Global Oil & Gas: IEA Cuts Estimates for Crude Needed From OPEC in 2017, 2018

 

OIL Barrels

The International Energy Agency cut estimates for the amount of crude needed from OPEC this year and in 2018.

(Bloomberg) – The International Energy Agency cut estimates for the amount of crude needed from OPEC this year and in 2018 after lowering its historical assessments of consumption in some emerging nations. Continue reading

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

Oil Africa Fuel

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: Can there be a 100% compliance at OPEC, again?

 

compliance

What does compliance entail?

A joint OPEC/non-OPEC technical committee will be meeting in Abu Dhabi on next week to discuss ways to improve compliance by members that have not been sticking 100 percent to their output quotas so far. Continue reading

Global Oil & Gas: Libya sends OPEC Oil Output To 2017 High

OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. Continue reading

Global Oil & Gas: OPEC Moves To Cap Nigerian Oil Output, Boost Compliance

 

 

compliance

OPEC call on members to boost compliance

 

OPEC moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices as reported by Reuters. Continue reading

Global Oil & Gas: OPEC Considers Capping Oil Output Of Exempt Libya, Nigeria

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OPEC beleives in Balanced Oil Markets

OPEC is thinking of putting a ceiling on the crude oil outputs of Libya and Nigeria, as rising production from these two OPEC producers exempt from the cuts is further complicating the cartel’s efforts to draw down oversupply and boost oil prices, The Wall Street Journal reported on Friday, citing OPEC delegates. Continue reading

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