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Iran Plays Down Prospects of OPEC Production Deal

Posted on 27 September 2016 by VRS  |  Email |Print

Iranian officials played down expectations for an oil-production deal, calling an OPEC gathering here this week “consultative,” and renewed their vow to pump output higher.
Iran Oil Minister Bijan Zanganeh’s comments to Iranian state media came as energy ministers from across the world arrived in Algiers for a three-day conference that is set to culminate Wednesday in an informal gathering of the Organization of the Petroleum Exporting Countries. The 14-nation cartel is considering output limits, known as a production freeze, that some members hope would lift oil prices out of a two-year funk……………………………………..Full Article: Source

Russia Bought 24 Tons of Gold in August

Posted on 26 September 2016 by VRS  |  Email |Print

In the face of everything that is going on during this insane election cycle, it is easy to forget that there are forces operating behind the scenes, regardless of what the news cycle is reporting on.
The elections, which are to showcase the first debate on Monday between Donald Trump and Hillary Clinton and is speculated to be the most-watched election event in U.S. history, is important and captivating indeed, but still, the world continues on, no matter what the results of that night bring……………………………………Full Article: Source

Africa gold reserves now worth $1.5 trillion

Posted on 23 September 2016 by VRS  |  Email |Print

A new report by SNL Metals and Mining shows Africa at the top of tables when it comes to the value of gold still in the ground. Using the combined value of reserves and resources reported by explorers and mining companies active on the continent, the research company, calculated a figure of $1.48 trillion for primary gold projects.
Canada and the US came in second with gold in situ values as at September 8 of $1.26 trillion. For gold in non-gold primary projects, Asia-Pacific was the key contributor in terms of resource value, accounting for $692 billion of the total according to SNL………………………………………Full Article: Source

Russia Targets China for Gold Sales as VTB, Sberbank Expand

Posted on 23 September 2016 by VRS  |  Email |Print

Russia’s gold sales in China are set to expand as VTB Capital boosts sales and Sberbank PJSC prepares to enter the market, chasing demand in the world’s biggest consumer of bullion.
Sberbank CIB plans to register on the Shanghai Gold Exchange and eventually to sell up to 100 tons (3.2 million ounces) a year, according to an e-mail from the investment arm of Russia’s largest bank. VTB Capital, a unit of the second-biggest lender, is targeting sales of as much as 20 metric tons of gold in China in 2017, Sergey Nenashev, the bank’s head of precious metals, said by e-mail. Sales may reach a rate of 100 tons a year near the end of 2018, he said………………………………………Full Article: Source

Zinc demand set to outpace production

Posted on 20 September 2016 by VRS  |  Email |Print

Global zinc demand growth is set to marginally outpace production growth between now and 2020, averaging 1.7% and 1.3%, respectively, advisory firm BMI Research said. Refined zinc production is slowing as weak prices and an ore shortage force major producers to curb output.
“We expect global mined zinc output to drop by 6.8% year-on-year; as such, we forecast global output to decline slightly this year by 0.9% and remain muted at an average yearly growth rate of 1.8% between 2017 and 2020,” BMI noted………………………………………..Full Article: Source

Saudi Arabia Reclaims Spot as Top Global Oil Producer

Posted on 14 September 2016 by VRS  |  Email |Print

U.S. output down 460 MBOPD since May, making Saudi Arabia the largest global oil producer for now. U.S. output in August stood at 12.2 million barrels a day, including natural gas liquids, according to the IEA.
The drop in U.S. production came as the number of rigs drilling for oil and gas fell to a record low of 404 on May 20, according to data from Baker Hughes Inc. That number has since recovered to 508 as of Sept. 9………………………………………..Full Article: Source

OPEC now sees non-cartel oil output in 2017

Posted on 13 September 2016 by VRS  |  Email |Print

OPEC said Monday that oil production by countries outside the exporters’ cartel was now expected to rise in 2017, revising its previous expectations of a drop. In its monthly report, the Organization of the Petroleum Exporting Countries said Kazakhstan, Norway and Britain were now all expected to produce more next year than forecast earlier.
This means production outside the cartel is expected to rise by 200,000 barrels per day, against previous projections of a 150,000 b/d decline. Global oil demand is projected to continue growing………………………………………..Full Article: Source

