The OPEC+ group has decided to move the meeting on its near-term oil production plans to December 5 from December 1, due to a scheduling conflict, OPEC said on Thursday.
There are two vital reasons, to begin with, why the Trump Oil Price Range so rigorously enforced in his first presidency is so critical to the interests of Trump personally, his Republican Party, and the U.S. more broadly, as fully analysed in my latest book on the new global oil market order
OPEC will likely remain committed to production curbs for yet another month, the energy minister of Azerbaijan told Reuters ahead of the group’s Sunday meeting.
“OPEC+ could or couldn’t discuss oil output rollover at its next meeting. It is difficult to prejudge,” Parviz Shahbazov told the publication.
OPEC has been under pressure from the market to stick to its production cuts because of depressed prices, with any decision to reverse any part of the cuts seen as extra-bearish for the commodity. Indeed, even news reports about the possibility of a rollback have pressured prices substantially, even if the reports were not followed by the respective OPEC decision.
The Organisation of Petroleum Exporting Countries (OPEC) yesterday lowered the demand forecast for crude oil amid tumbling prices as Nigeria pumped 1.4 million barrels of oil per day in October.
OPEC Secretary General Haitham Al Ghais who said this while delivering a keynote address at the ongoing African Energy Week in Cape Town, South Africa, said African producers will play a central role in meeting rising demand.
According to StanChart, much of the negative sentiment that has dominated oil markets over the past three months can be chalked up to misapprehensions about the tapering mechanism for the voluntary cuts made by eight OPEC+ countries.
While the OPEC+ group is trying to manage oil supply to the market, the world’s largest international oil companies are raising their production, with the U.S. supermajors hitting record highs.
This increase comes as the market prepares for a week that includes a U.S. presidential election and a significant meeting in China, News.Az reports, citing Reuters.
As the clock keeps ticking away, the legal battle that may decide the fate of two of the largest undeveloped oil and gas fields off the coast of the United Kingdom (UK) is fast approaching with less than three weeks left until the set date. The operators of these projects, Britain’s Shell and Norway’s Equinor, have a court fight on their hands, which is further complicated by two factors: the government’s decision to drop their legal defense of the two North Sea developments and a recent court ruling, which brings emissions created when the oil is burned into play.
Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding a second exploration and appraisal campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as one of the world’s most prospective oil and gas regions.