Tag Archives: Oil Market

Despite U.S. production records. Saudi Aramco CEO Amin Nasser believes shale oil won’t be enough to prevent a future shortage.

The ministerial meeting will be preceded by a meeting of a technical committee involving all OPEC and non-OPEC members currently participating in the oil output cutting deal.

Russia plans to host a meeting of some ministers from the Organization of Petroleum Exporting Countries and several non-members in St. Petersburg on July 24.

Brazil becoming a relevant exporter is complicating OPEC’s efforts to control prices through supply cuts.

The slide in oil prices continues as markets remain sceptical of OPEC´s ability to balance supplies.

Over the last two weeks. Canada saw significant gains in the number of active oil and gas rigs. This week. Canada saw another large growth spurt. adding 11 rigs.

Economic pressure on Saudi Arabia is set to intensify as the state spends at home and abroad.

During the period of sanctions. oil production in the country was capped at about 2.7 million barrels a day. including 1 million barrels sent to export markets.

OPEC members Libya and Nigeria were exempted from the supply cuts because unrest had curbed their output.

Marine fuel sales in Singapore fell last month. by 4.2 percent on the year to 4.181 million tons.