World Energy Outlook 2019 Highlights Deep Disparities in the Global Energy System

Deep disparities define today’s energy world. The dissonance between well-supplied oil markets and growing geopolitical tensions and uncertainties. The gap between the ever-higher amounts of greenhouse gas emissions being produced and the insufficiency of stated policies to curb those emissions in line with international climate targets. The gap between the …

Traders Bet their Oil Storage Assets that OPEC Cuts Will Work

The jury is still out on whether OPEC can rein in a global oil glut but top commodity traders are betting it can by selling stakes in storage tank businesses that profited from oversupply. Since January, Glencore, Vitol and Gunvor have completed or have been seeking to sell parts of …

OPEC Secretary General speaks at IP Week conference in London

OPEC Secretary General, HE Mohammad Sanusi Barkindo, two days ago delivered a keynote address at the International Petroleum (IP) Week conference in London.  The session was moderated by Manus Cranny, Markets Editor/Anchor, Bloomberg TV, who followed the Secretary General’s speech with a number of questions, including some from the audience. …

Iran to Sell Russia 100,000 Barrels of Oil per Day – State TV

Iran announced on Tuesday it will begin selling 100,000 barrels of oil per day to Russia within the next 15 days and receive payment half in cash and half in goods and services, the Iranian Students’ News Agency (ISNA) reported. Iranian Oil Minister Bijan Namdar Zanganeh provided details about the …

OPEC Secretary General Meets with TOTAL Chairman and CEO Patrick Pouyanné

OPEC Secretary General, HE Mohammad Sanusi Barkindo, met with Patrick Pouyanné, Chairman and Chief Executive Officer of French oil and gas company TOTAL SA, during a high-level meeting Tuesday at the company’s headquarters. Mr. Barkindo exchanged information with Mr. Pouyanné on the recent landmark decision of 30 November 2016, and …

OPEC Meeting in Vienna Last Weekend

In December, OPEC’s production fell by 220,900 barrels a day to 33.085 million barrels a day, with the biggest drops coming from Saudi Arabia and Nigeria, according to secondary source data in the group’s monthly report published on 18 January. The organization agreed to reduce its output to 32.5 million …

A Six Month Probation?

The output cuts announced by OPEC and eleven non-OPEC producers have entered their probation period and it is far too soon to see what level of compliance has been achieved. The coming weeks will provide more clarity and in the meantime developments elsewhere in the oil supply/demand balance are very …