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OPEC

The global oil market could move into deficit sooner than expected, thanks to OPEC’s output agreement with Russia and others and to Canada’s decision to cut supply. more

Refining/Petrochemical

Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country’s energy minister said on Monday. more

Plant Management & Operations

Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week. more

Plant Management & Operations

Oil prices steadied on Tuesday, depressed by record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week. more

Refining/Petrochemical

Oil prices dropped sharply, snapping a four-day winning streak amid concerns about rising global supplies as OPEC weighs a possible cut in production. more

Refining/Petrochemical

Oil prices steadied on Thursday, having lost nearly 7 percent over the previous three days, but concern over the prospect of an oversupplied market next year remained in spite of OPEC’s message that it may cut crude output. more

Refining/Petrochemical

Oil futures were little changed on Monday after paring earlier losses despite Saudi Arabia’s pledge to raise crude production to a record high, two weeks before U.S. sanctions potentially choke off Iranian supplies. more

Plant Management & Operations

Oil prices rose on growing evidence of falling crude exports from Iran, OPEC’s third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico because of Hurricane Michael. more

Refining/Petrochemical

Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent U.S. sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply. more

Refining/Petrochemical

Oil prices rose on Friday ahead of a meeting of OPEC and other large crude exporters that will focus on production increases as U.S. sanctions restrict Iranian exports. more

Refining/Petrochemical

Oil prices steadied on Thursday but the market remained bullish after news of another fall in U.S. crude inventories and on signs that OPEC may not raise production enough to compensate for the loss of Iranian exports hit by U.S. sanctions. more

Refining/Petrochemical

Members of the Organization of the Petroleum Exporting Countries (OPEC) received about $567 billion in net oil export revenues in 2017, up 29% from revenues in 2016. more

Refining/Petrochemical

Oil rose on Friday, clawing back some territory after prices fell by the most in a month in the previous session, as the focus returned to supply concerns ahead of a November deadline for U.S. sanctions on Iranian crude. more

Drilling & Exploration

Oil rose on Tuesday, buoyed by the prospect of price support from U.S. sanctions on Iran, although with concern brewing about the outlook for demand, particularly in light of the trade dispute between Washington and Beijing, gains were limited. more

Refining/Petrochemical

Oil prices rose more than 1 percent on Tuesday, tracking the stock market higher after a rise in Turkey’s lira quelled fears of emerging market weakness and as market participants focused on lower crude supply from Saudi Arabia and Iran. more

Refining/Petrochemical

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

High-spec rigs are also in demand as a result of increased horizontal drilling in China and Russia, as well as the development of the Vaca Muerta shale play in Argentina. more

Downstream

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

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