OPEC | Egypt Oil & Gas - Part 48
OPEC: Tehran, Riyad to Continue Pumping Oil Despite Price
At the OPEC Summit, both Iran and Saudi Arabia said they would keep on pumping despite oil prices hovering near a six-year low as OPEC was not expected to curb the global supply glut, according to Bloomberg. Iran plan...
Saudi Cabinet Makes Tentative Pronouncements on Oil Price Cooperation
Saudi Arabia’s cabinet said it was ready to cooperate with OPEC and non-OPEC countries to achieve market stability, reported Reuters. “The council (of ministers) … stressed the kingdom’s role i...
Indonesia’s Return to OPEC Raises Production Level, Quota Issues
In September, OPEC announced Indonesia’s return to the organization after 7 years of suspension. Indonesia’s return to the cartel, starting with the December policy meeting, will raise the issue of necessary changes t...
Venezuelan Oil Minister: OPEC Must Act to Prevent $20 Oil
Few countries have felt low oil prices as much as Venezuela. In Tehran the Venezuelan Oil Minister Eulogio Del Pino urged OPEC to act to raise oil prices, which he said could fall to the mid-$20s per barrel with actio...
Iraq in $30 a Barrel Price War as Investments Stagnate
Iraq may increase oil output further in 2016, reported Reuters, as the country prepares to sell some crude grades for as little as $30 a barrel. The International Energy Agency (IEA) calculates that Iraq is the world&...
UAE Key Stabilizer in Future Oil Markets
“The UAE played a key role in the political stability of this region and the UAE will play … a key role in the stability of the market,” the UAE oil minister Suhail al-Mazrouei was quoted by Oil and ...
OPEC and Experts Say Oil Prices to Recover in 2016
The oil market is expected to become more balanced in 2016 as demand continues to grow, OPEC Secretary-General Abdullah al-Badri announced on Monday, reported Reuters. “The expectation is that the market will re...
Oil Prices, Post-Sanction Iran Prompt GCC Maintenance Cost Cutting
Industry sources have informed Reuters that Gulf oil producers are delaying some field maintenance until next year to keep production high and reduce costs, forecasting weaker oil prices in 2016. The sources, however,...
