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Tag Archives: Organization of Petroleum Exporting Countries

OPEC cracks, ready to talk with world producers

Saudi Arabia's Oil Minister Ali al-Naimi talks to journalists before a meeting of OPEC oil ministers at OPEC's headquarters in Vienna. REUTERS/Heinz-Peter Bader.

The stubborn drive of OPEC is finally weaning down as the crude cartel has stated that it’s ready to talk to other producers about crashing oil prices, according to a release from an OPEC publication on Monday. “Today’s continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and ...

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What would another Clinton president mean for oil and gas?

Hillary Clinton Time Cover, 8/2014 Photo by Mike Mozart of TheToyChannel and JeepersMedia on YouTube./flickr

On Sunday, Hillary Clinton finally gave in to what many Americans saw coming as she announced her bid to run for the Presidency in 2016. This country doesn’t really go for 12 years of blue. Nonetheless, Clinton has the experience and the backing to make it a good showdown. So, before the mudslinging and fiery lies take place, let’s take ...

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Russia, reeling from cheap oil, talks up OPEC ties

Getty Images via Newscred

MOSCOW – Russia has been holding active, “unprecedented” consultations with the Organization of Petroleum Exporting Countries, a senior official said on Wednesday, a clear signal of Moscow’s strive for higher oil prices. Russia has stepped up contacts with OPEC after oil prices plunged last year, however it has dismissed any suggestion it might cut output to prop up prices, saying ...

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OPEC’s no-cut strategy is not working, Iran says

Iranian Oil Minister Bijan Zanganeh wave to journalists as he arrives for a meeting of OPEC oil ministers at OPEC's headquarters in Vienna December 4, 2013. REUTERS/Heinz-Peter Bader

BEIJING, April 9 (Reuters) – OPEC’s strategy of holding output steady is not working and the group’s members should discuss production levels before its next meeting in June, Iran’s oil minister said, a sign of the pain lower prices are causing OPEC’s less wealthy producers. However, Bijan Zanganeh also told Reuters it was up to other members of the Organization ...

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Saudi pumps up oil production to record high 10.3 million bpd

Image via Flickr

RIYADH – Saudi Arabia has revved up crude production to its highest rate on record, feeding unexpectedly strong demand from foreign refiners and increased capacity at home. Oil Minister Ali al-Naimi told reporters late on Tuesday that the Kingdom produced some 10.3 million barrels per day (bpd) of crude in March, a figure that would eclipse its previous recent peak ...

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OPEC should change course, cut oil output – Libya official

Photo: Reuters via Newscred

LONDON, April 8- OPEC should change course and cut oil supply by 800,000 barrels per day (bpd) or more to prevent an expected return of Iranian exports from weighing on prices, Libya’s OPEC governor said. The comments underline how the halving of oil prices from $115 a barrel in June on global oversupply is hurting OPEC’s less wealthy members outside ...

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Russian March oil output hits new post-Soviet high

russia

MOSCOW – Russian oil production hit the latest in a line of post-Soviet highs in March, feeding higher exports that added to a global glut keeping crude prices low and hurting its economy. The big Gulf producers of OPEC have opted for holding on to market share, saying they will only cut output to raise oil prices if others – ...

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US drillers scrambling to thwart OPEC threat

This Monday, Jan. 26, 2015 photo shows a number of idle oil drilling rigs in Helmerich & Payne International Drilling Company's yard in Ector County, Texas. Companies are leaning on new techniques and technology to get more oil out of every well they drill, and furiously cutting costs in an effort to keep U.S. oil competitive with much lower-cost oil flowing out of the Middle East, Russia and elsewhere. (AP Photo/Odessa American, Courtney Sacco)

NEW YORK — OPEC and lower global oil prices delivered a one-two punch to the drillers in North Dakota and Texas who brought the U.S. one of the biggest booms in the history of the global oil industry. Now they are fighting back. Companies are leaning on new techniques and technology to get more oil out of every well they ...

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