Saudi Oil Output Said to Drop as OPEC Debates Production Freeze

Posted on 09 September 2016 by VRS  |  Email |Print

Saudi Arabia told OPEC that its oil production dropped by 40,000 barrels a day in August to 10.63 million barrels as the group debates a deal to curb output to shore up prices.
The figures were submitted to the Organization of Petroleum Exporting Countries, according a person with knowledge of the data, who asked not to be identified because the information hadn’t yet been made public. The country’s output declined from an all-time high of 10.67 million barrels a day in July, according to OPEC submissions………………………………………..Full Article: Source

OPEC Likely to Be Cautious on Output Cap

Posted on 07 September 2016 by VRS  |  Email |Print

OPEC members face a dilemma in the run-up to a new round of oil-production talks later this month: They want to boost crude prices to raise their revenue, but they don’t want to send prices so high that North American shale-oil producers will lift their output.
The result, say officials from members of the Organization of the Petroleum Exporting Countries, is that the cartel is unlikely to make aggressive efforts to curb output when it meets in Algiers beginning Sept. 26………………………………………..Full Article: Source

Iran’s Ready to Pump More as OPEC Faces ‘Prisoner’s Dilemma’

Posted on 06 September 2016 by VRS  |  Email |Print

As speculation swirls over whether oil producers will reach a deal to coordinate output and aid a recovery in prices, Iran says it’s ready to pump more. The OPEC member can raise production to 4 million barrels a day in two to three months from the current daily level of about 3.8 million, Mohsen Ghamsari, director of international affairs at state-run National Iranian Oil Co., said.
The company faces no technical or operational reasons to restrict or cut output, state news agency Mehr cited Managing Director Ali Kardor as saying………………………………………..Full Article: Source

Terence Goodlace warns of platinum supply cliff

Posted on 06 September 2016 by VRS  |  Email |Print

Supply of platinum from SA, the world’s largest producer, would drop “off a cliff” in the next decade after years of underinvestment. There was little chance of reversing that trend any time soon, CEOs and industry players warned.
In recent weeks, leading CEOs of platinum companies have flagged concerns about supply from SA, which is by far the biggest source of the metal used to make autocatalyst devices in vehicle exhausts to scrub out noxious elements, as well as for jewellery………………………………………..Full Article: Source

OPEC, Oil Producers Walk Fine Line on Supply, Demand (Video)

Posted on 01 September 2016 by VRS  |  Email |Print

Libby Toudouze, partner at Cushing Asset Management, discusses OPEC’s role in oil markets, the impact of lower global production, and what she sees as the best investment opportunities in energy. She speaks with Bloomberg’s Alix Steel on “Bloomberg ‹GO›.”.………………………………………Full Article: Source

Water: The commodity underwriting our low-carbon future

Posted on 24 August 2016 by VRS  |  Email |Print

The quintessential first thought when you think of saving water, drilled into us at childhood, is turning off the tap when you brush your teeth. As we age and the world advances — with a global climate agreement and the new Sustainable Development Goals — a broader view on water is now mainstream.
It includes economic pillars such as agriculture; the immense amount of cooling water that power plants need to function; and the water embedded in the food you eat, the cotton shirt you wear and even the smart phones we cannot imagine living without………………………………………..Full Article: Source

OPEC production may slip in August after July’s record-high, warns UBS

Posted on 17 August 2016 by VRS  |  Email |Print

OPEC crude oil production hit an eight-year peak in July, but may fall this month amid turmoil in major member countries, UBS said on Tuesday.
OPEC output rose by 150,000 barrels per day (kb/d) to 33.39 million barrels per day (mb/d) last month, as Saudi Arabia pushed its production to a new high and Iraq pumped more, according to the International Energy Agency. However, UBS forecasts a drop in Iraqi oil production following militant attacks at the Bai Hassan field in northern Iraq on July 31………………………………………..Full Article: Source

Saudi Oil Output Sets Record Despite Global Glut

Posted on 11 August 2016 by VRS  |  Email |Print

OPEC says kingdom’s July output rose to nearly 11 million barrels as it focused on market share over prices. The fight for market share among the world’s biggest oil producers is still raging, pushing output from OPEC members close to an all-time high in July and suggesting the group isn’t yet seriously considering a meaningful curtailing of production.
Output by Saudi Arabia, OPEC’s key member, reached a high last month, as part of a broader ramp-up by the Organization of the Petroleum Exporting Countries, according to OPEC data published Wednesday………………………………………..Full Article: Source

