The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed. Following the carnage of negative WTI prices on April 20, and a growing realisation about pressure on storage, the energy watchdog’s head Fatih Birol set out 3 steps. The …
Read More »U.S. Halts Chevron in Venezuela with End to Sanctions Waivers
Chevron will be forced to effectively wind down its operations in Venezuela, dealing the Maduro regime’s crumbling oil industry another blow as U.S. President Donald Trump maneuvers for regime change in the Latin American nation. The U.S. Treasury Department will no longer allow the company to drill wells, sell and …
Read More »Too Early to React to Weak Oil, Let’s Wait for OPEC+ Deal Impact
The Kremlin said on Wednesday that it was too early to draw any conclusions about possible additional steps to stem the slump in oil prices before the global deal agreed by the OPEC+ group takes effect on May 1. Oil prices slumped to less than $16 a barrel on Wednesday, …
Read More »Crude Price Collapse will Finally Force US Oil Industry to Cut Production or Go Bust
The oil-price plunge could create a historic precedent in which the US may finally help boost the sinking energy market, albeit involuntarily, instead of benefiting at the expense of others, oil executive Mike Cantrell believes. The price of US benchmark West Texas Intermediate (WTI) contract for May finished trading on …
Read More »IEA Suggests OPEC+ Deepen, Speed up Supply Cuts
The International Energy Agency (IEA) said on Tuesday the OPEC+ should consider quicker, deeper production cuts to ease the turmoil in oil markets, Kallanish Energy reports. Executive director Fatih Birol said the initial 9.7 million barrels per day (Mmbpd) production cut in May and June “is a solid start but …
Read More »Iran’s Oil Minister Says Oil Production Cut should be Taken Seriously
Oil producer countries should respect crude production cuts aimed at stabilizing the oil market, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday. “The market will stabilize gradually if the oil production cut is respected by all the producer countries … Cooperation is necessary under this circumstances,” Zanganeh said. …
Read More »Azerbaijan Offers Oil Producers Outside OPEC+ to Make Commitments
Azerbaijan’s Energy Minister Parviz Shahbazov has attended the informal video conference with the participation of several OPEC+ countries, the ministry told Trend. According to the ministry, the current state of the world oil market and the implementation of commitments since May have been discussed at the conference. During the discussions, …
Read More »Iraq Does not Rule out more OPEC+ Measures to Halt Oil Price Slide
Iraq, OPEC’s second-largest oil producer, does not rule out OPEC+ members taking extra measures to halt the further slide of oil prices, but any steps will need to take into account global oil market developments, the country’s oil minister said on Tuesday. Iraq’s Thamer al-Ghadhaban, who participated in an emergency …
Read More »Oil’s Collapse Puts Even More Pressure on Emerging Markets
The news just gets worse for some emerging markets, with the collapse in oil prices adding further pressure to currencies and the fiscal situation of countries like Mexico, Brazil, and Russia. Of the commodity-producing emerging market countries, the one that is worrying analysts the most is Mexico. Emerging markets outside …
Read More »Qatar’s $20.6bn Stimulus to Absorb Current Shocks
Qatar’s economic policy is built on a robust system, and a stimulus scheme of $20.6bn (QR75bn) over the coming three years is expected to “absorb the shock of what is happening worldwide,” said HE Dr Mohamed bin Saleh al-Sada, former Minister of Energy and Industry. He was speaking at an …
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