The global oil landscape is rapidly changing, with "shockwaves" from supply growth in the US due to shale gas, light tight oil as well as the Canadian oil sands extending to "virtually all recess of the global market," according to the International Energy Agency.
Articles Tagged "opec"
Oil – Bloomberg reported that according to Oil Movements, the Organization of Petroleum Exporting Countries (OPEC) will increase shipments by 60,000 bpd until mid-May due to a rising demand in Asia.
Oil – Bloomberg reported that the Organization of Petroleum Exporting Countries (OPEC) will lower this month’s crude shipments by about 0.9% due to a weak global economy, according to Oil Movements.
Oil – Reuters reported that Brent crude prices increased to nearly $2 a barrel after a 6-day losing streak, as low prices triggered buying. Brent futures for June delivery have risen to $99.13 per barrel, after a $1.44 increase.
Weaker US retail sales and consumer sentiment raised doubts about the strength of the country’s economic recovery this week, while General Electric made a big move to expand its oil and gas unit.
Oil – Reuters reported that the International Energy Agency (IEA) lowered its forecast for oil demand growth for the 3rd month in a row, causing Brent prices to decline more sharply than US crude.
Oil – Bloomberg reported that West Texas Intermediate traded close to the highest level in a week as US stockpiles increased to 389 million bpd, its highest since July 1990.
Oil – Bloomberg reported that OPEC lowered its forecast for global oil demand growth to 800,000 bpd after a drop in crude production in March.
Oil – Bloomberg reported that the Organization of Petroleum Exporting Countries will trim crude shipments by 0.5% a day which means a reduction of 120,000 bpd as global refinery maintenance peaks.
Oil – OPEC crude oil output is on course to reach its lowest since October 2011 this month as discontent in Libya, pipeline leaks in Nigeria and Iraqi export disruptions weigh on supplies, a Reuters survey found on Thursday.