All Eyes On OPEC’s Epic Pursuit of Oil Price Stability

oil moneyContrary to some conventional wisdom, it’s not necessarily overzealous shale players in North America throwing off the supply and demand balance that’s rocked crude oil prices during the last two years. Continue reading

Global Oil & Gas: EIA projects increase in OPEC net oil export revenues in 2017

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Oil barrels

For 2016, the U.S. Energy Information Administration (EIA) estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues (unadjusted for inflation). This represents a 15% decline from the $509 billion earned in 2015, mainly as a result of the fall in average annual crude oil prices during the year, and to a lesser extent to decreases in the level of OPEC net oil exports. This revenue total was the lowest earnings for OPEC since 2004. The net oil export revenues reflect OPEC members as of May 2017. Continue reading

Commodity Weekly on RigZone: Gasoline Demand Concerns Pressure Oil Prices

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Gasoline demand concerns weigh on oil prices. Pressure grows for OPEC to extend production cuts past June.

Now that the Organization of the Petroleum Exporting Countries (OPEC) has provided more certitude that an extension of the 1.2 million barrel per day coordinated cut is in the works, the market has shifted its worries to a glut in petroleum products. Continue reading

Africa Oil & Gas: Libya Oil Output Rebounds as Sharara, Feel Fields Restarted

A general view of the El Sharara oilfield, Libya(Bloomberg) — Libya’s crude production rebounded to more than 700,000 barrels a day as the OPEC member’s biggest oil field and another deposit in its western region resumed pumping after a halt. 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