OMV Group Report January – September and Q3 2016

“OMV continues to deliver on its strategic targets. We further optimized our portfolio by selling a 49% stake in Gas Connect Austria, the gas transportation business. This will bring us sales proceeds of EUR 601 mn at closing in Q4/16. We also continued to optimize our North Sea portfolio. OMV …

OPEC Secretary General visits IR Iran

OPEC Secretary General, HE Mohammad Sanusi Barkindo, met with IR Iran’s Minister of Petroleum, HE Bijan Namdar Zanganeh, during a closed-door session on November 19 in the capital city of Tehran. According to sources in the Ministry, the two oil chiefs discussed recent oil market developments, and economic and geopolitical …

OPEC’s World Oil Outlook 2016 launched at ADIPEC

The 2016 OPEC World Oil Outlook (WOO) was launched last week at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2016 in the United Arab Emirates (UAE). This year is the tenth edition of the WOO, a significant milestone for OPEC’s flagship publication, which offers a thorough review and …

Holding the line

The issue that currently dominates the outlook for the oil market is the outcome of OPEC’s ministerial meeting in Vienna on 30 November. It has only been two months since OPEC last met in Algiers and announced it would examine how to set up a production ceiling of between 32.5 …

1st Meeting of the High-level Committee of the Algiers Accord – OPEC and Non-OPEC...

The OPEC High-level Committee, established by the Algiers Accord, met with non-OPEC oil producing countries on Saturday, 29 October, at OPEC headquarters in Vienna.  It was preceded by the first High-Level Committee Meeting, held Friday, 28 October, among OPEC Member Countries. In addition to OPEC Member Countries, six non-OPEC countries …

Oil Prices Drop as Concerns over Global Fuel Glut Re-emerge

Oil prices fell more than a percent on Wednesday as a report showing a surge in U.S. crude stocks, rising production in Nigeria and squabbling among producers about a planned output cut re-ignited concerns about a global supply glut. Brent crude futures were down 61 cents, or 1.20 percent, at …

World Bank Ups Its 2017 Oil Price Forecast To $55

The World Bank has just upped its oil price forecast for 2017, saying it now expects average prices to be US$55 a barrel over the next year. That’s US$2 more than its earlier forecast, which is a reflection that at least some shred of optimism is returning to the oil …