Posts Tagged ‘OPEC’

Up or down in OPEC, its oil supply all comes back to the Saudis

Oil prices have found some support from the potential for lower production from OPEC next year, as suggested by the group’s secretary general, Abdalla el-Badri.

Speaking to Platts by telephone from Vienna earlier this week, Badri was at pains to stress that he was not predicting the outcome of OPEC’s next scheduled meeting on November 27. Nor was he talking about a 500,000 b/d reduction in the group’s current 30 million b/d ceiling. He was, he said, talking about an outlook that pegged the call on OPEC crude at 29.5 million b/d. He was not talking about a decision by OPEC.

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IEA again looks to OPEC to balance 2014 market

The International Energy Agency on Tuesday cut its oil demand growth forecast for 2014 for a number of reasons, not the least of which is a weaker global economic outlook than previously thought and lower oil supplies in the second quarter.

But even though the world won’t need as much oil this year as IEA earlier thought, that doesn’t mean it won’t need more crude from OPEC.

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Energy Economist: The amount of oil the world uses, seen through different eyes

Counting barrels is always tough to do, as Ross McCracken discusses in this month’s excerpt from Platts Energy Economist.

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IEA paints a steady picture for 2015 oil markets

The International Energy Agency on Friday gave its first taste of how oil markets might look in 2015, and on first reading it looks as though they should be pretty well supplied throughout the course of the year.

The agency’s confidence that non-OPEC supply can meet almost all of the projected growth in demand next year means that OPEC itself won’t need to produce, on average, any more than its current 30 million b/d ceiling. Read the rest of this entry »

The Oil Big Five: Your comments include Iraq, Africa, refining, and OPEC

You’ve read about the big topics our Platts experts think are most interesting for July, and now we want to turn our attention to our readers.

In our monthly The Oil Big Five feature, we poll our global oil experts for what they consider the most pressing or interesting aspects of the oil industry at the moment. We follow each post by rounding up some of the comments, and below you can see (in no particular order) some of the reactions we had from our readers, both on the blog as well as on social media.

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The Oil Big Five: Your thoughts about what’s important in June

The second installation of The Oil Big Five hit a snag when we realized that comments weren’t coming through on our blog platform, so this follow-up is a week later than we wanted.

But regardless of timing, we wanted to feature the comments from our readers, both here on the blog as well as on social media. We know what our oil experts and editors think are the most important trends worldwide, but what about you? Do you agree with what others have said?

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OPEC meeting provides some expected, and some unexpected, events

(This blog post is based on the reporting of the Platts OPEC team in Vienna: Margaret McQuaile, Stuart Elliott, Geoff King, James Leech and Jacinta Moran).

The latest meeting Wednesday of OPEC ministers in Vienna was uneventful — at least in terms of what the group decided to do, or not to do, about its current crude production policy.

A rollover of its 30 million b/d production ceiling had been widely expected following suggestions from ministers in the weeks running up to the meeting that the status quo would be maintained.

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OPEC survey: group’s oil output is just under what might be needed

The International Energy Agency says OPEC needs to produce more than 30 million b/d of oil in the second half of the year. In May, it wasn’t at that level. You can see Platts’ monthly survey of production here.

IEA looks to OPEC to boost oil production as output growth elsewhere slows

The International Energy Agency believes OPEC will need to raise its production by nearly 1 million b/d in the third quarter to meet rising global demand and to make up for slowing supply growth from non-OPEC producers.

That would mean the group would be producing nearly 31 million b/d within a few months.

Can it be done?

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Tom O’Malley, Harold Hamm, oil woes in the Middle East, Russian benchmarks…all in one day

A few observations from day one of the Platts Global Crude Oil Summit in London:

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