OPEC Output Disrupted in July on Nigeria Attacks, Libya Dispute

Posted on 03 August 2016 by VRS  |  Email |Print

OPEC’s crude oil output was disrupted in July by militant attacks in Nigeria and political disputes in Libya, according to a Bloomberg News survey. Output from the 13 established members of the Organization of Petroleum Exporting Countries, excluding new entrant Gabon, fell by 80,000 barrels a day last month, a Bloomberg survey of analysts, oil companies and ship-tracking data showed.
Nigeria led the decline with a 70,000-barrel-a-day monthly drop to 1.52 million, while Libya and Saudi Arabia reduced output by 20,000 and 40,000 barrels a day respectively………………………………………..Full Article: Source

Non-Opec oil output decline rates speed up

Posted on 29 July 2016 by VRS  |  Email |Print

Non-Opec oil field decline rates have accelerated to 5 per cent as a result of the impact on output from a 41 per cent or $285 billion reduction in global oil & gas capex from the 2014 peak, a Bank of America Merrill Lynch (BofAML) report said.
This figure is higher than the 4.87 per cent recorded in 2009, and it is also slightly higher than previous estimates for this year of 4.9 per cent, explained the report titled, “Global Energy Weekly: Oil decline rates speed up” authored by the Global Commodities team at BofAML………………………………………..Full Article: Source

Why Saudi Arabia Continues To Pump Crude At Record Levels

Posted on 28 July 2016 by VRS  |  Email |Print

As the Financial Times reported on 12 July, Saudi Arabia’s oil-output reached record highs in June 2016. Increasing production 280,000 barrels/day to 10.6m b/d, Saudi Arabia has once again waved off OPEC’s request not to glut the market with oil.
As it turns out, economic principles explain why the Saudis began, in late 2014, to pump crude as fast as they could – or close to as fast as possible. In fact, there is a good reason why the Saudi princes are panicked and pumping………………………………………..Full Article: Source

OPEC June output nears eight-year high

Posted on 19 July 2016 by VRS  |  Email |Print

OPEC crude output continued to grow in June, climbing close to an eight-year high. According to S&P Global Platts, OPEC’s crude oil output grew by 300,000 barrels per day to 32.73 million bpd.
The gains came despite disruptions in Nigeria, where militants have been attacking oil and gas infrastructure. Nigeria booked the largest output gain in June, with the country’s production rising by 150,000 bpd to 1.57 million bpd………………………………………..Full Article: Source

Oil Producers Prepare for Second-Half Slump as Rally Sputters

Posted on 18 July 2016 by VRS  |  Email |Print

Oil producers aren’t betting on the rally. After surviving two years of low prices, they’re gearing up for a third by buying protection against a renewed downturn. Laredo Petroleum Inc. said July 14 that it hedged more than two million barrels of 2017 output earlier this month. Drillers have increased bets on falling prices by 29 percent this year.
Crude has declined more than 10 percent since hitting a 2016 peak in early June, stoking fears of another second-half slump. It was July that broke the back of last year’s bull-run, with oil plummeting 21 percent………………………………………..Full Article: Source

IEA warns that oil demand is ebbing while supply remains at ‘elevated levels’

Posted on 14 July 2016 by VRS  |  Email |Print

There are warning signs that global oil demand is ebbing while oil stocks remain at “elevated levels,” threatening a rebalancing act in oil markets, the International Energy Agency (IEA) warned on Wednesday.
With oil prices rising since the lows seen at the start of the year, hopes have risen that a “balancing act” between supply and demand in oil markets was finally taking place after two years of declining prices due to a supply glut………………………………………..Full Article: Source

Banks in oil-exporting countries: Lending at $47 a barrel

Posted on 08 July 2016 by VRS  |  Email |Print

At first glance, Nigeria’s decision last month to float its currency and the announcement this week of a bank merger in the United Arab Emirates (UAE) have little in common. Nigeria is a country of almost 180m people with a GDP per person of less than $3,000 (at last year’s market exchange rates).
The population of the UAE is 18 times smaller and 13 times better off. Both countries are, however, members of the Organisation of the Petroleum Exporting Countries (OPEC), a cartel, and both are learning to cope with cheaper crude………………………………………..Full Article: Source

US is now world’s largest oil reserve but global supply still small

Posted on 07 July 2016 by VRS  |  Email |Print

America has surpassed Saudi Arabia and Russia in oil reserves, a new report says, but current rate of production oil supplies will only last 70 more years. The United States has surpassed Saudi Arabia and Russia as the global leader in oil reserves, according to a report by a Norwegian consultancy firm.
“We have done this benchmarking every year, and this is the first year we’ve seen that the US is above Saudi Arabia and Russia,” Per Magnus Nysveen, head of analysis at Rystad Energy, said. He credited the rise to a sharp increase in the number of discoveries in the Permian basin in Texas over the past two years………………………………………..Full Article: Source

Saudi Arabia’s oil reserves: how big are they really?

