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OPEC

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

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

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