oil supply - updates

Rappler's latest stories on oil supply


Oil producers keep pumping despite price crash

Apr 30, 2020 - 7:30 AM

Storage for excess crude is running out, but 'producers remain reluctant to cut production in the short term as there are costs and consequences'

OIL. A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields in Huntington Beach, California, on April 20, 2020. Photo by Michael Heiman/Getty Images/AFP

Iran crisis sparks fear over Middle East oil supplies

Jan 08, 2020 - 6:10 PM

Traders fear Iran could seek to block the Strait of Hormuz, which links up the Middle East's oil producers with markets in Asia, Europe, and North America

(FILES) In this file photo taken on December 11, 2019 an oil tanker is docked at the port of Ras al-Khair, about 185 kilometres north of Dammam in Saudi Arabia's eastern province overlooking the Gulf. - The growing Iran crisis has sparked supply worries over the Strait of Hormuz -- a vital shipping lane for a fifth of global oil -- and also over Iraq's output, analysts say. (Photo by GIUSEPPE CACACE / AFP)

Saudi, UAE see sufficient oil supplies, rising stocks

May 20, 2019 - 7:42 AM

Oil exporting countries are discussing how to stabilize a volatile oil market amid rising US-Iran tensions in the Gulf, which threaten to disrupt global supply

Khalid Al-Falih, Saudi Energy and Oil Minister and Chairman of OPEC's Joint Ministerial Monitoring Committee (JMMC), speaks to journalists during the 10th JMMC meeting in Algiers on September 23, 2018.  Ryad KRAMDI / AFP

Saudi Arabia says oil facility attacks target world supplies

May 16, 2019 - 7:44 AM

Drone attacks claimed by Iran-aligned Huthi rebels in Yemen shut down one of Saudi Arabia's main oil pipelines, two days after the mysterious sabotage of 4 ships, two of them Saudi tankers

A picture taken on May 13, 2019 off the coast of the Gulf emirate of Fujairah shows the A. Michel tanker under the flag of the United Arab Emirates, one of the four tankers damaged in alleged "sabotage attacks" in the Gulf the previous day. The United Arab Emirates said on May 12, 2019 that four commercial vessels of various nationalities had been targeted by acts of sabotage off the Emirati port of Fujairah. HANDOUT / AFP / Emirati National Media Council

Oil producers eye extension of output cuts

Mar 27, 2017 - 1:20 AM

OPEC and non OPEC producers are studying whether to extend the cuts for another 6 month period

OIL OUTPUT. An oil pumpjack works on January 19, 2016 in Sweetwater, Texas. File photo by Spencer Platt/Getty Images/AFP

#ThewRap: Things you need to know, January 23, 2017

Jan 23, 2017 - 8:35 AM

Hello Here are the top stories you shouldn t miss this Monday

Oil producers say output cut on track

Jan 23, 2017 - 12:45 AM

Compliance is great it s been really fantastic says Saudi Arabian Oil Minister Khaled al Falih

SWEETWATER, TX - JANUARY 19: An oil pumpjack works on January 19, 2016 in Sweetwater, Texas. Global oil prices continue their downward fall with U.S. oil dropping towards $27 a barrel, its lowest since 2003, on worries about global oversupply. Following a diplomatic agreement on nuclear fuel with America, Iran has forecast it will add 500,000 barrels per day to global production, following the lifting of sanctions. Spencer Platt/Getty Images/AFP

Qatar, Kuwait to cut oil production from January 1

Dec 14, 2016 - 1:10 PM

Oil companies in the two countries say they will comply with the recent OPEC agreement

A general view taken on April 16, 2016 shows the Shuaiba oil refinery south of Kuwait City. Kuwaiti oil workers plan to go on strike on April 17, 2016 in protest to what they call the government's plan to cut their annual benefits and bonuses. / AFP PHOTO / YASSER AL-ZAYYAT

Saudi oil minister says OPEC production cut 'imperative'

Nov 14, 2016 - 12:10 AM

Khalid al Falih urges cartel members to stick to the agreement they reached in Algiers in September

Saudi Minister of Energy, Industrial and Mineral Resources Khalid al-Falih arrives for the opening ceremony of the Qatari and Saudi Economic Forum on November 6, 2016 in Riyadh. / AFP PHOTO / FAYEZ NURELDINE

OPEC pumping oil at record levels ahead of crunch meeting – IEA

Nov 11, 2016 - 1:15 AM

Production rises to a record 33 83 million barrels a day in October according to the International Energy Agency

