Sentences with phrase «of oil production cuts»

OMR: Half time Halfway through six - months of oil production cuts, the game has gone fairly well for producers 13 April 2017

While the continuing Russia - OPEC discussions are dominating headlines, with a focus on a possible extension of the oil production cut agreement into 2019, the market is far from stable.

Not exact matches

NEW YORK, April 24 - Oil prices were little changed on Tuesday after Brent hit its highest level since November 2014, supported by strong demand, OPEC - led production cuts, and the prospect of renewed U.S. sanctions on Iran.

Although OPEC and allies have never officially targeted any specific price of oil with the production cut agreement, each member of the pact knows very well where they want oil prices to be in order to balance their budgets that have been stretched thin in the price plunge.

LONDON, April 24 - Oil rose above $ 75 a barrel on Tuesday to its highest since November 2014 before paring some gains, supported by OPEC - led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran.

The time is ripe for anyone with new ideas on some facet of oil and gas exploration, drilling or production that could cut costs, says Yager.

Oil traders are eagerly anticipating an extension to OPEC's production cut this week, but one analyst has told CNBC that comments from the oil cartel could be just as powerful in propping up the price of the commodiOil traders are eagerly anticipating an extension to OPEC's production cut this week, but one analyst has told CNBC that comments from the oil cartel could be just as powerful in propping up the price of the commodioil cartel could be just as powerful in propping up the price of the commodity.

That logic is another reason why OPEC countries have less of an incentive to cut back production: renewable energy sources is starting to give fossil fuels some serious competition, and oil - exporting countries have an interest in keeping oil a cheap alternative.

LONDON, April 24 (Reuters)- Oil rose on Tuesday above $ 75 a barrel to its highest since November 2014, supported by OPEC - led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran.

West Texas Intermediate crude oil, the US benchmark, has gained 11 % this year as Russia along with the Organization of Petroleum Exporting Countries continue to cut their production.

LONDON, May 3 - Oil prices edged higher on Thursday despite swelling U.S. crude inventories and record weekly U.S. production, as focus shifted back to OPEC supply cuts and the potential of new U.S. sanctions against Iran.

Oil investor hopes were raised at the start of the year by a deal to cut production between members of the Organization of Petroleum Exporting Countries and some non-OPEC producers.

OPEC and non-OPEC oil giant Russia agreed Thursday to extend production cuts until the end of 2018, following hours of discussions in Vienna.

Because energy producers cut back on drilling and production when oil is cheap (and less profitable for them), investors were concerned that they would also stop ordering as many of MRC's pipes, which are used to pump and transport crude.

O'Loughlin said that relatively high oil prices, supported by healthy demand and production cuts by the Organization of the Petroleum Exporting Countries (OPEC) to tighten markets, «are encouraging U.S. shale producers to continue ramping up production.»

In terms of output, the IEA noted that member countries of the OPEC oil - producing cartel cut their production for the second month in a row.

Iran is looking to increase production even more by the end of the year, so any supply cut will have to be significant to really impact oil price.

On Monday, WTI closed at US$ 52.22 a barrel, up by 3 percent, while Brent crude settled at US$ 59.02 — its highest since July 2015 — on the back of growing optimism that the OPEC production cut deal is finally having a palpable effect on global supplies of crude oil, and the equally growing worry that the Middle East could be in for more tensions — this time between the Kurdish nation and the countries it inhabits, following an independence referendum in the Kurdistan autonomous region in Iraq.

Oil prices rose after an Organization of Petroleum Exporting Countries (OPEC) deal in November sparked optimism that production cuts would help bring supply and demand into balance.

Because of the drama in Saudi Arabia and further extended production cuts planned by the Organization of Petroleum Exporting Countries (OPEC), Morgan Stanley just raised its forecast for the price of oil, estimating WTI to average $ 58 a barrel in the second quarter of 2018.

Impact on oil and gas production: compared to a carbon tax, Alberta's policy offers emitters less of an incentive to reduce production in order to cut GHGs, notes Leach: «assuming that the facility reduced production by 10 percent, and that emissions decreased proportionately (a simplifying assumption), the facility's emissions intensity would not change, so its carbon liability per barrel of oil produced would also remain constant.»

Of course, OPEC now is entering month number 16 of their crude oil production cuts and that certainly has a big hand in what we «re seeing at the pumOf course, OPEC now is entering month number 16 of their crude oil production cuts and that certainly has a big hand in what we «re seeing at the pumof their crude oil production cuts and that certainly has a big hand in what we «re seeing at the pump.

Benchmark crude futures contracts have in the past week wiped out the gains made since the end of September when the Organization of the Petroleum Exporting Countries said it would agree to cut oil production to shore up persistently low prices.

Oil prices, which have recently received some support from reports about discussions of another possible extension of the OPEC production cut deal, remained stable following the release of the EIA report, with WTI trading at US$ 48.75 a barrel and Brent crude at US$ 54.62 a barrel.

