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Tag Archives: OPEC

OPEC crisis meeting looms as oil plunges to $35 and nerves begin to fray

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The OPEC oil cartel will be forced to call an emergency meeting within weeks to stabilize the market if crude prices fail to rebound after crashing to eight-year lows of $35 a barrel, two member states have warned. Never mind $35 a barrel, Canada's oil is selling for closer to …

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Even China is sending a message to OPEC: Oil prices have fallen too far

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The world’s biggest energy consumer may have a message for OPEC. China’s decision to suspend fuel price cuts as crude continues its decline is sending a signal to the Organization of Petroleum Exporting Countries that prices are too low, according to a report from Sanford C. Bernstein & Co. The …

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LNG hope and OPEC’s tightrope: What’s in store for Canada’s oil patch in 2016

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There’s no rest for the weary. The Canadian oil and gas industry weathered one of its worst years in a generation, and there’s no guarantee 2016 is going to be any better, especially if oil prices remain range-bound at their current level of US$38 per barrel. But a number of …

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OPEC makes strongest plea yet for deal with rivals to stop oil’s 72% free fall

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The Organization of Petroleum Exporting Countries has issued its strongest plea to date for a pact with Russia and other rival producers to cut crude output and halt the collapse in prices. Forget the glut, even market insiders are saying oil has entered irrational territory Oil trading has become detached …

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Is OPEC’s plea for an oil production cut nothing but cheap talk?

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ANALYSIS Battered oil markets perked up on faint hopes that OPEC may convince rival Russia to orchestrate a production cut and rein in a supply glut. Oil traders shunned news of weak economic data from China and a World Bank oil price forecast downgrade, taking oil past US$31 per barrel …

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Russian companies back talks with OPEC on possible cuts to oil output

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MOSCOW — The head of Russian state oil pipeline monopoly Transneft says talks on output cuts are planned with Saudi Arabia and OPEC. Transneft head Nikolai Tokarev said that Saudi Arabia had “taken the initiative and come out with a proposal to discuss the possibility of reducing volumes,” in comments …

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Oil prices jump on talk OPEC is ready to deal, but traders are wary of ‘jawboning’

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NEW YORK — Global oil prices surged as much as 12 per cent on Friday after a report once again suggested OPEC might finally agree to cut production to reduce the world glut, while a bounce in stock markets fed appetite for risk. Despite the strong daily gain, oil prices …

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There’s one place where OPEC can’t broker an oil deal: The fracking heartland of Texas

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Saudi Arabia and Russia have taken the first step to stem the slide in oil prices. There’s just one problem: If they are successful — and that’s a big if — the wildcatters of Texas, Oklahoma and North Dakota are waiting to pounce. With 4,000 wells drilled and just waiting …

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Oil rally fuelled by OPEC noise, just ‘bulls clutching at straws’

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A spirited oil rally barely extended to a fourth consecutive day on Thursday, as Iran appeared to be cool to a Saudi-Russia proposal to freeze output. Saudi Arabia and Russia agree to freeze oil output, but deal ‘not worth much’ without Iran, Iraq Saudi Arabia and Russia, the world’s two …

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OPEC acknowledges fears of U.S. shale: ‘I am not sure how we are going to live together’

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HOUSTON • The growing tensions between OPEC and non-OPEC producers came to the fore at a global energy conference here Monday.  OPEC producers fear any cuts in their output would be immediately replaced by nimble U.S. shale oil producers, leaving the group with lower oil revenues with little impact on …

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