A man fills his car with gas at a Wawa gas station in Woodbridge, Virginia, January 5, 2016. Oil prices fell further January 5 as the crude supply glut overshadowed a diplomatic row between key producers Saudi Arabia and Iran as fuel prices in the US have fallen below $2 per gallon. AFP PHOTO / SAUL LOEB / AFP PHOTO / SAUL LOEB

Saudi Aramco CEO predicts oil market balance by early 2017

Nov 02, 2016 - 3:30 PM

The gap between supply and demand is closing says Amin Nasser

Amin al-Nasser, president of state oil giant Saudi Aramco, delivers a speech on October 11, 2016 during the 23rd World Energy Congress in Istanbul.  World Energy Congress in Istanbul brings together players across the energy sector to discuss a transformation of the sector. Saudi Arabia said on October 10 it was "not unthinkable" that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. / AFP PHOTO / OZAN KOSE

Oil price down cycle 'nearing end' – Saudi minister

Oct 24, 2016 - 12:25 AM

We are optimistic that oil prices will continue to improve in the future says Saudi Oil Minister Khalid al Falih

Saudi Oil Minister Khalid al-Falih addresses a Gulf ministerial meeting in Riyadh on October 23, 2016. Falih said that the current cycle of falling crude prices is close to an end as market fundamentals improve. Oil prices are currently hovering at around $50 per barrel after hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014.    / AFP PHOTO / FAYEZ NURELDINE

Oil market still weak despite recovery – Saudi Aramco

Sep 26, 2016 - 10:50 PM

There are fears that oil producing countries will not be able to reach a deal in Algiers this week

A picture taken on May 10, 2016 shows over Shaybah, the base for Saudi Aramco's Natural Gas Liquids plant and oil production in the surrounding Shaybah field in Saudi Arabia's remote Empty quarter desert close to the United Arab Emirates, on May 10, 2016. Despite collapsed global oil prices, production is expanding at Shaybah, as it is in other units of the company at the centre of the kingdom's Vision 2030 drive for diversification away from oil. The Saudi government plans to sell less than five percent of the company in what officials say will be the world's largest-ever share offering, while transforming Saudi Aramco into "a global industrial conglomerate". By 2020 the company says it will have tripled its gas processing capacity from levels at the turn of the century. / AFP PHOTO / IAN TIMBERLAKE

Global oil glut set to last at least until mid-2017 – IEA

Sep 13, 2016 - 9:15 PM

Demand growth is slowing and supply is rising explains the International Energy Agency in its monthly report

BIG SPRING, TX - JANUARY 19: An oil refinery is lit up in the night on January 19, 2016 in Big Spring, Texas. Global oil prices continue their downward fall with U.S. oil dropping towards $27 a barrel, its lowest since 2003, on worries about global oversupply. Following a diplomatic agreement on nuclear fuel with America, Iran has forecast it will add 500,000 barrels per day to global production, following the lifting of sanctions. Spencer Platt/Getty Images/AFP

Shell net profit tumbles on low oil prices

Jul 28, 2016 - 7:35 PM

Lower oil prices continue to be a significant challenge across the business particularly in the upstream says Royal Dutch Shell CEO Ben van Beurden

epa05113059 (FILE) A file photo dated 30 July 2015 showing a company flag flying infront of the head office of Royal Dutch Shell in The Hague, The Netherlands. Royal Dutch Shell plc on 20 January 2016 reported a sharp fall in profits for the last quarter of 2015 as low oil prices hit earnings and the company restructured to reduce costs. Shell said it expected fourth-quarter earnings to be between 1.6 billion and 1.9 billion dollars, down from 4.2 billion dollars in the fourth quarter of 2014. Full-year earnings, including the impact of lower prices on the company's oil inventory, are expected to total 10.4 billion to 10.7 billion dollars, about 45 per cent lower than the 19 billion dollars reported in 2014. EPA/JERRY LAMPEN

'Enormous' inventories to keep lid on oil price – IEA

Jun 14, 2016 - 4:35 PM

4th UPDATE Even though supply and demand are expected to be more balanced by the end of the year large oil inventories remain

epa05234220 A picture made available on 29 March 2016 shows an oil well on the grounds of the Luetow petroleum production site on Usedom Island, Germany, 18 March 2016. The petroleum output has declined from 4,800 tons (2014) to 3,600 tons (2015) as the crude oil sources in Western Pomerania are beginning to dry up. The company Engie (formerly known as Gaz de France) is producing oil at the drilling locations in Luetow and Mesekenhagen. EPA/STEFAN SAUER

