Search results for: opec

US Oil Production Putting Pressure on OPEC

By

Danielle Izzo, Breaking Energy Staff

For the past two years oil prices have suffered because of excess supply.  To respond to this slump, OPEC, in conjunction with other oil producing countries, came to an agreement that would ensure a reduction in the production of crude oil.  As of January 2017, the agreement has gone into effect with strong support from participating countries.

According to the International Energy Agency reported that 90% of the countries in accord with the agreement have maintained support and participation.  The price of the OPEC Reference Basket rose from $25 per barrel in 2016, to $52.40 per barrel in 2017 largely thanks to OPEC’s supply cut.

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 /  Published February 21, 2017 at 9:19 AM

Iraq Can’t Commit To OPEC’s Oil Output Deal

By Bilal Wahab

Iraqi Kurdistan Starts Oil Exports

Despite pressure from OPEC to cap its oil production, the Iraqi government can neither afford a production cut nor enforce it upon the Kurdistan Regional Government. Under tremendous fiscal pressure, OPEC members may cut a deal in Vienna this week that would cap oil production in order to raise global prices. The deal is being… Keep reading →

 /  Published December 1, 2016 at 10:00 AM

Energy News Roundup: Shell Complete BG Deal, Senate Begin Energy Debate & Russian OPEC Claims

By Conor O'Sullivan

Oil Prices Continue To Rise With Demand

BG Group PLC’s shareholders on Thursday signed off on Royal Dutch Shell PLC’s roughly $50 billion takeover bid for the company. [WSJ] The Senate has started debating its first comprehensive energy legislation since the George W. Bush administration, a bipartisan measure meant to update the nation’s power grid and oil and gas transportation systems. [The… Keep reading →

 /  Published January 28, 2016 at 1:00 PM

Energy News Roundup: E.ON Drop Prices, Iran Bemoans Sanctions & OPEC Crisis Summit

By Conor O'Sullivan

Texas Oil Companies Work To Adapt To Falling Oil Prices

Energy firm E.On has announced a 5.1% reduction in its standard gas price for residential customers. [BBC News] In an AP interview, Iran’s foreign minister is decrying what he calls the United States’ “addiction to coercion” with its new sanctions against Iran over ballistic missile tests. [ABC/AP] The oil price slump below $30 barrel is… Keep reading →

 /  Published January 20, 2016 at 1:00 PM

Energy News Roundup: OPEC Slash Prices, Nuclear Resurgence & Caspian Sea Oil Fire

By Conor O'Sullivan

Markets Surge Into Positive Gains For Year

The latest attempt by Saudi Arabia to kill off the threat from US shale oil has sent oil prices slumping to their lowest level since the depths of the global recession seven years ago. [The Guardian] New congressional legislation to empower nuclear energy through R&D infrastructure in a way that benefits private sector investment into advanced… Keep reading →

 /  Published December 7, 2015 at 2:31 PM

Energy News Roundup: OPEC’s Crucial Summit, Dyson Lose Labeling Case & Carmichael’s Record Emissions

By Conor O'Sullivan

LIBYA-ENERGY-OIL

OPEC has maintained its forecasts for oil demand growth and supply in its latest report, a precursor to its highly-anticipated meeting in December. [CNBC] Vacuum cleaner manufacturer Dyson has lost its bid to change European energy labeling laws. [BBC News] Coal from Adani’s proposed $16bn Carmichael project will create annual emissions similar to those from… Keep reading →

 /  Published November 12, 2015 at 2:00 PM

Energy News Roundup: OPEC To Maintain Current Policy, Fossil Fuels Dominant in Canada & Iran’s Sanctions Remedy

By Conor O'Sullivan

Iraq's Minister of Oil and President of

OPEC have pledged to stay the course following a meeting at their headquarters in Vienna on Firday — maintaining with a targeted production level of 30 million barrels per day. “The news was, frankly, just as broadly expected — thanks to the reasonably successful fruits of what has been widely described as a strategy to hold on to market share. “There’s… Keep reading →

 /  Published June 8, 2015 at 6:00 AM

OPEC Agrees to Maintain Production Limit: Saudi Oil Minister

By Stephen Sedgwick | Jenny Cosgrave

Iraq's Minister of Oil and President of

The Organization of Petroleum Exporting Countries (OPEC) has decided to maintain its production levels for at least another six months, Saudi Arabia’s Oil Minister Ali al-Naimi told reporters Friday. The cartel maintained its collective output production level at 30 million barrels per day, which could continue to weigh on oil prices this year, as oversupply… Keep reading →

 /  Published June 5, 2015 at 10:00 AM

Energy News Roundup: Kremlin Hopeful Ahead Of OPEC Meeting, Utilities Slump & Global Apollo Set To Launch

By Conor O'Sullivan

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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 →

 /  Published June 3, 2015 at 6:00 AM

OPEC: Oil Prices to Stay Below $100 for Next Decade

By Katy Barnato | CNBC

A close-up on a screen shows the last si

Oil prices will remain below the psychologically important $100-a-barrel mark until at least 2025, according to a draft report by the Organization of the Petroleum Exporting Countries (OPEC), seen byThe Wall Street Journal. In its most optimistic scenario, OPEC, which represents 12 oil-producing countries, forecast that oil will sell for around $76 per barrel in… Keep reading →

 /  Published May 11, 2015 at 3:00 PM
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