Posted on 06 July 2016 by VRS  |  Email |Print

“How much oil lies beneath the desert sands of Saudi Arabia and how long will it last before running out?” is a question that has intrigued and confounded oil experts for five decades. The kingdom has proven reserves of 266 billion barrels according to government estimates submitted to the Organization of the Petroleum Exporting Countries (”Annual Statistical Bulletin”, OPEC, 2015).
If these numbers are correct, Saudi Arabia’s reserves will last for another 70 years at the average production rate of 10.2 million barrels per day reported for 2015. But there is widespread scepticism about the official estimates, which were abruptly raised without explanation from 170 billion barrels in 1987 to 260 billion in 1989……………………………………….Full Article: Source

Basic Materials: Recent Commodity Rallies Leave Few Opportunities

Posted on 01 July 2016 by VRS  |  Email |Print

Optimism continues to reign in the basic materials sector year to date, but investors are overestimating the sustainability of recent commodity price rallies. The basic materials sector remains severely overvalued, with a market-cap weighted price/fair value estimate of 1.26 as of May 31.
The reasons for rallies in steel, iron ore, and gold differ, but we don’t expect any of the price gains to hold. Limited impact from steel trade cases and significant oversupply will bring pain to steelmakers and iron ore miners, respectively, in the second half of 2016. The recent Brexit vote helped extend the 2016 gold rally as interest rate hikes are potentially delayed through the second half of the year……………………………………….Full Article: Source

Understanding the Difference Between Hard and Soft Commodities

Posted on 30 June 2016 by VRS  |  Email |Print

There are two main types of commodities: hard and soft. Hard commodities consist of natural resources, such as oil or gold. While soft commodities are agricultural goods or livestock that must be grown and cared for in order to be produced. Both markets trade on supply and demand, and are heavily influenced by macroeconomic events.
Hard commodities are usually the ones that make headlines, or are referred to as a basis for economic health. Because the production and supply of these assets can be predicted fairly accurately, they are used to gauge global-economic health. Copper and oil, in particular, are often looked at to determine where the economy is headed by observing total-worldwide demand for these products……………………………………….Full Article: Source

Water: The World’s Ultimate Commodity

Posted on 28 June 2016 by VRS  |  Email |Print

Water is one resource that is absolutely necessary for life. Humans can’t survive more than a few days without it, and without water, crops wither and die. You would think we’d consider it a precious commodity. But in the United States, especially on the East Coast, we don’t tend to think of water as the valuable commodity it really is.
Usually the worst drought we have on the East Coast is one that causes us to water our roses less, and make our lawns brown instead of green. At this point, the drought that is hitting its fifth year in California has become old news. We know that the state is suffering from a bad drought… but did you know that it’s the worst drought in 1,200 years?……………………………………….Full Article: Source

Commodities and Brexit — 5 things to watch

Posted on 24 June 2016 by VRS  |  Email |Print

As the UK begins voting in the EU referendum here are five things to watch in the commodities world. It’s a widely-held view among investors that gold would be among the big beneficiaries of a Brexit. Some analysts reckon the price could rise by as much as 10 per cent to $1,400 after a vote to leave as nervous investors pile in looking for safe places to park cash.
But there are also reasons for thinking gold, a good barometer of risk, could suffer, at least in the near-term. How markets react to Thursday’s vote is a huge unknown but one thing investors have learnt since the financial crisis is how quickly liquidity can dry up and impact markets………………………………………..Full Article: Source

