All publications by tag «OPEC»
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2017, March, 13, 18:50:00
U.S. OIL: UP 400 TBD
Rising oil production in the US, which Russia's energy ministry forecasts to grow by 400,000 b/d year on year in 2017, is being monitored, but it should not be considered separate from the global supply and demand balance, he said.
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2017, March, 3, 18:40:00
KURDISH - IRAQI OIL
Crude oil flows from the Kirkuk fields in northern Iraq were briefly disrupted on Thursday after a Kurdish faction seized a pumping facility in protest at the policies of Baghdad and Erbil, adding a new threat to Iraq’s attempts to comply with Opec’s agreed cuts.
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2017, February, 10, 18:55:00
GLOBAL OIL PRODUCTION DOWN
Oil supplies fell by around 1.5 million barrels per day last month, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with a six-month output-cut deal reached in December by big producers to boost prices.
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2017, February, 8, 18:50:00
IRAN & VENEZUELA: STRATEGIC PARTNERS
"Over the course of the past year, Iran and Venezuela had very close stances and we were supportive of each other in many instances," said the Iranian official.
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2017, February, 2, 18:45:00
OPEC, RUSSIA CUTS
Therefore, OPEC has raised its supply to Asia, and Russia has also re-routed a great chunk of its rising production toward China and the Asia-Pacific over the past decade. Russia surpassed Saudi Arabia as China's biggest supplier last year, exporting 1.05 million bpd of crude versus Saudi Arabia's 1.02 million.
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2017, January, 30, 18:55:00
SAUDI'S RENEWABLE INVESTMENT: $50 BLN
OPEC’s biggest crude producer is embarking on a domestic renewable-energy program costing $30 billion to $50 billion. The country’s only solar plant in operation, aside from a limited pilot project, is a 10-megawatt facility on top of a parking lot at Saudi Aramco’s headquarters. The national utility, Saudi Electricity Co., is seeking bids for two solar plants to generate a combined 100 megawatts.
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2017, January, 23, 18:50:00
OIL PRODUCTION CUTS 1.5 MBD
Saudi Energy Minister Khalid al-Falih said OPEC’s 13 nations and 11 producers outside the cartel had made collective cuts totaling 1.5 million barrels a day since agreements were struck in late November and early December. Oil prices have risen nearly 20% since those deals were made, despite widespread skepticism over whether OPEC and other producers would follow through.
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2017, January, 17, 18:45:00
DEMAND WILL UP
Brent for March settlement rose 27 cents to $55.72 a barrel on the London-based ICE Futures Europe exchange. The contract fell 56 cents, or 1 percent, to $55.45 a barrel on Friday. Prices slid 2.9 percent last week, the biggest drop since November. The global benchmark crude traded at a premium of $2.32 to March WTI.
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2017, January, 17, 18:40:00
2017: OPEC SEES STABILITY
OPEC Secretary-General Mohammed Barkindo forecast on Monday that stability would return to oil markets this year while price hawk Venezuela said it hoped its crude basket would rise to $70 in coming months.
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2017, January, 17, 18:35:00
CHINA'S PRODUCTION DOWN
China’s oil production is forecast to fall by as much as 7 percent this year, extending a record decline in 2016.