You've probably heard by now that, in an effort to lift oil prices, the Organization of Petroleum Exporting Countries (OPEC) tentatively agreed to a production cut at its meeting in Algiers last week.

Funding its ballooning deficit, which can't be plugged with asset sales and debt issuance alone, and improving its economic situation are partly why Saudi Arabia, the largest producer in the OPEC oil cartel, disagreed to any cut in production at the December OPEC meeting, and more recently has been discounting the price of oil to its customers.

OPEC cut 10 mmbpd of production between 1980 and 1985 with no effect on falling oil prices.

Global oil prices, meanwhile, are quietly testing one - month highs ahead of next week's OPEC meeting in Vienna, where ministers from the cartel's members are widely expected to extend and agreement on production cuts into the first quarter of 2018.

But recent comments from Iraq's oil minister suggest that there are other ideas at play — perhaps an extension through the end of 2018, or maybe even deeper production cuts.

The failure of high cost North American producers to cut production in an oversupplied world oil market is setting the stage for another leg down in oil prices.

There were two principal drivers behind oil prices» performance: the growing optimism that the OPEC production cut deal is finally having a palpable effect on global supplies of crude oil, and the equally growing worry that the Middle East could be in for more tensions — this time between the Kurdish nation and the countries it inhabits, following an independence referendum in the Kurdistan autonomous region in Iraq.

«If OPEC does not come up with a credible agreement to cut production on Wednesday oil prices will end the year below $ 40 a barrel and be chasing down $ 30 a barrel early next year,» David Hufton, CEO of PVM Group Ltd., told Bloomberg.

With most of the energy world focused on the upcoming OPEC meeting and whether oil ministers will agree on production cuts in order to help boost oil prices, it's a good time to review why the LNG industry also closely follows the price of oil.

The U.S. Comex gold futures dropped to a trough of $ 1,141.70 during Asian Monday morning after the Swiss rejected the Gold Referendum and the OPEC decided not to cut oil production.

The looming supply growth is mostly due to two factors: the scheduled end of OPEC / non-OPEC production cuts in March and US shale production, including NGLs, «growing like crazy,» said New York - based Mike Wittner, managing director and global head of oil research at Societe Generale.

It's «mission accomplished» for OPEC in its battle against bulging global inventories of oil, thanks to the production cuts it has had in place for nearly 18 months.

Strategists are looking to the U.S. for a cut in oil production, as companies respond to the pain of a long slide in prices.

Among commodities, oil prices moved higher as fears about rising US shale production abated somewhat, and market participants began giving more weight to the effectiveness of supply cuts by members of the Organization of the Petroleum Exporting Countries and several other large oil - producing countries.

Russia could pull out of the OPEC oil production cut deal before the end of 2018 — or right after — as it has no obligation to stick with it, Iran's Energy Minister, Bijan Continue Reading

Tensions between Iran and Saudi Arabia triggered doubts about the success of the OPEC + oil production cut deal two years ago when it was first being hatched.

In 2016, the Organization of Petroleum Exporting Countries, headed by Oil Major Saudi Arabia, made an agreement between its members and a number of non-member countries to cut their oil production and reduce the global glut that had pushed prices so lOil Major Saudi Arabia, made an agreement between its members and a number of non-member countries to cut their oil production and reduce the global glut that had pushed prices so loil production and reduce the global glut that had pushed prices so low.

After the Organization of the Petroleum Exporting Countries (OPEC)-- excluding Nigeria and Libya — and 11 non-OPEC nations arrived at a deal to cut oil production by 1.8 million barrels per day (bpd), traders expected oil to at least reach $ 60 per barrel levels.

Along with the US, Libya — which is exempt from the production cuts — has resumed operations at its Sharara and El Feel oilfields, which will add another 400,000 bpd of oil to the markets.

Oil prices erased early losses to rise on Thursday afternoon after Algeria's Energy Minister Noureddine Boutarfa said that most OPEC producers are supporting the Saudi - Russian proposal for an extension of the production cuts until March 2018.

Since the March agreement between major oil producers to cut production, oil prices have risen sharply; in October the crude oil price averaged US$ 22.63 per barrel, up from an average of US$ 12.00 in February.

O'Loughlin said that relatively high oil prices, supported by healthy demand and production cuts by the Organization of the Petroleum Exporting Countries (OPEC) to tighten markets, «are encouraging US shale producers to continue ramping up production.»

Now, investors are eyeing an OPEC meeting on November 27 to see whether the organization could even cut prices further in an attempt to retain its global market share, particularly in the face of competition from the U.S. where oil production has increased thanks to the shale gas industry.

The energy sector has been out of favor for so long now that the lack of investment combined with OPEC production cuts are pushing down global oil inventories while world economies continue to grow.

He argued that their production cuts arrangement had merely stopped the worldwide oil price level collapse of earlier years.

Over the last 10 years, the U.S. current account deficit has been cut roughly in half, and a large part of that improvement has been a function of surging U.S. domestic oil production.