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Oil

Algeria to boost oil production in face of falling prices

ALGIERS, Algeria (AP) — Algeria's minister of energy said Thursday the country could boost oil production to compensate for the dramatic drop in oil prices.

Algeria produces some 1.2 million barrels of oil a day, according to its OPEC quota, but the 50 percent drop in prices over the last few months has hurt the country.

Oil

Iran's oil minister: OPEC will eventually cut oil production

TEHRAN, Iran (AP) — Iran's oil minister is expressing hope that the OPEC oil cartel will begin cutting production in order to shore up plunging oil prices.

Speaking to reporters on Monday, Bijan Zanganeh predicted that OPEC and non-OPEC countries would eventually "cooperate to restore balance to the oil market."

Oil

We burn 2.7 million gallons a minute, so why's oil so cheap?

NEW YORK (AP) — The world burns enough oil-derived fuels to drain an Olympic-sized swimming pool four times every minute. Global consumption has never been higher — and is rising.

Yet the price of a barrel of oil has fallen by more than half over the past six months because the globe, experts say, is awash in oil.

Oil

UAE energy minister: No change in OPEC policy amid oil slide

ABU DHABI, United Arab Emirates (AP) — The energy minister for the United Arab Emirates said Tuesday his country is concerned about the balance in the oil market but added that OPEC does not plan to shift its strategy to shore up falling crude prices.

Oil prices have lost well over half their value since late June, with benchmark U.S. prices now trading below $45 a barrel.

Oil

Venezuela, Saudi leaders meet and talk oil prices in Riyadh

RIYADH, Saudi Arabia (AP) — Venezuelan President Nicolás Maduro met Sunday with Saudi Arabia's Crown Prince Salman, a day after talks with Iran's supreme leader focused on the slump in global oil prices.

The official Saudi Press Agency reported that the leaders discussed areas of cooperation between the two OPEC-member countries and ways to promote bilateral ties. The brief statement did not elaborate, though it said Saudi Oil Minister Ali Naimi and Venezuelan Oil Minister Asdrubal Chavez were also at the meeting.

Oil

Iraqi crude production soars

Source: 
Platts

Crude production in Iraq jumped to a record 2.94 million barrels a day in December as an agreement hammered out between Kurdish officials and the central government in Baghdad begins to have an impact, Platts reports.

Oil

Saudi oil chief: No conspiracy behind oil prices

ABU DHABI, United Arab Emirates (AP) — Saudi Arabia's oil chief on Sunday dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize.

The kingdom, which is dependent on oil revenues, is able to weather lower oil prices due to large reserves built up over the years. Non-OPEC member Russia and other nations like Iraq, Iran and Venezuela need prices substantially above present levels to meet budget goals and want to drive prices up.

Oil

Qatar energy minister: OPEC monitoring oil's slide

DOHA, Qatar (AP) — Qatar's energy minister says OPEC is monitoring the drop in oil prices closely following a months-long slide that has left crude trading at its lowest point in more than five years.

Energy and Industry Minister Mohammed bin Saleh al-Sada told reporters in Doha on Tuesday that OPEC is "watching the market closely," but he gave no indication the bloc would change course on current output.

Oil

Libya: Fighting closes largest oil export terminal

TRIPOLI, Libya (AP) — The minister of oil in Libya's Tripoli-based government says the country's largest oil shipping terminal has been shut down due to clashes between rival militias.

Mashallah al-Zawi said foreign workers in the Sidra terminal have been evacuated to the eastern town of Ajdabiya. He also said the National Oil Corporation has declared a force majeure in Sidra and another port to the east, Ras Lanuf, because of the clashes. Both are controlled by eastern militias loyal to Libya's rival elected government, based in the eastern city of Tobruk.

Oil

Oil prices fall further after IEA cuts forecast

LONDON (AP) — Oil prices fell further Friday after the International Energy Agency lowered its forecast for global oil demand next year.

In its monthly oil report, the agency said global oil demand in 2015 will grow by 900,000 barrels a day — 230,000 less than previously forecast — to 93.3 million.

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