Tags » Oil Supply

Oil Prices Slip as Investors Wonder Whether OPEC Deal Will Be Enough

Oil prices slipped on Thursday as investors questioned whether an OPEC agreement to curb oil production – the group’s first such deal since 2008 – would be enough to rebalance a heavily over-supplied world market. 359 more words


Saudi Arabia Reportedly Offers to Cut Oil If Iran Freezes Output

Saudi Arabia has offered to lower its own oil production if rival Iran agrees to cap its output this year, in a major compromise ahead of talks in Algeria next week, three sources familiar with the discussions told Reuters. 100 more words


Phoenix Petroleum to sell off shipping, industrial park business

PHOENIX Petroleum Philippines, Inc. is selling its shipping and industrial park units to its ultimate parent company Udenna Corp. to pay off debts while focusing on its main business of oil trading and retailing, the company said on Monday.

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Oil Prices Fall As Saudi Arabia Dampens Prospects of Output Freeze

Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets. 380 more words


2 Aug 2016 (TheAgeDailyTelegraph) - Low cost US (Texas) shale oil fights Saudi Arabia to a standstill

(2 August 2016, The Age, BusinessDay, p25,  Ambrose Evans-Pritchard, Daily Telegraph, London)

‘Opec’s worst fears are coming true. Twenty months after Saudi Arabia took the fateful decision to flood world markets with oil, it has still failed to break the back of the US shale industry. 32 more words

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15 July 2016 (AFR) - Oil tumbles after US stockpiles unexpectedly increase

(15 July 2016, AFR, p29, by Mark Shenk)

‘Oil tumbled after a government report showed US fuel inventories unexpectedly grew, adding to concerns about oversupply. Gasoline supplies rose 1.21 million barrels last week, Energy Information Administration data on released Wednesday show. 47 more words

1.Market Observations