All publications by tag «OPEC»
Iraq boosted crude shipments in March to the highest level in more than three decades, adding to a global supply glut that has helped push down oil prices by 46% in the last year.
Based on crude oil market assessments in the Short-Term Energy Outlook, EIA estimates that members of the Organization of the Petroleum Exporting Countries (OPEC), excluding Iran, will earn about $700 billion in revenue from net oil exports in 2014, a 14% decrease from 2013 earnings and the lowest earnings for the group since 2010.
With Saudi Arabia reluctant to cut production, crude oil prices over the next decade depend greatly on producers’ costs, says a veteran observer of oil markets and the Middle East.
OPEC and lower global oil prices delivered a one-two punch to the drillers in North Dakota and Texas who brought the U.S. one of the biggest booms in the history of the global oil industry.
China’s Sinopec has become the latest oil major to cut its capital expenditure, after the slide in crude prices knocked nearly one-third from its 2014 profit.
Steady climb in global demand growth prompts slight upward revision of 2015 forecast.
Capital spending budgets are being cut back, drilling rigs idled and staff laid off. The remarkable growth of US oil production, which brought more than 1m barrels per day of additional supply on to world markets in each of the past three years, seems likely to flatten out this year.
In December Saudi Arabia’s oil minister Ali al-Naimi posed an interesting question: “Is there a black swan out there that we don’t know about which will come by 2050 and we will have no demand?”
“Why do you want to rock the markets? The markets are calm. Demand is growing,” al-Naimi told reporters in Jazan, Saudi Arabia.
China’s National Development and Reform Commission (NDRC) has approved Sinopec Beijing Yanshan Petrochemical Co. Ltd., a subsidiary of China National Petroleum Corp. (Sinopec), to proceed with its plans to build a grassroots refinery in Caofeidian Industrial Zone, Tangshan, Hebei Province, China