Russian oil output neared record figures during May, despite speculation before an OPEC meeting this week that major producers may cooperate to curb a global supply surplus. “Production of oil and natural-gas condensate climbed 1.6 percent from a year earlier to 10.708 million barrels a day, close to January’s post-Soviet record of 10.713 million barrels… Keep reading →
Given Tehran and Hezbollah’s long history of targeting Saudi interests, their recent implicit threats to the kingdom should be taken seriously. On April 27, the head of Iran’s Islamic Revolutionary Guard Corps (IRGC), Maj. Gen. Mohammad Ali Jafari, lashed out at Saudi Arabia and its recent military intervention in Yemen, accusing the “treacherous Saudis” of… Keep reading →
With the global oil market currently oversupplied to the tune of an estimated 2 million barrels per day, oil producer group Opec has struggled to formulate an effective strategy aside from “let the market sort it out.” For decades Opec played a price-setting role by increasing production to boost supply when prices were deemed too… Keep reading →
As global oil prices beat a hasty retreat from the relative highs of recent years – dropping roughly $20 per barrel in weeks – market watchers have attempted to diagnose the situation. A popular view now is that Saudi Arabia is willing to take a short-term budgetary hit from lower prices in order to force… Keep reading →
Depending upon which side of the fence one sits, major oil supply disruptions are typically considered bad luck, but in Opec’s case, recent supply disruptions have helped balance the market and support prices. “OPEC has been lucky – 3.5 million bpd of shale production has been absorbed through disruptions. They’re running out of luck,” –… Keep reading →
While the domestic economic impacts associated with exporting US crude oil continue to be debated, other parts of the world analyze various ways in which increased US oil and gas exports could impact global, regional and local economies. Experts discussed this issue this morning in New York at the 37th annual International Association for Energy… Keep reading →
