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Iraq says will comply with any OPEC oil production deal extension

Iraq believes it would be acceptable for the OPEC-led production cut deal to be continued in its current form, oil minister Jabbar al-Luaibi said Thursday. The producer group meets on May 25 to decide whether to extend the landmark agreement that came into force in January. Luaibi was tight-lipped on whether OPEC’s second-largest producer would […]

Oil prices dip in Asia after U.S. inventory figures, supplies in focus

Crude prices fell in Asia on Thursday with markets downbeat on the supply outlook as U.S. inventories of gasoline show demand lagging a surge in domestic production and oversupplied global markets. On the New York Mercantile Exchange crude futures for June delivery fell 0.56% to $49.34 a barrel, while on London’s Intercontinental Exchange, Brent last traded at […]

World Bank maintains this year’s oil price forecast unchanged

World Bank on Wednesday maintained its forecast for this year’s oil price unchanged at 55 US dollars per barrel, saying that prices of industrial commodities are expected to rise in the coming two years. In its latest quarterly Commodities Markets Outlook report, World Bank forecasted the crude oil prices in 2017 to reach 55 US […]

Record U.S. refinery runs fail to lift crude oil prices: Kemp

U.S. refineries processed a record volume of crude last week, making a small dent in the country´s bloated crude stocks but resulting in a big build-up of refined product inventories. U.S. refineries have ramped up crude processing by 1 million barrels per day (bpd) over the last four weeks and 2 million bpd over the […]

Supply Concerns Continue To Undermine Crude Oil prices, WTI Hits 4-Week Lows

After rallying sharply following the inventories data, oil prices were put back under pressure by supply concerns, especially after the sharp increase in gasoline stocks, with 4-week lows for benchmark indices. After moving higher following the EIA inventories data on Wednesday, WTI quickly hit selling pressure on a break above the $50.00 p/b level. Sentiment was undermined by the sharp increase […]

Russia may raise oil output if sees no risks of price fall

Russia is ready to keep its oil production stable, but may increase output if it feels that prices are unlikely to fall as a result, the Interfax news agency quoted Deputy Prime Minister Arkady Dvorkovich as saying on Tuesday. Dvorkovich said a fragile balance has been reached in the global oil market, which should not […]

$60 Oil May Be a Producer Pipe Dream

After initially aiming to boost crude oil prices to $55 a barrel, key OPEC members like Saudi Arabia, Kuwait, and Iraq have now set their sights on $60 a barrel oil. This target — along with rumors that OPEC would extend the production cuts announced last November — helped spur an oil rally earlier this month. […]

OECD’s Crude Oil Inventories Impact Crude Oil Futures

The EIA (U.S. Energy Information Administration) estimates that OECD’s (Organization for Economic Cooperation and Development) crude oil inventories fell by 7.69 MMbbls (million barrels) to 2,977 MMbbls in March 2017—compared to the previous month. OECD’s oil inventories fell 0.3% month-over-month and 0.6% year-over-year. The fall in oil inventories is bullish for crude oil (IYE) (ERX) […]

Rick Perry approves first natural gas export project as secretary

Energy Secretary Rick Perry on Tuesday approved the first permit under his tenure to ship natural gas to overseas markets, even as large U.S. manufacturers are warning the Trump administration that those exports could lead to skyrocketing energy prices in America. “This announcement is another example of President Trump’s leadership in making the United States […]

Baker Hughes’ Revenue Slid in the First Quarter While Its Peers Posted Gains. What Gives?

If you have followed the oil and gas market over the past couple quarters, you’d probably assume Baker Hughes (NYSE: BHI) would report an increase in revenue for the quarter and possibly a per-share profit. That wasn’t the case, though, as both revenue and earnings slipped. Before you hit the panic button, keep in mind that these declines […]