The country’s crude exports reached a record of 3.59 million barrels a day.
OPEC Mining News
OPEC exports have come under pressure this week from technical threats to oil fields, with Saudi Arabia’s Manifa problems grabbing the headlines.
Analysts and experts are now mostly predicting that oil prices will remain below US$60 this year.
It's been a month now that investors and analysts have been closely watching two main drivers for oil prices: how OPEC is doing with the supply-cut deal, and how U.S. shale is responding to fifty-plus-dollar oil with rebounding drilling activity.
It finally happened. For the first time since 2008, the Organization of Petroleum Exporting Countries (OPEC) agreed to a crude oil production cut last week, renewing hope among producers and investors that prices can begin to recover in earnest after a protracted two-year slump, one of the worst in living memory.
OPEC has released a new market whammy, offering up the cartel’s production figures, which largely jive with figures reported by the IEA.
Not a day passes without OPEC making oil and gas headlines, and today is surely no exception.
Brent crude was up $2.76, or 6%, at $48.73 a barrel.
The gloomy outlook comes as the International Energy Agency predicts crude oil won't reach $80 a barrel until at least the end of the decade.
The agency believes U.S. tight oil supply will sink by nearly 400,000 barrels a day in 2016.
Iron ore and oil, for ages among the strongest commodities, are on course to end 2014 as the worst performing ones.
A mixed picture is starting to emerge from the Middle East in terms of oil production.
OPEC is probably the single most powerful organisation in the oil industry, able to influence the price of oil to help its member states; however a review by Bassam Fattouh and Lavan Mahadeva of the Oxford Institute for Energy Studies suggests that whilst OPEC is able to influence prices in the short term, it has less success over the long term.