OPEC’s big decision – Reuters experts analyzing the outlook for oil supply and prices
From Reuters Next Team In early June, the OPEC+ oil exporting group will hold its first full in-person policy meeting since before the coronavirus pandemic, announcing a decision on supply that will have major implications for global prices, along with…
Texas oil surge threatens OPEC
The map lays out OPEC’s nightmare in graphic form. An infestation of dots, thousands of them, represent oil wells in the Permian basin of West Texas and a slice of New Mexico. In less than a decade, U.S. companies have…
US: Summer gasoline pump prices spike despite lower oil
By Julian Lee, Bloomberg From Newsmax Oil’s popularity isn’t what it used to be. It’s not just a looming global trade war. As I’ve written, not only will tariffs and retaliatory measures stifle the activity that normally stokes consumption, they’ll…
Saudi cuts oil output as OPEC points to 2019 surplus
From Newsmax OPEC on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production. In a monthly report, the Organization…
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OPEC OKs modest oil-output hike as Saudis, Iran compromise
From Newsmax OPEC is said to have deal in principle with Iran for output hike OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following…
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ConocoPhillips ‘not close’ to recouping $2 billion from PDVSA, CEO says
Reuters From E&P U.S. oil producer ConocoPhillips Co. (NYSE: COP) is far from collecting the full value of a $2 billion arbitration award against Venezuelan state oil company PDVSA , ConocoPhillips’ CEO said May 15. ConocoPhillips has won court orders…
OPEC’s new price hawk: Saudi Arabia seeks $100 oil
From Newsmax Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the…
Venezuela reopens air, sea links to Caribbean islands
From Reuters VALENCIA, Venezuela (Reuters) – Venezuela on Monday reopened air and sea links to the islands of Aruba, Bonaire and Curacao, three months after cutting them off in an attempt to curb smuggling. The move is a welcome relief…
Oil dips on concerns about rising U.S. output, OPEC tensions
By Stephen Eisenhammer, Reuters From Times of India LONDON (Reuters) – Oil prices dipped on Wednesday on renewed concerns about the efficacy of OPEC-led production cuts due to rising tensions within the export group over Qatar and growing U.S. output….
With millions of barrels of oil stuck in Caribbean Sea, Venezuela shakes up oil giant
By DIVYANSH AWASTHI From Frontera Venezuela cleaning up corruption Just days after it was reported that more than 4 million barrels of Venezuelan crude and fuels were stuck at sea due to cash flow problems at state-run oil firm PDVSA…
