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Tag Archives: OPEC

Schlumberger projects global oil and gas drilling recovery

Schlumberger cuts more jobs in first quarter

During 2016, the “oil glut” that helped drive global oil prices down was the impetus for cutbacks by OPEC and other oil-producing nations. But oilfield services company Schlumberger chairman and CEO Paul Kibsgaard mentioned a shortage, not oversupply, of oil in years to come, reports Fuelfix. In a conference call with investors, Kibsgaard said drillers will need to begin putting ...

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OPEC agrees to cut production, US producers prepare to respond

OPEC headquarters

Have you been watching the price of oil? As this story is being written, WTI Crude sits at $51.37, up 31 cents. Yesterday, according to Reuters, Brent crude was at its highest in 16 months. Why the jump? Because the Organization of Petroleum Exporting Countries agreed to its first oil output reduction since 2008. Members pledged to remove 1.2 million barrels ...

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AP Interview: IMF says low oil prices still hurting Mideast

middle east oil, mideast economy, oil prices, OPEC

DUBAI, United Arab Emirates (AP) — Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund’s chief for the Mideast said as the organization issued a new report Wednesday showing weak economic growth in the region. Masood Ahmed also told The Associated Press that Iran’s economy beat expectations by growing ...

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Insider Q&A: Energy expert predicts volatile oil prices ahead

OPEC, oil prices, oil glut

DALLAS (AP) — Gasoline prices have leveled off after coasting downhill with the slump in oil. Facing a glut of crude, OPEC members will meet next month in Vienna and try to write the details of a plan to reduce oil production. Columbia University energy analyst Jamie Webster talked with The Associated Press about prospects for meaningful action by OPEC. ...

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OPEC must enact cuts for sustained oil price rise, IEA says

PARIS (AP) — The International Energy Agency is urging OPEC countries to swiftly deliver on promised production cuts if they want to see a sustained increase in oil prices that will also help shore up their economies. In its monthly report Tuesday, the global watchdog said production from the Organization of the Petroleum Exporting Countries hit a record high in ...

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AP Explains: What does OPEC’s tentative deal mean for oil?

OPEC, oil prices, oil glut

DUBAI, United Arab Emirates (AP) — OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria, but a major disagreement between regional rivals Saudi Arabia and Iran still may derail any cut. What happened to oil prices and why can’t OPEC agree to anything more binding? ...

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Oil prices hit by downward revision to global oil demand

global oil production

LONDON (AP) — Oil prices took a pounding Tuesday after a leading industry group said global oil demand growth is slowing by more than previously thought, largely because of a more pronounced economic slowdown during the third quarter of the year. In its September oil market report, the Paris-based International Energy Agency reduced its forecast for global demand growth to ...

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Oil minister: Iran backs OPEC moves geared toward stability

OPEC, Iran

TEHRAN, Iran (AP) — Iran’s oil minister says his country would support any decision by the oil producing group of nations that seeks to stabilize the oil market, Iranian state TV reported on Tuesday. The remarks by the minister, Bijan Namdar Zangeneh, came after talks with OPEC chief Mohammad Sanusi Barkindo on Tuesday in Tehran. According to Zangeneh, most OPEC ...

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OPEC oil ministers to meet informally in September

OPEC

VIENNA (AP) — OPEC has announced that oil ministers of the 14-nation organization will meet in September, well ahead of their previously scheduled November meeting. Monday’s announcement notes that the meeting will be “informal.” Still, it is unusual for the Organization of the Petroleum Exporting Countries to come together at the ministerial level outside of their regularly set gatherings. OPEC ...

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Solar plane’s arrival highlights UAE’s clean-energy push

ABU DHABI, United Arab Emirates (AP) — The United Arab Emirates might not seem like an obvious spot to begin and end a globe-spanning flight promoting renewable energy. It is OPEC’s fourth biggest oil producer, after all, where gas guzzlers rule the road and the air conditioning is always on — not just at its indoor ski slope. Its oil ...

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