A few snippets from a conference call Ed Morse and his team at Citi held today on the decline in oil prices.
Posts Tagged ‘OPEC’
By John Kingston | October 16, 2014 12:37 PM Comments (0)
By Stuart Elliott | October 14, 2014 10:30 AM Comments (1)
With crude prices at near four-year lows, the last thing the world’s key oil producers want to hear is that demand growth is set to weaken yet further.
But that was the message from the International Energy Agency in its latest monthly oil market report published today.
By John Kingston | October 13, 2014 10:24 AM Comments (3)
Phil Verleger has a long memory.
Phil is a veteran energy economist, and he and I have been emailing each other over the course of the last week, recalling the oil price collapse of the mid 1980’s. As he noted, there are a dwindling number of of people still in the industry who remember that. But I had just joined Platts when the great collapse of 1985-1986 took place. On April 1, 1986, WTI plunged to less than $10 and no, it wasn’t an April Fool’s joke. (It remains the only day in the history of the WTI contract, launched in 1983, that the price ever “printed” a number less than double digits. It has never settled at less than $10.)
In his latest weekly report, Phil recalls that fall, as well as the collapse of 1998-1999. While WTI prices didn’t drop below the $10 level in the late 90’s, the levels of that period, after adjusting for inflation, were the lowest in history.
By Margaret McQuaile | September 19, 2014 04:32 AM Comments (0)
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.
By Stuart Elliott | August 12, 2014 10:37 AM Comments (0)
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.
By Ross McCracken | July 29, 2014 12:01 AM Comments (1)
By Stuart Elliott | July 11, 2014 11:43 AM Comments (0)
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 »
By Elizabeth Bassett | July 8, 2014 03:49 PM Comments (2)
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.
By Elizabeth Bassett | June 17, 2014 08:21 AM Comments (2)
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?
By News Desk | June 12, 2014 06:25 AM Comments (0)
(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.