All publications by tag «OPEC»
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $41.9 billion in May, up $1.2 billion from $40.7 billion in April, revised.
Booming U.S. shale production helped cut OPEC’s global crude market share to a 12 year low last year.
Nearly a year after oil markets entered a deep downward spiral, unmoored from the $100-a-barrel mark that had anchored them for years, some OPEC members are publicly talking for the first time about a new "fair" price for their crude.
OPEC oil ministers expressed optimism about their strategy of pumping more crude oil and fighting for market share, amid expectations they will stick to their production target when they meet at the end of the week.
Russian oil output remained unchanged in May at a post-Soviet high of 10.71 million barrels per day (bpd), Energy Ministry data showed on Tuesday, three days before OPEC meets to decide on output levels.
The top oil officials of Iraq and Venezuela said on Wednesday that $75 to $80 a barrel was now a "fair" price for oil, reflecting an emerging consensus on a possible equilibrium for volatile markets
OPEC, which controls a third of the global oil market, and Russia, which produces another 12 percent, are unlikely to reverse their output strategy.
OPEC supply is expected to increase by 0.2-0.3 million barrels per day (bpd) between now and end-3Q2015, analysts of the US JP Morgan bank said in a report, obtained by Trend.
More than $100bn of spending on new projects by the world’s energy companies has been slowed, postponed or axed following the oil price plunge, evidence of the drastic industry action that will curb output in coming years.
The rebound in oil prices has wide-reaching implications. For one, it certainly affects the situation in Russia and the Ukraine. As the price of oil stabilizes, the Russian government has become more comfortable with its fiscal situation, despite the fact that low oil prices and Western sanctions have sunk the country into a recession that will likely last through next year.