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Iran describes OPEC compliance with oil cuts as ‘acceptable’

OPEC’s level of compliance with production cuts in January has been acceptable, Iran’s oil minister said on Monday, expressing hope for further cooperation from non-OPEC members in the near future. The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first […]

By February 28, 2017 0 Comments Read More →

Oil prices fall as rising US output offsets OPEC cuts

Global oil prices dipped on Tuesday but continued to trade in a tight range, with OPEC-led output cuts offset by increasing crude production from the United States. The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months as the biggest laggards […]

By February 28, 2017 0 Comments Read More →

Exclusive: Saudi Arabia wants oil prices to rise to around $60 in 2017 – sources

Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said. This is the level the OPEC heavyweight and its Gulf allies – the United Arab Emirates, Kuwait and Qatar – believe would encourage investment in new fields but not lead […]

By February 28, 2017 0 Comments Read More →

Global oil prices broadly flat, in tight range

Global oil prices were broadly flat on Tuesday, continuing to trade in a tight range with OPEC’s bullish production cuts offset by increasing crude production from the United States. The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months […]

By February 28, 2017 0 Comments Read More →

Aramco’s Malaysia deal gives Saudis upper hand in fight for Asia oil share

Top global oil exporter Saudi Arabia broke from the pack in the race to lock up Asian market share after agreeing on Tuesday to pump $7 billion into a refinery-petrochemical complex in Malaysia, analysts said. State oil giant Saudi Aramco’s investment into Malaysia’s RAPID project will secure an outlet for its crude oil for at […]

By February 28, 2017 0 Comments Read More →

Crude Oil Is Firming: Are Traders Looking for a Breakout?

US crude oil (USO) (USL) (OIIL) (DBO) April futures rose 0.4% in the week ending on February 24, 2017. WTI (West Texas Intermediate) crude oil April futures closed at $53.99 per barrel on February 24—an 0.8% fall from the previous trading session. The fall in oil prices could be attributed to profit-booking. On February 23, […]

By February 28, 2017 0 Comments Read More →

The Biggest Winner Of The New U.S. Shale Boom

As Saudi Arabia cuts even more oil than promised, U.S. shale production is up by 176,000 barrels per day—but it’s the frac sand industry that will feel the real revolution, and micro-cap sand producers who have flown under the radar until now are about to come up for some very lucrative air. But the U.S. shale rebound […]

By February 28, 2017 0 Comments Read More →

BP plc (BP) Stock Needs $60 Oil, And That’s a Problem

BP plc (ADR) (NYSE:BP) stock has slipped since a disappointing fourth-quarter earnings report earlier this month, and there could be more weakness to come. The most notable takeaway from the report was that BP needs $60 oil simply to break even. With Brent oil below $56, that implies potential pressure on the dividend paid on BP stock — […]

By February 28, 2017 0 Comments Read More →

Exxon’s Post-Tillerson Fortunes Closer to Home as New CEO Pivots

Exxon Mobil Corp. is pinning its fortunes closer to home as new CEO Darren Woods veers from the oil titan’s longtime focus on Asian and African riches. After a two-year pricing rout erased 19 percent of Exxon’s untapped crude by making it unprofitable to extract, Woods faces a tough task in sustaining the company’s output. His ability to […]

By February 28, 2017 0 Comments Read More →

Russia’s oil major reveals oil price per barrel that will suit everyone

The oil price of $60 per barrel is suitable for consumers and for producers, Gazprom Board Chairman Viktor Zubkov told TASS in an interview on Monday. “Calculations show that if OPEC countries abide by and do not violate the agreement [on oil production limiting – TASS], then the oil price may even grow to $60 […]

By February 27, 2017 0 Comments Read More →