2016, September, 13, 14:50:00MARKET IS OWERSUPPLIED
The producer cartel revised higher for this year and next oil supply forecasts from non-member countries, implying that demand for its crude will remain far lower than current near record output of more than 33m barrels a day.
2016, September, 13, 14:45:00OPEC WILL UP 200,000
Production from outside the Organization of Petroleum Exporting Countries will grow by 200,000 barrels a day next year, according to the group, which a month ago had projected a drop of 150,000 a day.
2016, September, 13, 14:35:00U.S. OIL & GAS PRODUCTION DOWN
U.S. oil production down 61 tbd, gas production doun 302 mcfd.
2016, September, 13, 14:30:00U.S. RIGS UP 11
U.S. Rig Count is down 340 rigs from last year's count of 848, with oil rigs down 238, gas rigs down 104, and miscellaneous rigs up 2. Canadian Rig Count is down 51 rigs from last year's count of 185, with oil rigs up 4, gas rigs down 56, and miscellaneous rigs up 1.
2016, September, 9, 14:10:00IRAN'S OIL PRODUCTION: 3.63 MBD
Iran has told OPEC it pumped 3.63 million barrels of oil per day (bpd) in August, up 10,000 bpd from July, an OPEC source said, marking a slowdown in the rapid growth that followed the lifting of Western sanctions in January.
2016, September, 8, 18:45:00E&P WILL UP BY 5%
Oil and gas companies are poised to increase spending on exploration and production globally by 5% in 2017, while offshore spending may continue to fall next year, based on Barclays’ midyear global spending survey of more than 200 companies.
2016, September, 8, 18:35:00INTERNATIONAL RIG COUNT DOWN 200
The international rig count for August 2016 was 937 down 1 from the 938 counted in July 2016, and down 200 from the 1,137 counted in August 2015. The international offshore rig count for August 2016 was 228, up 2 from the 226 counted in July 2016, and down 42 from the 270 counted in August 2015.
2016, September, 8, 18:30:00SUNCOR WANTS TO CUT
Oil sands are one of the world’s most expensive and are also among the most carbon dioxide-intensive forms of crude-oil extraction.
2016, September, 7, 18:55:00IRAQ SUPPORTS THE FREEZE
"Our government supported the freeze and we have to support the freeze. We have the capacity to produce more. But if the freeze is for a certain period and will stabilize the market, definitely the freeze is in our favor,"
2016, September, 7, 18:35:00BALANCE IS UNSTABLE
"Supply and demand are near balance, but the balance is precarious," Andy Milnes, CEO, Integrated Supply & Trading (Eastern Hemisphere), BP, told delegates.
2016, September, 6, 18:45:00SAUDI & RUSSIA COOPERATION
Saudi Arabia hopes to work with Russia for stability in oil markets, Prince Mohammed bin Salman said Sunday in a meeting with the Russian president in Hangzhou, China. World leaders are gathering in China this week for a summit of Group of 20 nations. Russia and Saudi Arabia will meet with other producers in Algeria this month to discuss oil markets.
2016, September, 5, 18:55:00OPEC PRODUCTION UP TO 33.7 MBD
Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 barrels a day to average 33.69 million a day in August amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies and ship-tracking data showed. The group is due to hold informal talks in three weeks in Algiers, where Russian President Vladimir Putin says an agreement can be reached to limit output.
2016, September, 5, 18:50:00ASIA'S OIL PRODUCTION DOWN
Asia's net oil imports surpassed the total amount of oil consumed in North America in 2015 and are set to rise after producers slashed spending on exploration and production on low oil prices, leaving oilfields at risk of sharp production declines in the next decade.
2016, September, 5, 18:45:00SAUDI RAISED PRICES
State-owned Saudi Arabian Oil Co., known as Aramco, increased its official selling price for Arab Light crude to Asia by 90 cents a barrel, to 20 cents below the regional benchmark, it said Sunday in an e-mailed statement. The company had been expected to raise Arab Light prices by 50 cents a barrel, to 60 cents less than the benchmark for Asian buyers, according to the median estimate in a Bloomberg survey of seven refiners and traders in the region.
2016, September, 5, 18:30:00U.S. RIGS UP 8
U.S. Rig Count is down 367 rigs from last year's count of 864, with oil rigs down 255, gas rigs down 114, and miscellaneous rigs up 2. Canadian Rig Count is down 50 rigs from last year's count of 187, with oil rigs down 1, and gas rigs down 49.