Tag Archives | Opec

OPEC; Oil Heads for Best Year Ever

Most members of the Organization of Petroleum Exporting Countries are signaling they’ll keep production policy unchanged at a meeting in Vienna today as the group struggles to agree on a new secretary-general.
While OPEC’s own forecasts show that it’s pumping more than consumers need, Saudi Arabia, Iraq, Iran, the United Arab Emirates, Angola, Ecuador and Libya have indicated that supply and demand are approximately in balance, suggesting that the group will stick to its official output target of 30 million barrels a day.

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OPEC; Global Oil Demand Is Looking Weaker

Global oil demand is looking weaker than previously forecast as the slowing economy continues to weigh on consumption, according to monthly reports released on Wednesday by the U.S. government and OPEC.
The Organization of the Petroleum Exporting Countries trimmed its forecast for growth in world oil demand in 2013 by 30,000 barrels per day (bpd) to 780,000 bpd and said the risk remains skewed to the downside.

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OPEC Warns EU Low Oil Prices Threaten Future Supply Security

OPEC on Thursday warned the European Union that too-low oil prices could “break the momentum” of upstream investment and threaten future supply security, according to a joint statement issued after a regular ministerial meeting between the two sides in Brussels.

European energy commissioner Gunther Oettinger stressed in his opening address the negative impact of very high oil prices on the world economy and warned against reduced investment that could lead to supply bottlenecks in the future.

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Opec Draws Fine Line Between Oil Balance, Chaos

Members of the Organization of Petroleum Exporting Countries will hold their first meeting of the year next week and, following steep declines in oil prices and ahead of European Union sanctions on Iran, they should have plenty to talk about. “A month ago, it seemed like the quota meeting would be pretty boring, but maybe […]

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