Despite a more moderate-than-expected growth, U.S. oil supply is forecast to grow by 6% in 2018, compared to 2017 – an increase only smaller than the 11.16% expected for the Asia Pacific region, OPEC said Wednesday.
Falling production from the Organization of the Petroleum Exporting Countries (OPEC) has contributed to global oil inventory withdrawals in 2017, the Energy Information Administration said Wednesday.
OPEC’s Secretary General Mohammad Barkindo on Tuesday called on U.S. shale producers take responsibility and join efforts to curb the global oil supply glut, sustaining a market rebalance, Kallanish Energy reports.
Venezuela and Equatorial Guinea are working together to attract more volunteers to the OPEC/non-OPEC oil pact in Africa and South America, Kallanish Energy learns from Venezuela’s state-owned oil company PDVSA.
Iranian oil minister Bijan Zanganeh sees no objection within OPEC to extend the OPEC-led agreement to reduce oil output beyond March or even deepen cuts, the official told reporters in Moscow on Wednesday.
The world’s largest crude oil producers Saudi Arabia and Russia are finalising details of a $1 billion energy fund to be announced later this week during the Saudi King Salman visit to Moscow on Thursday.
Weaker investment in upstream exploration and production can potentially affect crude oil supply as early as 2018, and five OPEC member countries are expected to drive the market into an undersupplied state instead of oversupplied.