OPEC

US Production Squeezes Brent, Goldman Forecasts Lower Prices Down the Road

Goldman Sachs said that robust US production will limit any increase in oil prices, lowering its price projection for Brent crude by $10 per barrel to between $70 and $90 in 2024.

Oil Markets Brace for Impact as OPEC+ Announces Production Cuts

The OPEC oil cartel, led by Saudi Arabia and allied producers like Russia, took another huge go at supporting lagging crude prices on Thursday, extending some supply restrictions into next year and pulling in up-and-coming oil provider Brazil.

US oil output set to break records in 2018

The EIA has ramped up its US forecasts and predicts daily domestic oil output of 9.2 million barrels for this year and 9.7 million barrels in 2018.

Russia's oil giant Rosneft promises to make investments amid weak oil prices

Rosneft, the Russia-based oil firm, has promised to make investments of roughly EUR 13 billion annually through 2018, which is an increase of 30% for the year 2016.

Oil prices retreat as Iran refuses to freeze output

Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.

Energy investors hope forecasts by Saudi, Iran to go wrong

Energy investors and analysts feel that the price forecasts of Saudi Arabia and Iran are wrong. The realistic oil price may be $20 a barrel in short term if present oversupply persists. Saudi Arabia sees oil price at $29 a barrel and Iran at $40 in the near term. Saudi Arabia has slashed down its budget spending for 2016.

Russia Says Saudi Arabia Destabilized Oil Market

Continuous plunge of oil price has created an unrest in oil production countries. Russia says the act of Saudi Arabia in increasing its production to flood the market is the main cause of oil price turmoil.

Asian stock markets boosted after U.S. jobs report

Asian stock markets traded higher after the US jobs report suggested the likelihood of the Federal Reserve to rise interest rates in next week. Stock benchmark traded higher in Japan, China, South Korea, Singapore, Taiwan, Philippines, and Indonesia.

OPEC overwhelmed by COP21, Oil Supply, Emerging Market growth decline

The biggest problem that OPEC has to face is the threat of COP21’s hydrocarbon assets, the structural trends in oil supply, and the Chinese economic slowdown, which seem to have also slowed emerging markets’ growth.

Oil prices up as traders mull outcome of OPEC meeting on Friday

U.S. oil futures nudged a bit higher Tuesday as traders anticipate the outcome of the Organization of the Petroleum Exporting Countries’ (OPEC) meeting on Friday.

Kuwait Appoints New Oil Minister before meet with OPEC

Kuwait on Sunday appoints Anas al-Saleh, its oil minister with its current finance minister and deputy prime minister, replacing Ali Al-Omair, who is now minister of public affairs and is still current state minister for parliamentary affairs.

Oil supply glut creating traffic jams at sea

The rising levels of oil inventories are resulting in more supplies and this is creating traffic jams of tankers on the seas shores and along the US Gulf Coast. The floating storage of crude oil rose three times. A number of oil tankers are queuing up waiting for offloading.

EIA cuts 2016 production forecast for US

The US Energy Information Administration (EIA) has cut crude production outlook by one percent for 2016. The oil price fall has also reduced shale drilling activity by over 50 percent in the US. The rise in wages and drop in unemployment rate and gasoline price are creating more demand in the US economy.

Oil prices skid on profit booking, supply risk holds losses

Oil prices fell on thin volume following the profit booking from the overnight rally. Oil price is hovering above $50 per barrel as production disruptions in Brazil and Libya arrested the downfall. Analysts say there may not be a year-end rally in oil prices.

Oil price continues to slump after weak data from China

Crude-oil prices dropped in early Asia trade on Monday as lackluster Chinese factory activity data widened fears that demand from the world’s second-largest economy is likely to stay low.

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