Global Markets: Saudi-Russian Cooperation Marks New World Order For Oil

Global Markets: Saudi-Russian Cooperation Marks New World Order For Oil

Global oil prices are continuing their upward trajectory amid concerns that more Iranian barrels will be removed from the market once U.S. sanctions hit the country’s energy sector Nov. 4. Oil market jitters are also being exacerbated by supply disruption problems in Venezuela, Nigeria and Libya—all OPEC members.

Read More

Global Oil & Gas: “Oil Producers Should Not be Influenced by Calls to Boost Output” – Iraq Oil Minister

Iraq’s oil minister said producers should not be influenced by pressure to pump more oil and unilateral decisions on output could be a breach of a supply cut pact between OPEC and non-OPEC countries, leading to its possible collapse. Iraq’s oil minister said on Monday producers should not be influenced by pressure to pump more oil and unilateral decisions on output could be a breach of a supply cut pact between OPEC and non-OPEC countries,…

Read More

OPEC/non-OPEC Output Cut Deal Could Fall Apart in 2018, Here is Why

U.S. crude oil production continues to grow, and it continues to surprise everyone on its accelerating growth momentum to the fact that many oil market watchers, including the Energy Information Administration (EIA) and Organization of Petroleum Exporting Countries have revised their forecasts for U.S. crude oil production growth multiple times to accommodate the increasing growth potential in U.S. crude oil output.

Read More

Global Oil & Gas Industry: IEA sees low oil price triggering largest cut in non-OPEC supply in more than 2 decades

The International Energy Agency (IEA) said Friday that the low oil price is likely to trigger the largest cut in non-OPEC supply in more than two decades. The latest tumble in the price of oil, which hit a six-year low in August, is expected to cut non-OPEC supply in 2016 by nearly 0.5 million barrels per day (mb/d) – the biggest decline in more than two decades, the IEA Oil Market Report for September informed subscribers.

Read More