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OPEC extend oil output cut by nine months to fight glut

Reuters/Leonhard Foeger

A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.

VIENNA
Petroleumworld 05 25 2017

OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

Mexico's Sierra Oil & Gas and partners drill first mexican private oil well in 80 years


The ENSCO 8503 semisubmersible drilling rig to drill the Zama well, Talos is the operator of the well and owns a 35-percent stake in the venture.

BOONTON, NJ, USA
Petroleumworld 05 25 2017

For the first time in almost 80 years, a private company has sunk a new offshore oil well in Mexican waters -- the latest step in the country's drive to allow foreign competitors back into its energy markets.

 



 

 


WEEK'S TOP NEWS

OPEC to decide today to extend oil-supply cuts for 9 months


IEA's Neil Atkinson says an OPEC deal in Vienna is almost certain.- Watch video

VIENNA
Petroleumworld 05 25 2017

Iraq mulls oil-hedging bigger than Mexico's deal


Baghdad considering hedging as much as 25% of its production. OPEC member is in the early phases of studying the project

LONDON
Petroleumworld 05 24
2017

Venezuela's prosecutor decries regime plan to change constitution, protests worsening

AP/Fernando Llano

A police officer fires tear gas against anti-government protesters in Caracas, Venezuela

CARACAS/PUERTO ORDAZ, Venezuela
Petroleumworld 05 24
2017

U.S. plan to sell half of SPR oil reserves undermines OPEC supply management efforts

Reuters/Nick Oxford

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.

SINGAPORE
Petroleumworld 05 23 2017

Venezuela protests worsens, chief prosecutor split and decries Maduro plan

Reuters/Carlos Barria

Riot security forces clash with demonstrators during a rally called by health care workers against Venezuela's dictator Nicolas Maduro in Caracas, Venezuela May 22, 2017.

CARACAS/PUERTO ORDAZ, Venezuela
Petroleumworld 05 23 2017

OPEC concern on shale threat as members meet in Vienna

Bloomberg video

Saudis Confident in Extension of Oil Cuts for 9 Months. Delegates meet to discuss state of international oil market. -Watch Bloomberg video

KUWAIT/LONDON
Petroleumworld 05 22 2017

Temer: I will not resign. Brazil pressure for impeachment mounts

Igo Estrela/Getty Images

Michel Temer on May 20. OAB says president was omissive by not denouncing crimes. Group plans to file impeachment request in coming days - Watch video

BRASILIA
Petroleumworld 05 22 2017

OTHER PREVIOUS TOP NEWS



OIL PRICES:

Updated: May 25, 2017 07:50 GMT / closing oil prices

 

05/24

OPEC Basket
$51.96
+0.62

05/24

Mexico Basket
$46.84
+0.33
05/19
Venezuela Basket *
$43.01
+02.29

05/24

ICE Brent
$53.96
-0.19
05/24
NYMEX WTI
$51.36
-0.11
05/24
NYMEX Natural Gas
$3.20
-0.01
05/25
USD/MXN Mexican peso
18.35
05/25

Euro/USD

1.12
05/25 USD/VBO
5.907
Parallel Market

* Venezuela average weekly price


NEWS HEADLINES

Thursday, May 25, 2017

Angry citizens demonstrations and protests spread over Venezuela "sham" elections

Brazil's Temer with no clear contender to replace him

Spain's Tubacex to sale pipes for Iran oil industry on a 550 million euros deal

Petrobras sees higher oil exports as presalt fields develop

Brazil court dismisses suit to block Petrobras rights of sale

Ecopetrol's La Cira-Infantas oilfield output down by 80 pct due to local residents protests

Has OPEC impacted on oil prices? Kemp

Sinopec starts building nation's largest gas storage site

Oil steady Thursday before expected extension of OPEC output cut

Oil up Thursday before expected extension of OPEC output cut

Wednesday, May 24, 2017

Mexico's oil regulator approves new Gulf area for Pemex and operating patner

Ecuador President Moreno names Carlos de la Torre, minister of finance and Carlos Perez, oil minister

Argentina to lower tariffs on used oil equipment

Venezuela arrested the manager of the PDVSA - Chevron JV Petropiar oil upgrader

Rosneft to continue OPEC production quota, but ready to ramping up again

Mexico supports OPEC production cuts as way to stabilise oil market

Trump budget halve oil SPR stockpile, open Arctic refuge to drilling

OPEC to discuss 6-, 9-month output cut extensions - Kuwait

China issues third batch fuel export quotas under general trade scheme -sources

UAE says backs OPEC output cut extension

China April LNG imports first year on year gain in four months -customs

As OPEC prepare decision, hedge funds shuffle positions Kemp

Oil prices steady Wednesday as market awaits extended output cut

Tuesday, May 23, 2017

Private investors and Guyana government can make oil refinery a reality – PSC head

Venezuela with more oil reserves than Saudi Arabia face shortage of gasoline

OPEC discussing 9-month extension to cuts - Algeria

EPA moving to slow to achive goals in changing regulations - Trump's transition chief

EDF denies report of "secret plan" to delay scaling back France's nuclear power

BP new oil project breathes new life into North Sea

OPEC's Iraq will meet new oil production quota, but ready to fulfill new demand requirements

OPEC, hedge funds and the Sistine Chapel: From suspicion to understanding

China says will eventually reform oil & gas industry, and allow private companies to invest in oil storage

Oil prices rise Tuesday as expected decision to extend cuts nears

Monday, May 22, 2017

PDVSA and management vulnerables to indictment: US officials

Fire at PDVSA Isla refinery in Curacao now out

Baker Hughes report: US drillers add oil rigs for 18th week in a row

OPEC: Full tanks and tankers: a stubborn oil glut despite cuts - Analysis

Nigerian oil labour union calls for Exxon shutdown in Delta

OPEC decision time: rollover or deepen cuts? Kemp

807 MW of onshore wind parks get approval in Germany

Exxon plans to import fuel to Mexico to supply its gas stations

With Rouhani UAE minister sees chance for Iran to reset "troubled" ties with neighbours

Oil up Monday on expectations of extended, possibly deeper, output cut

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EDITORIAL

Jennifer McCoy: Negotiations are the key to Venezuela's future

 

The Guardian view on Venezuela: a country in pain

 

 

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OPINION

Jacob Urban: Big oil betting on electric vehicles

 

 

Jacob Urban: Venezuela, a wild card in OPEC deal extension


Dave Forest: Argentina the “next big thing” in shale

 

LAGNIAPPE

 

Maureen Dowd: Trump:hazardous to our health

 

 

Editorial from The New York Times: 100 Days of Noise From Donald Trump

 

 

Kevin Ramnarine: TT Prime Minister's parliamentary statement on natural gas supply is historical revisionism

 





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