China Plans to Boost Metals Reserves Amid Commodities Glut

Posted on 17 June 2016 by VRS  |  Email |Print

China, the world’s top consumer of base metals, will boost stockpiles, accelerate the closure of excess capacity and provide tax breaks for producers as the country grapples with a raw-materials glut amid the slowest growth in decades.
The nation will increase reserves of some metals and study a trial program for companies to build stockpiles in addition to their inventories, according to State Council guidelines posted on its website Thursday. China already holds stockpiles of metals though the State Reserve Bureau. The statement from China’s cabinet didn’t specify a timeline or say how the plan would be financed………………………………………..Full Article: Source

Rare-earth metal prices climb as China builds reserves

Posted on 16 June 2016 by VRS  |  Email |Print

International spot prices for rare-earth metals are rising amid moves by China to stockpile those key materials for high-tech consumer electronics and hybrid vehicles.
Neodymium, which is used in high-performance magnets, is selling for around $56 per kilogram — up 10% from a month ago and the highest since July 2015. Dysprosium prices have climbed 3% from the previous month to $265 per kilogram, while prices of terbium, a phosphor raw material, have increased 11% to around $570 per kilogram………………………………………..Full Article: Source

Non-Opec oil supply to grow again next year – IEA

Posted on 15 June 2016 by VRS  |  Email |Print

Strong demand growth and production disruptions are easing the oil glut quicker than anticipated, but supply rises outside of the Opec group will return next year, according to the world’s leading energy body.
“Less oil has been stock-piled than we originally expected,” said the International Energy Agency in its closely watched monthly oil market report. The agency initially estimated the surplus of supply over demand in the first half of 2016 would be 1.5m barrels a day, but this has fallen to 800,000 b/d. It expects the oil market to reach a balance by the end of the year………………………………………..Full Article: Source

America Sitting on $50 Trillion in Oil and Gas?

Posted on 09 June 2016 by VRS  |  Email |Print

‘Fueling Freedom’ author Kathleen Hartnett White says the U.S. is sitting on $50 trillion in oil and gas, but the government is stopping us from getting at it. Why is the government blocking access to America’s abundant resources and preventing the country from becoming energy independent?
“Yes, it’s quite a big number and it’s the government’s number if you combine all of the Department of Energy’s estimates and I might add it also includes coal,” White said. White said the shale revolution is a key factor in improving access to those energy resources………………………………………..Full Article: Source

US forecasts decline in non-OPEC oil supplies

Posted on 09 June 2016 by VRS  |  Email |Print

The US Energy Information Administration (EIA) forecasts non-OPEC countries oil supplies to decline to 57.04 million barrels per day in 2016 and to 56.8 million barrels per day in 2017. Non-OPEC supply of oil and other liquid hydrocarbons was 57.64 million barrels per day in 2015, according to the EIA’s June Short-Term Energy Outlook (STEO).
In its May STEO the EIA forecasted non-OPEC liquid supplies at the level of 56.9 million barrels per day in 2016 and 56.69 million barrels per day - in 2017. The US and Russia are the largest non-OPEC oil producing countries. The US and Russia supplied 15.04 million and 11.03 million barrels of oil and other liquid hydrocarbons per day respectively in 2015, according to EIA………………………………………..Full Article: Source

Nigeria’s Tumbling Oil Production Drags Total OPEC Supply Lower

Posted on 09 June 2016 by VRS  |  Email |Print

Rebel attacks on oil installations cut Nigeria’s production by 10 percent in May, contributing to a drop in monthly output from the Organization of Petroleum Exporting Countries, a Bloomberg News survey showed.
Nigerian production declined by 160,000 barrels a day to 1.45 million, according to the survey. OPEC’s total crude output fell to 32.71 million barrels a day last month, from a revised 32.83 million in April………………………………………..Full Article: Source

Ghana sees slight dip in gold production this year

Posted on 02 June 2016 by VRS  |  Email |Print

Ghana expects to produce 2.7 million ounces of gold in 2016, down only marginally from last year as new production offsets a decline in output due to lower global prices and ageing mines, the Chamber of Mines said on Wednesday.
Gold is the single biggest revenue earner for Ghana, which is following a three-year aid deal with the International Monetary Fund. The West African country produced 2.8 million ounces of gold last year, the Chamber’s Chief Executive Sulemanu Koney said, down 10 percent from 2014 when AngloGold Ashanti’s Obuasi mine laid off workers and all but stopped production………………………………………..Full Article: Source

