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  • OPEC cuts production, worries about demand

    Two main factors weigh on oil markets. The first, as PetroMatrix point out in their latest weekly report , is that speculative players in virtually all commodity markets are being forced to deleverage their positions. Therefore, "the bottom will be dependent on the end of the firesale". The...
    Posted to ICIS Blogs (Weblog) by Anonymous on 10-28-2008

  • OPEC tries to hold $70/bbl oil

    OPEC has called an emergency meeting for 18 November to discuss measures to combat collapsing oil prices. But as the blog noted last week , by then they could be looking to defend $50/bbl. And it seems Saudi Arabia agrees. Market reports suggest 'the world's top oil exporter has already started...
    Posted to ICIS Blogs (Weblog) by Anonymous on 10-15-2008

  • OPEC says oil market 'over-supplied'

    This morning, the blog is awarding itself a pat on the back. This is because, almost alone, it forecast in mid-July that oil prices 'could easily fall $50/bbl to $100/bbl' in the absence of any military action on Iran. And it had the courage to repeat this comment on 4 August . It added that...
    Posted to ICIS Blogs (Weblog) by Anonymous on 09-10-2008

  • OPEC output, Chinese oil demand, hit records

    OPEC's oil output hit an all-time record in July at 32.8mbd, due to higher volumes from Saudi and Iran. The Saudi increase to 9.55mbd was in line with their pledge at the Jeddah summit in June to raise output to 9.7mbd. But the Iranian increase appears to have been a one-off, as the country sold...
    Posted to ICIS Blogs (Weblog) by Anonymous on 08-13-2008

  • Israel's training exercise worries oil markets

    The US has now confirmed what oil traders have been suspecting - that Israel is preparing for a bombing raid on Iran's alleged nuclear facilities. According to Bloomberg and the New York Times , around 100 Israeli aircraft took part in a full-scale training exercise in early June. The distance it...
    Posted to ICIS Blogs (Weblog) by Anonymous on 06-24-2008

  • A new 'North-South dialogue'

    I've read several reports on the outcome of the Jeddah oil 'summit', and still feel no wiser than last week : • The New York Times says it 'ended largely in disagreement', with a 'modest pledge' of increased Saudi production and 'no resolution' on any other practical...
    Posted to ICIS Blogs (Weblog) by Anonymous on 06-23-2008

  • The Saudi oil 'summit'

    There seems to be remarkably little information about Saudi Arabia's planned oil 'summit' next Sunday in Jeddah. The first news of it seemed to be released rather informally, via a 'junior official' at the Oil Ministry. Since then, various rumours have been reported, but nothing very...
    Posted to ICIS Blogs (Weblog) by Anonymous on 06-16-2008

  • Saudi to boost oil supply

    Oil markets could become more volatile again, on news today that Saudi is to pump an extra 3000kbd of oil in June. Other Gulf States including Kuwait and UAE may follow its lead. On the face of it, this is good news for the chemical industry, as it should bring costs down. But there has been evidence...
    Posted to ICIS Blogs (Weblog) by Anonymous on 05-17-2008
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