برچسب Oil Glut

Zanganeh Urges OPEC to Address Libya, Nigeria Output

EghtesadOnline: OPEC’s commitment to cutting production to clear a global glut is working, but the group needs to address rising output from Libya and Nigeria, Iran’s Oil Minister Bijan Namdar Zanganeh said.
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Publish Date:27/September/2017 | 13:23

OPEC Finally Catches a Break

EghtesadOnline: The key sign of OPEC’s success may finally be here. Since the Organization of Petroleum Exporting Countries embarked on its strategy to clear a global glut, analysts from Goldman Sachs Group Inc. to Bank of America Corp. have said that one critical indicator would show the plan is working: the discount on immediate crude would turn into a premium. That condition known as backwardation signals demand is outpacing supply.
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Publish Date:12/August/2017 | 06:24

Oil Market Abandons Hope of Re-Balancing This Year

EghtesadOnline: The oil market has all but abandoned the hope of a re-balancing any time soon, with the re-emergence of a pricing structure that signals investors expect a glut to endure into next year.
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Publish Date:10/June/2017 | 06:45

Aramco Raises Crude Pricing to U.S. and Asia on Increased Demand

EghtesadOnline: Saudi Arabia, the world’s largest oil exporter, raised pricing for July sales of all crude grades to Asia, the U.S. and Northwest Europe as it seeks to take advantage of increased demand after suppliers extended production cuts to help curb a global glut.
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Publish Date:05/June/2017 | 24:09

Oil Prices Ease

EghtesadOnline: Oil prices hit their lowest in 11 days on Tuesday on news that US shale oil output in May is expected to post the biggest monthly increase in more than two years, fuelling concerns that US production growth is undermining efforts to cut oversupply.
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Publish Date:19/April/2017 | 10:57

Oil Speculators Can't Dump Rally Bets Fast Enough Amid Glut

EghtesadOnline: The bullish sentiment following OPEC’s deal is almost all gone. Hedge funds haven’t been so skeptical on rising West Texas Intermediate crude prices since Nov. 29, the day before the cartel agreed to cut output, according to U.S. Commodity Futures Trading Commission data.
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Publish Date:27/March/2017 | 11:22

Kuwait Says OPEC Leaning on Non-Members to Cut More Oil Output

EghtesadOnline: OPEC is urging oil suppliers outside the group to fulfill their commitments to cut output, and crude prices will rise once producers demonstrate better compliance with their agreement to clear a global glut, Kuwait’s oil minister said.
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Publish Date:16/February/2017 | 20:11

Dana Gas Says 1 Billion Barrels of Oil in Way of Ending Glut

EghtesadOnline: Almost 1 billion barrels of oil held in inventories must be used up before global supply and demand are closer to balance, Dana Gas PJSJ Chief Executive Officer Patrick Allman-Ward said.
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Publish Date:20/January/2017 | 24:53

Saudi Oil Shipments Soared Ahead of OPEC Production Cut

EghtesadOnline: Saudi Arabia’s crude exports surged to a 13 1/2-year high in November, just before it led global producers in restricting supplies to curb the worst glut in decades.
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Publish Date:20/January/2017 | 11:55

Iraq’s Southern Oil Exports Hit Record Before OPEC Cuts

EghtesadOnline: Iraq’s oil exports from its southern ports in the Persian Gulf reached a record high in December, just before the country was due to join other major producers in cutting output to help curb a global oversupply.
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Publish Date:12/January/2017 | 06:01

Iraq’s Southern Oil Exports Hit Record Before OPEC Cuts

EghtesadOnline: Iraq’s oil exports from its southern ports in the Persian Gulf reached a record high in December, just before the country was due to join other major producers in cutting output to help curb a global oversupply.
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Publish Date:09/January/2017 | 10:56

Saudi Oil Minister Sees Commitment to Cuts Ending Glut in Months

EghtesadOnline: OPEC and other major oil producers are committed to a “high level of compliance” with their agreements to cut output, and the shared strategy will balance the market in 2017, Saudi Oil Minister Khalid Al-Falih said.
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Publish Date:15/December/2016 | 07:01

Saudi Said to Tie Crude-Supply Cuts to January Volume Requests

EghtesadOnline: Saudi Arabia, the driver behind the OPEC/non-OPEC agreement to reduce oil production to eliminate a global glut, plans to reduce supplies to customers in January based on requests for shipments, according to a person familiar with the matter.
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Publish Date:14/December/2016 | 08:47

OPEC Quota Talks End First Day as Optimism on Deal Grows

EghtesadOnline: Oil traders and analysts grew more confident that OPEC will reach a deal to curb global oversupply next week as delegates said talks on assigning quotas to individual countries made good progress.
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Publish Date:22/November/2016 | 16:57