OPEC says oil glut to ease

Jun 13, 2016 - 8:25 PM

Oil exporting nations expect a more balanced market toward the end of the year

epa05328112 A tugboat sails past oil tankers berthed off the east coast of Singapore, 25 May 2016. Low crude oil prices, and traders expecting a rise, has given rise to many tankers being parked off the coast of Singapore, a major oil refining hub. As many as 40 tankers are estimated to surround the island state awaiting to offload their cargo. EPA/WALLACE WOON

Oil prices hit new 2016 highs

Jun 09, 2016 - 12:15 AM

UPDATED The increases are due to supply woes in Nigeria and lower petroleum inventories in the US

epa02833016 Fenog Nig ltd workers operate equipment at their drilling site in Chanomi creeks in the Niger delta southern Nigeria, 20 July 2011. Fenog Nig ltd, the 4th largest HDD drilling company in the world, is drlling for oil in Chanomi creek in the oil rich Niger delta with their Horizontal Directional Drilling rig. EPA/GEORGE ESIRI

Oil price plasters over OPEC rifts – for now

Jun 05, 2016 - 6:30 PM

Analysts express concern that there could be more woes ahead for oil exporting nations

epa05342205 (L-R) OPEC Director of Research Division, Omar Abdul-Hamid, Qatari Minister of Energy and Industry Mohammed Bin Saleh Al-Sada, and President of the OPEC Conference, and OPEC Secretary General Libyan Abdalla Salem El- Badri, attend a news conference after the 169th meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, 02 June 2016. Reports state OPEC members did not change their supply policy. The basket of crude oil used as a benchmark indicator by the OPEC fell by 1.04 percent to 44.68 US dollars on 02 June. EPA/HANS PUNZ

OPEC to keep oil gushing, fails to agree ceiling

Jun 02, 2016 - 8:35 PM

UPDATED The 13 nation group does not set a new output target in their latest meeting in Vienna

epa05341610 A general view prior to the start of the 169th meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria, 02 June 2016. EPA/HANS PUNZ

OPEC ministers upbeat on oil recovery

Jun 01, 2016 - 11:15 PM

Several officials of oil producing countries expect the market to improve in the second half of the year but others are more cautious

epa05152578 (FILE) A file picture dated 03 July 2001 showing the OPEC logo and signage in Vienna, Austria. The Organization of the Petroleum Exporting Countries (OPEC) increased its total oil production by 131,000 barrels per day (bpd) in January even though oversupply has been a major reason for falling oil prices, according to data issued by the cartel on 10 February 2016. The Vienna-based group of mostly Arab, African and Latin American countries said that they pumped 32.3 million bpd last month. This was 1.8 million bpd above the projected average demand for OPEC oil in the first quarter, the group's monthly oil market report showed. Saudi Arabia and other Arab members of OPEC have so far stopped the group from propping up prices by lowering output, in an apparent effort to use the current slump to win market shares from the US, where oil production is costlier than in the Gulf. EPA/BARBARA GINDL AUSTRIA OUT

OPEC: Oil glut 'may ease' by 2017 as non-cartel supply drops

May 14, 2016 - 1:15 PM

Oil producers warn however that global oil inventories currently remain at record highs

epa05244380 (FILE) A file picture dated 08 December 2012 fuel dripping from a fuel nozzle at a gasoline station in Sana'a, Yemen. The basket of crude oil used as a benchmark indicator by OPEC has dropped to 33.33 US dollars, the OPEC said on 05 April 2016. The basket includes 13 varieties of crude oil. EPA/YAHYA ARHAB

Global oil supply glut to 'shrink dramatically' this year – IEA

May 13, 2016 - 9:00 AM

This forecast is partly due to rising demand for oil in India

epa03005463 An Indian petrol pump attendant fills cars with petrol at local petrol filling station in the eastern Indian city of Kolkata on 16 November 2011. Reports state that the Government of India, for the first time in 3 years has decreased the price of petrol in the country, with effect from 16 November 2011. An Indian government official said, 'The new decline in global crude oil prices have resulted in an decline of petrol prices in India. EPA/PIYAL ADHIKARY