Top 10 Countries With The Largest Gold Reserves

Posted on 27 May 2016 by VRS  |  Email |Print

Beginning in 2010, central banks around the world turned from being net sellers of gold to net buyers of gold. Last year they collectively added 483 tonnes—the second largest annual total since the end of the gold standard—with Russia and China accounting for most of the activity. The second half of 2015 saw the most robust purchasing on record, according to the World Gold Council (WGC).
Not every top bank is a net buyer. The Bank of Canada has liquidated close to all of its gold, mainly in coin sales, while Venezuela is in the process of doing the same to pay off its debts, but most of the world’s central banks right now are accumulating, holding and/or repatriating the precious metal………………………………………..Full Article: Source

The top 10 countries with the largest gold holdings

Posted on 26 May 2016 by VRS  |  Email |Print

Beginning in 2010, central banks around the world turned from being net sellers of gold to net buyers of gold. Last year they collectively added 483 tonnes—the second largest annual total since the end of the gold standard—with Russia and China accounting for most of the activity. The second half of 2015 saw the most robust purchasing on record, according to the World Gold Council (WGC).
Not every top bank is a net buyer. The Bank of Canada has liquidated close to all of its gold, mainly in coin sales, while Venezuela is in the process of doing the same to pay off its debts………………………………………..Full Article: Source

Where Oil Production Is Set To Soar… And It’s Not OPEC

Posted on 19 May 2016 by VRS  |  Email |Print

Oil prices have been on the rise lately and the market appears to be heading very quickly toward rebalancing, which is very positive for long-oriented investors in this space. While this is all true, however, one area will make any such oil recovery harder than it otherwise would be.
This is the Gulf of Mexico, which is the one place for U.S. production where low prices have not caused output to crash………………………………………..Full Article: Source

How much gold is there in London - and where is it?

Posted on 18 May 2016 by VRS  |  Email |Print

The world’s biggest bank has agreed to buy a vault for gold and precious metals in London. But how many of these vaults are there, and how much gold do they hold? The streets of London may not be paved with gold, but there is certainly a huge amount stored underneath them. About 6,500 tonnes is stored in seven vault-systems under the city.
The largest by far lies in the Bank of England. It holds three-quarters of the gold in London, or 5,134 tonnes. Most of the gold is stored as standard bars weighing 400 troy ounces (12.4 kg or 438.9 ounces) - there are about 500,000 of them, each worth in the region of £350,000………………………………………..Full Article: Source

Non-OPEC countries expected to reduce oil supply

Posted on 16 May 2016 by VRS  |  Email |Print

Non-OPEC countries are expected to reduce oil supply by 0.74 million barrels per day and bring it to 56.4 million barrels per day in 2016 as compared to 57.14 million barrels a day in 2015, according to OPEC’s monthly report on the oil market.
The oil supply by those countries will reach 56.06 million barrels per day in the second quarter of 2016, 56.04 million barrels per day in the third quarter, and 56.55 million barrels per day in the fourth quarter of 2016. The world oil supply rose by 0.02 million barrels per day in April and stood at 95.34 million barrels per day, according to the OPEC report………………………………………..Full Article: Source

Oil discoveries slump to 60-year low

Posted on 09 May 2016 by VRS  |  Email |Print

Slowdown in exploration activity as energy companies seek to conserve cash. Discoveries of new oil reserves have dropped to their lowest level for more than 60 years, pointing to potential supply shortages in the next decade.
Oil explorers found 2.8bn barrels of crude and related liquids last year, according to IHS, a consultancy. This is the lowest annual volume recorded since 1954, reflecting a slowdown in exploration activity as hard-pressed oil companies seek to conserve cash………………………………………..Full Article: Source

OPEC’s Iran Eyes Crude Oil Production at 3.8 Mil Bpd and No Signs of Slowing Down

Posted on 05 May 2016 by VRS  |  Email |Print

It’s been less than half a year after the sanctions were lifted and Iran has already recovered its pre-sanction output volume of 3.8 million barrels per day. According to data out of the International Energy Agency (IEA), Iran produced 3.5-3.7 million bpd in 2011 and was the second largest producer within OPEC. Daily oil exports equaled 2.5 million barrels.
Nonetheless, Iranian authorities are looking to go even further and ramp up production to 4 million bpd………………………………………..Full Article: Source

