Posts Tagged ‘Saudi Arabia’

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.

Read the rest of this entry »

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.

Read the rest of this entry »

New Frontiers: Counting up all the battles in the Middle East

As the old saying goes, you can’t tell the players without a scorecard. So in this week’s Oilgram News column New Frontiers, Tamsin Carlisle does just that, skipping through the Middle East to summarize the hot battles, and the cold ones, impacting oil across the region.

Read the rest of this entry »

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 »

Major US trade decision in the pipeline for OCTG producers

The story is a familiar one: Cheap foreign steel products are threatening domestic manufacturers, and the US steel industry is seeking relief with a trade case.

Here’s how it goes down: Following a petition by one or more US producers, the Department of Commerce and the International Trade Commission independently and simultaneously investigate any antidumping and countervailing claims. Commerce investigates whether imported products are sold at less-than-fair value or have been subsidized by foreign governments and determines duty rates accordingly. The ITC rules whether those imports materially injure or threaten material injury to the domestic industry. If either body votes in the negative, no duties are levied.

On Friday, Commerce is due to make its final determination in the antidumping and countervailing investigations of oil country tubular goods (OCTG) imports from South Korea, India, the Philippines, Saudi Arabia, Taiwan, Thailand, Turkey, Ukraine and Vietnam.

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.

Read the rest of this entry »

Baiji oil refinery secured as Iraq fighting continues

Iraqi government forces regained full control Thursday of the country’s biggest oil refinery following heavy fighting as the country scrabbles to contain the Sunni militants which still threaten further advances in northern Iraq.

Insurgents pressing the major offensive were repelled from the 320,000 b/d-capacity Baiji plant after clashes Wednesday and early Thursday, according to reports. Fighting began at the refinery early on Wednesday, when some storage tanks for oil products were set ablaze.

Read the rest of this entry »

Iraq’s southern crude oil exports: how safe is safe?

Iraqi oil minister Abdul-Karim al-Luaibi was in Vienna for OPEC talks when Iraq’s second city fell to islamist fighters. He acknowledged that Iraq might not now be able to resume crude flows along the Iraq-Turkey pipeline, which has been closed since early March after sabotage, but insisted that the south of the country was “very, very safe” and that Baghdad would continue to export crude from its Gulf terminals.

Governments in oil-consuming countries will undoubtedly be hoping that Luiabi’s faith in Baghdad’s ability to protect its southern oil fields and export infrastructure is not misplaced.

But what if these jhadists, who have been able to take control of a huge swathe of northern Iraq, continue their push toward the south?

Read the rest of this entry »

New Frontiers: Change is coming to Saudi Aramco, the state oil company

Saudi Aramco, the Kingdom’s state-owned oil company, is facing some big shifts in the world oil industry. Tamsin Carlisle discusses that in this week’s Oilgram News column, New Frontiers.

Read the rest of this entry »

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?

Read the rest of this entry »