Iran: Oil production freeze would prolong sanctions

Apr 19, 2016 - 9:20 PM

Accepting a production freeze in practice amounts to a voluntary acceptance of sanctions by our country says Iran s oil minister

epa05244381 (FILE) A file picture dated 09 November 2007 showing an oil worker under an oil well as he checks the oil pumping equipment at Gudong oil field which is a part of China's Shengli oil field, Dongying, China. The basket of crude oil used as a benchmark indicator by OPEC has dropped to 33.33 US dollars, the OPEC said on 05 April 2016. The basket includes 13 varieties of crude oil. EPA/WU HONG

Oil prices plunge after Doha output talks fail

Apr 18, 2016 - 9:32 AM

3rd UPDATE An analyst warns oil price losses could reach 15

In this file photo, an attendant fills up a motorcycle with gasoline at a gasoline station in Kamuning, Quezon City. Joel Liporada/Rappler/File

Oil producers fail to agree output freeze

Apr 18, 2016 - 9:31 AM

Qatar s energy minister says oil producers concluded after 6 hours of talks that they needed more time

The logo of the Organization of Petroleum Exporting Countries (OPEC) at the organization's headquarters in Vienna, Austria, February 11, 2016. Christian Bruna/EPA

No guarantee of oil deal at Doha talks

Apr 15, 2016 - 10:45 PM

Iran s oil minister will skip the talks on Sunday April 17 triggering more doubts that an agreement could be reached

epa05192674 A general view of installations of the Zubair oil field, some 20 kilometers south west of Basra, southern Iraq, 03 March 2016. The redevelopment of the onshore oil field, that is said to contain some 4.5 billion barrels of oil reserves, was granted to a consortium of international oil companies in 2009. The oil field in a distance of about 500 kilometers of the Iraqi capital originally was discovered by the Basrah Petroleum Company in 1949. EPA/HAIDER AL-ASSADEE

OPEC warns on oil 'oversupply' ahead of crunch Doha meeting

Apr 13, 2016 - 10:20 PM

UPDATED Positive market sentiments continue to arise but hurdles prevail as oversupply persists

epa05244378 (FILE) A file picture dated 11 November 2008 shows barrels of oil stacked up at a fuel depot in Jakarta, Indonesia. The basket of crude oil used as a benchmark indicator by OPEC has dropped to 33.33 US dollars, the OPEC said on 05 April 2016. The basket includes 13 varieties of crude oil. EPA/BAGUS INDAHONO

Oil market could drown in over-supply – IEA

Jan 19, 2016 - 8:33 PM

The International Energy Agency expects the price of oil to drop even more in 2016

BP to axe 4,000 jobs globally on oil price slide

Jan 12, 2016 - 9:56 PM

The company says it will reduce BP upstream staff globally from 24 000 to somewhere below 20 000 by year end 2017

BP JOB CUTS. A file picture dated April 27, 2004 shows a BP plant in Cologne-Worringen, Germany. File Photo by Achim Scheidemann/EPA

PH will have enough oil supply despite Saudi conflict – gov't

Jan 08, 2016 - 9:29 PM

President Aquino says the Philippines can buy oil from many other sources while Energy Secretary Zenaida Monsada cites the ASEAN supply security agreement

NO EFFECT YET. The security issues caused by the conflict between Saudi and Iran have not caused increases in oil prices, and a rollback is expected next week, Energy Secretary Zenaida Monsada says.

Oil prices plunge in Asian trade

Oct 11, 2013 - 11:34 AM

Oil prices dipped in Asian trade despite hopes of a breakthrough in the crippling budget impasse in Washington as dealers focused on a US supply glut

Russia unveils $25-B oil link to Pacific

Dec 25, 2012 - 11:25 PM

Russian President Vladimir Putin unveils the final extension of a new 25 billion oil pipeline to the Pacific underscoring the energy power s gradual shift away from stagnant European markets

US to overtake S.Arabia as world's biggest oil producer: IEA

Nov 12, 2012 - 6:34 PM

The United States is to become the world s top producer around 2020 the International Energy Agency said on Monday overtaking Saudi Arabia until the middle of that decade

Nigeria loses USD 5-B annually to oil thieves: Shell

Mar 30, 2012 - 12:21 AM

Nigeria loses 5 billion annually to oil theft the head of Shell s Nigerian branch has said the latest sign of a flourishing and organised black market for crude in Africa s largest oil producer

Palace assures DOE ready for worst-case oil situation

Jan 31, 2012 - 12:03 AM

Malacanang gave assurances that the energy department has plans to keep oil supply and price stable despite recent warnings from Iran that prices may shoot up as high as 150 per barrel