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Oil Tanker Storage Hits a 2017 Record Despite OPEC's Cuts

EghtesadOnline: Oil traders are resorting to storing more and more oil at sea amid swelling output in the Atlantic region, a sign the market is far from the kind of re-balancing that OPEC would have hoped for when the group set out last year to bring down global stockpiles.
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Publish Date:20/June/2017 | 04:04

Iran Crude Prices Slide 5%

EghtesadOnline: Iranian crude oil slipped to $45 per barrel in the week to June 9 amid bearish sentiments that an OPEC-led initiative to erase global oil stocks to lift prices is not enough.
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Publish Date:19/June/2017 | 08:12

Oil prices dip on further rise in U.S. drilling, demand slowdown

EghtesadOnline: Oil prices dipped on Monday, weighed down by a continuing expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to cut production to tighten the market.
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Publish Date:19/June/2017 | 04:37

OPEC's LNG Giant Keeps Exporting Gas and Oil as Saudis Cut Ties

EghtesadOnline: Qatar, the world’s biggest seller of liquefied natural gas, can still access shipping routes to deliver oil and gas to buyers after Saudi Arabia and other neighboring states barred the emirate from exporting through their territorial waters.
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Publish Date:05/June/2017 | 11:37

Iran Oil Minister Sees 700,000 bpd Rise in Crude Output by 2021

EghtesadOnline: Oil Minister Bijan Namdar Zanganeh says Iran plans to raise crude oil output by 700,000 barrels per day in the long run, a decision that does not interfere with OPEC's short term reduced supply plans.
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Publish Date:03/June/2017 | 08:52

OPEC Wins Hedge Funds Back With Jump in Oil Bets Before Deal

EghtesadOnline: Hedge funds are giving OPEC some credit again. Following four weeks of growing pessimism, bets on rising West Texas Intermediate prices jumped the most this year just as Saudi Arabia and Russia were mustering support for the deal they struck in Vienna last week, U.S. Commodity Futures Trading Commission data show.
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Publish Date:30/May/2017 | 04:44

Expert Links OPEC Supply Cut Deal to Political Concord

EghtesadOnline: Had OPEC producers not compartmentalized political disagreements from economic issues, they would not have succeeded in extending the oil production cut deal for nine more months to battle the global glut, the former head of petroleum market studies department at the Oil Ministry said.
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Publish Date:29/May/2017 | 05:53

OPEC members hail Rouhani victory in election: MP

EghtesadOnline: Members of the Organization of the Petroleum Exporting Countries have welcomed re-election of President Hassan Rouhani in the May 19 elections, senior lawmaker said on Friday.
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Publish Date:27/May/2017 | 05:18

Petroleum minister hails OPEC Meeting

EghtesadOnline: Petroleum Minister Bijan Zangeneh said that the recent OPEC Meeting in Vienna was smooth compared to those held over the past three years and there was consensus among the members.
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Publish Date:27/May/2017 | 05:02

Cheer Up, OPEC: Oil Price Slump May Yet Prove to Be ‘Knee Jerk’

EghtesadOnline: Saudi Arabia’s Energy Minister Khalid Al-Falih said he had no interest in the “knee jerk” reactions of the oil market when crude prices collapsed on Thursday as he sought to explain OPEC’s deal to prolong supply curbs. According to Bloomberg, here’s some evidence that he could be right in believing the slump won’t last.
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Publish Date:27/May/2017 | 03:49

Trump's Bid to Sell U.S. Reserve Oil Could Undermine OPEC Cuts

EghtesadOnline: President Donald Trump has proposed selling off more than half of the U.S. emergency oil stockpile, potentially putting more crude on the global market and undermining OPEC’s efforts to prop up prices.
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Publish Date:24/May/2017 | 13:26

Iran's Maxed-Out Crude Output Eases OPEC Push to Extend Cuts

EghtesadOnline: Iran’s oil industry bounced back from sanctions last year, cranking up output to recover market share from other OPEC producers. Now that its surge has topped out, Iran supports an extension of the group’s cuts to preserve those gains.
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Publish Date:24/May/2017 | 13:23

‘Iran not expecting OPEC call to cut output’

EghtesadOnline: Iran’s Petroleum Minister Bijan Zanganeh says he does not expect the Organization of the Petroleum Exporting Countries (OPEC) to call on the Islamic Republic to reduce its oil production when it meets to discuss extending an oil output deal tomorrow.
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Publish Date:24/May/2017 | 11:06