Tag Archives: output

Oil output could return to October 2016 level, says Russia's Novak

Oil output could return to October 2016 level, says Russia's NovakBy Vladimir Soldatkin MOSCOW (Reuters) – A return to the oil production levels that were in place in October 2016, baseline for the current deal to cut output, is one of the options for easing curbs, Russia’s energy minister said on Saturday. Sources said this week that Saudi Arabia and Russia were discussing raising OPEC and non-OPEC oil production to ease 17 months of strict supply curbs amid concerns that a price rally has gone too far. “When we extended the agreement until the end of 2018, we spoke about such possibilities (of returning to the October 2016 level),” Novak told reporters.



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Surging US output 'a concern' for oil market: OPEC

Surging US output 'a concern' for oil market: OPECOil prices, long battered by a global glut in supply, have been rising recently as the market returns to balance on the back of a landmark deal between producers to throttle output, but surging shale production in the United States could throw a spanner in the works, OPEC said on Monday. Crude prices fell as low as $ 35 per barrel at the start of 2016, but they have been rising since, reaching a three-year high of more than $ 70 per barrel last month, “on signs that production adjustments by OPEC and non-OPEC participating countries are balancing the market,” the Organization of Petroleum Exporting Countries wrote in its latest monthly market report. OPEC countries and other oil-producing countries, such as Russia, agreed at the end of 2016 to cut back production to combat the global glut in oil.



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U.S. Gulf oil producers curtail output ahead of Tropical Storm Nate

U.S. Gulf oil producers curtail output ahead of Tropical Storm NateOil and natural gas operators began evacuating staff and halting production at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to rattle the Gulf Coast energy corridor. Nate, which has killed at least 10 people in Costa Rica and Nicaragua and caused intense rainfall, is forecast to scrape Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall this weekend in Louisiana, near several major refineries.



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US oil output hampering market rebalancing: OPEC

US oil output hampering market rebalancing: OPECIncreased oil production in the United States is hampering efforts to balance out market supply and demand, OPEC said on Tuesday. While a “rebalancing of the market” was “underway,” it was “at a slower pace than originally anticipated,” the Organization of Petroleum Exporting Countries wrote in its latest monthly oil market report. Back in November, OPEC members agreed to cut production by 1.2 million barrels per day for six months beginning from the start of the year in a bid to reduce the glut of oil supplies on the shore up prices.



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Oil climbs after reports that Saudi Arabia wants output cuts extended

Oil climbs after reports that Saudi Arabia wants output cuts extendedBy Jessica Resnick-Ault BOSTON (Reuters) – Crude oil turned positive on Tuesday, reversing course on reports that Saudi Arabia has told OPEC officials it wants to continue OPEC cuts for an additional six months. Oil futures have been pinned in a range, supported by production cuts from OPEC and other states but capped by rising U.S. shale oil production. The market turned positive after reports that Saudi Arabia told OPEC officials it wants to extend production cuts enacted in January for another six months when the group meets in May, according to the Wall Street Journal.



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