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Non-OPEC

Wood Mackenzie report maps long-term outlook for global oil supply more

Drilling & Exploration

The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame. more

Refining/Petrochemical

Oil was mixed on Tuesday, pressured by reports of increased Saudi production and escalating trade conflicts, but receiving support from production losses in Canada and Libya. more

Refining/Petrochemical

The OPEC+ meeting confirmed Saudi Arabia and Russia’s high-level commitment to co-operate to manage the oil market. more

Refining/Petrochemical

During the ninth meeting of the Joint Ministerial Monitoring Committee last night, the OPEC Heads of Delegation reached a preliminary agreement to increase output from the group by a nominal 1 million barrels per day. more

Refining/Petrochemical

OPEC edged closer on Thursday toward raising oil output, with Iran softening its opposition to an increase and Saudi Arabia warning of supply shortages and price rallies if production remained stable. more

Refining/Petrochemical

This week, as ministers from the OPEC nations meet in Vienna, they must make a decision in the face of challenging and uncertain circumstances. more

Refining/Petrochemical

Oil fell on Tuesday ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp selloffs in many global markets. more

Refining/Petrochemical

Oil prices rose on Monday ahead of an OPEC meeting this week and as investors assessed the impact of a trade dispute between the United States and China. more

Refining/Petrochemical

In the June 2018 update of its Short-Term Energy Outlook (STEO), EIA forecasts Brent crude oil prices will average $71 per barrel (b) in 2018 and $68/b in 2019. more

Refining/Petrochemical

U.S. President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran. more

Refining/Petrochemical

Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts. more

Drilling & Exploration

The United States government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, but it has not requested a specific figure, three OPEC and industry sources said. more

Refining/Petrochemical

Oil prices slipped on Monday as U.S. production hit a record high and OPEC members considered boosting supply. more

Refining/Petrochemical

Global petroleum inventories declined through 2017 and the first quarter of 2018, marking the end of an extended period of oversupply in global petroleum markets that began before OPEC November 2016 agreement to cut production. more

Tanks/Terminals/Storage

Hedge fund managers were busy reducing bullish positions in petroleum well before OPEC and its allies indicated in the middle of last week that they would consider relaxing output curbs. more

Refining/Petrochemical

Oil prices fell about 1 percent on Thursday, with expectations building that OPEC could wind down the output deal in place since the start of 2017, due to supply concerns out of Venezuela and Iran. more

Refining/Petrochemical

Oil prices hit new multi-year highs on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market. more

Refining/Petrochemical

Global oil supplies are plentiful enough to withstand a “significant reduction” in petroleum exports from Iran. more

Refining/Petrochemical

Oil prices steadied near 3-1/2 year highs on Friday as the prospect of new U.S. sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand. more

Refining/Petrochemical

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