OPEC oil output near record high in April

Posted on 02 May 2016 by VRS  |  Email |Print

OPEC’s oil output rose in April to close to the highest level in recent history, a Reuters survey found on Friday, as production increases led by Iran and Iraq more than offset a strike in Kuwait and other outages.
Top exporter Saudi Arabia, however, made no major change to output, the survey found, despite the kingdom hinting it could boost supply after OPEC and non-member nations failed to agree to freeze output at a meeting on April 17………………………………………..Full Article: Source

Oil producers fail to agree output freeze

Posted on 18 April 2016 by VRS  |  Email |Print

The world’s top oil producers failed to reach agreement on capping output in Doha Sunday amid a standoff between Saudi Arabia and Iran and raising fears about how markets will react.
Qatari energy minister Mohammed bin Saleh al-Sada said oil producers concluded after six hours of negotiations that they needed “more time”. “The general conclusion was that we need more time to consult among ourselves in Opec and non-Opec producers,” Mr Sada said………………………………………..Full Article: Source

OPEC oil output climbs 40,000 barrels a day in March: Platts

Posted on 12 April 2016 by VRS  |  Email |Print

Oil production from members of the Organization of the Petroleum Exporting Countries rose by 40,000 barrels a day in March from a month earlier, to 32.38 million barrels a day, according to a Platts survey released late Monday.
Platts attributed the increase to higher output from Iran, which climbed by 110,000 barrels a day to 3.23 million barrels a day. Iraqi output also rose by 30,000 barrels a day to 4.16 million barrels a day, according to the survey of OPEC and oil industry officials and analysts conducted by Platts………………………………………..Full Article: Source

Cheap Oil Means Record U.S. Trade Surplus With OPEC

Posted on 06 April 2016 by VRS  |  Email |Print

The U.S. has posted a surplus with the oil-producing bloc in 10 of the past 12 months, hitting a record $1.8 billion for February. Cheap oil, a strong dollar and slow growth abroad continue to break historical U.S. trade patterns.
In February, the average price per barrel of imported crude slipped to $27.48, the lowest mark since December 2003. Petroleum imports fell to the lowest level since September 2002. And the U.S. registered a trade surplus with Organization of the Petroleum Exporting Countries nations–the highest on record–according to Census Bureau data………………………………………..Full Article: Source

Iran expects 4 mbpd oil output by March 2017

Posted on 06 April 2016 by VRS  |  Email |Print

Iranian Oil Minister Bijan Namdar Zanganeh said the country’s crude output would reach four million barrels per day (bpd) by March 2017. “In the annual budget, the amount of oil export has been predicted around 2,250,000 bpd. This means our production this (Iranian) year will reach four mbpd,” Zanganeh said.
Zanganeh said Iran’s oil output has increased after the lifting of international sanctions in January under a nuclear deal with six major powers………………………………………..Full Article: Source

Iran oil exports surpass 2m barrels per day: minister

Posted on 04 April 2016 by VRS  |  Email |Print

Iran’s oil exports have surpassed 2 million barrels per day following the lifting of sanctions under its nuclear deal with world powers, Oil Minister Bijan Zanganeh said on Sunday.
“Iran’s oil and gas condensate exports are now at more than 2 million barrels per day” after rising by 250,000 bpd since March 1, the ministry’s Shana news service quoted Zanganeh as saying. Iran has doubled exports since its nuclear accord took effect on January 16………………………………………..Full Article: Source

No One Knows Where These 800,000 Barrels of Oil Have Gone

Posted on 18 March 2016 by VRS  |  Email |Print

The status of this missing crude could mean a lot for the global oil market. Just two months ago, the International Energy Agency warned that the global oil market could “drown in oversupply.” But according to a Wall Street Journal report, a large portion of the problematic oversupply that is worrying traders and potentially holding down oil prices is also nowhere to be found.
The IEA was unable to account for 800,000 barrels of crude per day last year—the highest level of missing crude in 17 years. The missing crude could simply be a figment of statistics, showing up in the agency’s data due to flawed accounting………………………………………..Full Article: Source

India wants to unlock $40bn in oil and gas through reforms to encourage investment

Posted on 16 March 2016 by VRS  |  Email |Print

Global oil inventories continue to rise, ships are being lined up to hold oil, while agencies warn the world is “drowning” in the black stuff.
But now India wants to unlock oil and gas resources worth almost $40bn (£28.2bn) by simplifying licensing rules and offering price incentives to recover gas from difficult offshore fields. It currently imports about two-thirds of its oil needs, with bulk of that supplied from the Middle East………………………………………..Full Article: Source

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