OPEC


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Nigerian output to surge after dodging OPEC cuts

In a boost to Nigerian oil production, Royal Dutch Shell on Tuesday lifted its force majeure on exports of Forcados crude oil shipments. The force majeure , which allows companies to miss contractual obligations as a result of events out of their control, was imposed on 21 February 2016 followin ...

Bayo Okoya - Delta Analytics Lagos


Posted 2 years agoOpinion > NigeriaShellForcados +3

OPEC Extends Cuts, Oil Prices Fall: What It Means

OPEC extended oil production cuts last week and oil prices plunged. OPEC's goal was to keep a floor under current prices but the market expected the cartel to move prices higher through inventory reduction. OPEC was satisfied with greater revenues from higher prices compared to a year ago, but the ...

Art Berman - The Petroleum Truth Report


Posted 2 years agoOpinion > Art BermanThe Petroleum Truth ReportOPEC

Don't hold your breath – looks like OPEC needs more time!

Well then – it looks as though OPEC, Russia and other major oil producers have agreed this week that they are going to hold their collective brush power for another nine months. The cynics among you will spot that these coordinated production cuts are aimed at repairing the massive supply glut that ...

Linus Booker - Chavenage Mining Consultants


Posted 2 years agoOpinion > OPECOilRussia +2

Relief in Vienna as Nigeria takes a step back from the brink

OPEC has agreed to extend cuts in oil production by nine months to March 2018, following their meeting on Thursday in Vienna. Exempting Nigeria from the cuts may have avoided political meltdown in West Africa. Nigeria and Libya were once against exempt from making any such cuts, as they recover fro ...

Bayo Okoya - Delta Analytics Lagos


Posted 2 years agoOpinion > OPECNigeriaoil price

As the U.S. Sends More Oil to World, OPEC Sends Less to U.S.

OPEC is finally making the move that could help complete a mission that it's failed so far: shipping less oil to the U.S., according to Sanford C. Bernstein.Exports from the Organization of Petroleum Exporting Countries to America have declined by close to 1 million barrels a day since a peak at t ...

Ronnie Steinocher - Baron Energy, Inc.


Posted 2 years agoLink > OPECUSACrude

Nigeria and Libya could be forced to share OPEC output cuts as Saudi placates Iraq

A Saudi bid to shore up Iraqi support for a nine-month extension of an OPEC output deal could see Nigeria and Libya forced to share the burden of cuts. The two countries are currently exempt from self-imposed cuts agreed by the oil cartel as they restore capacity following domestic conflicts. Follo ...

Bayo Okoya - Delta Analytics Lagos


Posted 2 years agoOpinion > OPECSaudi ArabiaIraq +3

Today's Stunted Oil Prices Could Cause Oil Price Shock In 2020

As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil's immediate future. As Saudi Arabia announces plans to slash production and move their economy away from oil dependency, many industry insiders are predicting that the now over-saturated marke ...

Oilprice Staff


Posted 2 years agoOpinion > oilpriceOPECSaudi Arabia

U.S. Shale Is Immune To An Oil Price Crash In 2017

Since OPEC announced the production cut deal at the end of November, industry analysts have been warning that rising production from producers outside the deal—U.S. shale in particular—is effectively capping the oil price gains from that agreement. Four months after the OPEC/NOPEC deal took effect ...

Oilprice Staff


Posted 2 years agoOpinion > oil priceShale GasCrash +1

US shale regains strength amid OPEC cuts

Against the backdrop of OPEC's 1H 2017 production cuts, which the organization announced in November 2016, US liquids production has started to rebound. Rystad Energy estimates that total US oil and condensate production has increased from 8.9 to 9.3 million bbl/d between November 2016 and May 2017. ...

Julia Weiss


Posted 2 years agoOpinion > Rystad EnergyShaleProduction +1

OPEC Production Cuts and The Long Road To Market Balance

Global oil inventories are falling because of OPEC and non-OPEC production cuts but the road to market balance will be long. Production cuts have removed approximately 1.8 million barrels per day (mmb/d) of liquids from the world market since November 2016 (Figure 1). Figure 1. OPEC-NOPEC Have ...

Art Berman - The Petroleum Truth Report


Posted 2 years agoOpinion > The Petroleum Truth ReportArt BermanOPEC

What football tells us about Nigeria’s supply concerns

So the latest news from the bigwigs at OPEC is that Nigeria's crude oil production has fallen from 2 million barrels per day to around 1.27 million. This sounds like bad news, anyone can see. And one would be foolish to suggest that a 37.5% decrease in crude production is a welcome shift for our oil ...

Derby Omokoh - Upstream Consulting Company Lagos


Posted 2 years agoOpinion > FootballOilOPEC +5

More Chinese crude oil imports coming from non-OPEC countries

Source: U.S. Energy Information Administration, based on data from China General Administration of Customs and Bloomberg L.P. Note: OPEC is the Organization of the Petroleum Exporting Countries. China's General Administration of Customs publishes crude oil imports by weight. These values were ...

OilVoice Press - OilVoice


Posted 2 years agoOpinion > Energy Information Administration EIAOPECChina

Supply Crunch Or Oil Glut: Investment Banks Can't Agree

In recent years, U.S. shale has thrown in another unknown in the mix of factors driving the price of oil. This year, shale output forecasts combine with OPEC's production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oil price forecasts by Wall Street's ...

Oilprice Staff


Posted 2 years agoOpinion > oilpriceOPEC

An OPEC Deal Extension Isn't As Simple As It Sounds

It's been six months now that oil prices have been reacting to OPEC, first to the possibility of an agreement, and then to the production cut deal itself, forged by OPEC to rebalance the market. The deal--initially aired as ‘an agreement to agree on a deal' in September and signed at the end of Nove ...

Oilprice Staff


Posted 2 years agoOpinion > oil priceOPEC