All publications by tag «OPEC»
A Deloitte MarketPoint analysis suggested large-field projects, each producing more than 25,000 b/d, could bring on 1.835 million b/d in oil supply this year of which 635,000 b/d would be from members of the Organization of Petroleum Exporting Countries and the rest from non-OPEC productions.
OPEC’s secretary-general said oil prices as high as $200 a barrel are possible if producers fail to invest in new supply.
As the world’s oil producers wring their hands over a global glut that’s pushing down prices, evidence is mounting that Saudi Arabia is more concerned about shrinking demand.
Saudi Arabia won’t balance global crude markets on its own even as prices fall “too low for everybody” and threaten the investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said.
After more than three years of US$100-110 per barrel oil, prices collapsed by nearly 50 percent in late 2014 as the market lost its "manager" after OPEC refused to cut production.
Iran's oil minister is expressing hope that the OPEC oil cartel will begin cutting production in order to shore up plunging oil prices.
The head of Italian energy company Eni Spa urged OPEC on Wednesday to act to restore stability in oil prices, which he warned could overshoot to $200 per barrel several years down the road because of low investment now.
The growing uncertainty surrounding oil prices presents a major challenge to all price forecasts. EIA's January Short-Term Energy Outlook (STEO), released yesterday, forecasts Brent crude oil prices averaging $58/bbl in 2015 and $75/bbl in 2016, with annual average WTI prices expected to be $3/bbl to $4/bbl below Brent.
In 2015, world oil demand is anticipated to rise by 1.15 mb/d, following an upward revision of 30 tb/d due to expectations of higher oil requirements in OECD America and Other Asia.
Oversupply in crude markets could take months or even years to fix depending on when producers outside OPEC cut their output, Abu Dhabi-based The National reported, citing comments by U.A.E. Energy Minister Suhail Al Mazrouei.