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Tag Archives: Organization of the Petroleum Exporting Countries

OPEC oil ministers to meet informally in September


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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Oil majors see low prices persisting for months ahead

ABU DHABI – The global oil glut is likely to take longer than expected to clear and may depress oil prices for many more months if not years despite steep investment cuts and project cancellations around the world, executives from oil majors said on Tuesday. The views from the top ranks of Exxon Mobil, BP and Total were given at ...

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OPEC October oil output falls led by Saudi, Iraq – Reuters survey

LONDON – OPEC oil output has fallen in October from the previous month, a Reuters survey found on Friday, as declines in top producers Saudi Arabia and Iraq outweighed higher supply from African members. The drops are not indicative of deliberate supply cuts to prop up prices, sources in the survey said, and the Organization of the Petroleum Exporting Countries ...

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Iraq warns foreign oil firms of cut in funds

DUBAI, Sept 14 (Reuters) – Iraq has told foreign companies developing the country’s southern oilfields that they may need to slash development spending next year because it has less money to pay them due to a slump in crude prices. In a letter dated Sept. 6 sent to international oil companies and seen by Reuters, the oil ministry said “because ...

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Iran says an OPEC emergency meeting may stop oil price slide

DUBAI – Iran’s Oil Minister, Bijan Zanganeh, said on Sunday that holding an emergency OPEC meeting may be “effective” in stabilizing the oil price, Iran’s oil ministry news agency Shana reported. Algeria said earlier this month that the Organization of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other OPEC delegates said ...

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Exxon profit halved by tumbling crude price; shares drop

Exxon Mobil Corp <XOM.N> reported lower-than-expected second-quarter results on Friday as tumbling crude prices halved profit at the world’s largest publicly traded oil company. Profit at Exxon’s exploration and production business fared even more poorly with a profit of $2 billion, down sharply from $7.9 billion a year earlier. The company’s shares fell 2 percent to $81.40 in premarket trading. ...

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Options market sees oil price fall despite OPEC confidence

LONDON, July 31 (Reuters) – OPEC policymakers seem confident in a sustained recovery of oil prices from this year’s lows as demand improves, but the derivatives market is geared for an alternative scenario: a fall below $50 a barrel by the end of the year. The level of volatility in the market, a broad measure of risk sentiment that determines ...

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OPEC sees more balanced oil market in 2016

LONDON – The global oil market should be more balanced next year as China and the developing world increase oil consumption while supply of shale oil from North America and other regions grows more slowly, OPEC said on Monday. In its monthly report, the Organization of the Petroleum Exporting Countries said it expected world oil demand to increase by 1.34 ...

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