The head of the International Energy Agency (IEA), Fatih Birol, said on Sunday (1 May) that crude prices may have reached their lowest, providing that
Tag: OPEC
OPEC Fails to Agree on a Production Freeze
Yesterday’s (17 April) marathon negotiation session in Doha among the world’s biggest oil producers failed to produce an output freeze, a decision that could cause
Tumbling Non-OPEC Supply: Is Rebalancing of the Oil Market Underway?
OPEC, the organization made up of the major petrol-exporting countries, said that there was growing evidence that US production would fall and that there would
Latin American Countries Call for Oil Production Freeze
Ecuador, the smallest member of the Organization of Petroleum Exporting Countries (OPEC), said on behalf of Latin American nations that the oil-producing economies must take
Russia Shows First Signs of the Implementation of Oil Production Freeze Deal
In February, Russia produced oil at the same rate as in January, at 10.88 million barrels per day (bpd), an almost 30-year high, regardless of
Venezuela: Default of a Major oil Producing Company Looming
The Venezuelan state-run oil company PDVSA has about $5.2 billion in payments to bondholders this year, most of it due in October and November. Analysts
Four Major Oil Producers Announce Freeze Output at January Levels
Four major oil producers decided to freeze their production at January levels if other big energy exporters join, in response to which oil prices fell
Iran’s Playing with the OPEC Giants
Iran has recently considered sitting down at the negotiation table with oil giants over the global oil surplus which some observers interpret as an indication
Crude Oil Unlikely to Go Up Much This Year
Analysts generally do not expect oil prices to rally much this year as sluggish demand growth seems to be unable to deal with rising supply
Oil Prices at Their Lowest Levels Since 2004
Yesterday (21 December), oil price fell to its 11-year low responding to the flow of fresh supplies that will outstrip the world’s demand. The price