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Opening Remarks by India's Minister of Petroleum and Natural Gas

OPEC
Posted:23/5/17
Delivered by HE Dharmendra Pradhan, India's Minister of Petroleum and Natural Gas, at the 2nd High-level Meeting of the OPEC-India Energy Dialogue, 22 May 2017, Vienna, Austria. Excellency and friends from OPEC, it is indeed a pleasure to meet you all here at OPEC headquarters. Just before joining you all in this Hall, I had a very good meeting with the Secretary General. We briefly discussed issues that concern both India and OPEC. I am happy that we are able to meet at regular intervals to share with e

Second High-level Meeting of the OPEC-India Energy Dialogue

OPEC
Posted:23/5/17
HE Pradhan also paid a courtesy visit to the Secretary General before the Meeting convened. The two discussed the short-term oil market situation, including developments since the landmark decisions taken by OPEC at the 170th (Extraordinary) Meeting of the OPEC Conference in Algiers, on 28 September 2016, the 171st Ordinary Meeting of the OPEC Conference on 30 November 2016 and the ‘Declaration of Cooperation’ with 11 non-OPEC nations on 10 December 2016. The Secretary General noted that in view of the mar

Perspectives for the energy transition: Investment needs for a low-carbon energy system

IRENA
Posted:23/5/17
This joint study looks at the potential for decarbonisation in the energy sector in G20 countries and around the world. Chapter 3, “Global Energy Transition Prospects and the Role of Renewables”, highlights findings from the International Renewable Energy Agency (IRENA). Decarbonisation of the energy sector requires urgent action on a global scale. Around two thirds of global greenhouse gas emissions can be attributed to fossil fuel energy supply and use. Carbon emissions must be reduced considerably faste

What you need to know before Opec's conclave

Khaleej Times
Posted:21/5/17
The 11 per cent fall in the price of crude oil in the past month on panic selling in the energy futures pits of New York, London and Singapore has unnerved the world's leading oil and gas exporters. Saudi Arabia will both extend last November's Opec output deal beyond and 2017 and even coordinate fresh output cuts with Russia, Iraq, Iran and Algeria. The Kremlin and even the Chinese premier have voiced support for "stability" in the oil market, code for the $50-$60 Brent range Saudi Arabia is doing its best

OPEC net oil revenues in 2016 were the lowest since 2004

Energy Information Administration
Posted:21/5/17
Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest since 2004. In real dollar terms, the 2016 revenue represents a 15% decline from the $509 billion earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports. EIA projects that OPEC net oil export revenues will rise to about $539 billion dollars (nominal) in 2017, based on the

OMR: Decision time

International Energy Agency
Posted:21/5/17
This report is published nine days before OPEC’s ministerial meeting and, ahead of the deliberations, in this Report we show that in 1Q17 the oil market was almost balanced with a global stock build of 0.1 mb/d. For OECD countries, stocks grew by 0.3 mb/d for 1Q17 as a whole, nearly offset by observed falls in floating stocks and in other centres. In March, total OECD stocks did fall by about 1 mb/d. It has taken some time for stocks to reflect lower supply when volumes produced before output cuts by OPEC

Daily Oil Commentary by Matt Stanley

Matt Stanley
Posted:18/5/17
Morning all. Brent closed up 0.36 last night to $52.21 and WTi closed at $49.07 up 0.41. So once again APi numbers were wrong. Shock. I don't actually understand the point of APi if I'm honest. I mean they're right probably 30pct of the time, their numbers are not official but the market still reacts off the back of them. I don't know how to fly an airplane but I think I could give it a shot - I've seen the Kypton Factor many time with the simulator thing and no doubt I can land a plane but that doesn't mea

The 7th Gulf Intelligence Energy Markets Forum 2017

Gulf Intelligence
Posted:18/5/17
Under the Patronage of H.H. Sheikh Hamad Bin Mohammed Al-Sharqi, Ruler of Fujairah, Gulf Intelligence is proud to announce the 7th Annual Energy Markets Forum taking place on September 19th in Fujairah, United Arab Emirates. With confirmed partners already including the Port of Fujairah, Vitol & Platts, this is the premier opportunity for you to gain insight and participate in debate surrounding the retooling of the gulf energy sector. The Forum will highlight the opportunities & challenges presented by As

Daily Oil Commentary by Matt Stanley

Matt Stanley
Posted:17/5/17
Morning all. Brent closed down 0.17 last night to $$51.65 and WTi closed at $48.66 down 0.19. I'm sure you've read about it but in case you've been asleep under a rock there was a "cyber-attack" last week. I mean as much as I hope no harm came to anyone can you imagine the geekfest taking place right now? I like people who work in IT don't get me wrong but imagine walking in to your office and asking "what's wrong with my computer?" and some smug bloke replies with adenoids "ermmm it's not your computer son

Country Analysis Brief: Malaysia

Energy Information Administration
Posted:16/5/17
Malaysia is the world’s third-largest exporter of liquefied natural gas, the second-largest oil and natural gas producer in Southeast Asia, and strategically located amid important routes for seaborne energy trade. Malaysia’s energy industry is a critical sector of growth for the entire economy and has accounted for nearly 20% of the country’s total gross domestic product in recent years.1 New tax and investment incentives, which started in 2010, promote oil and natural gas exploration and development in th

OPEC: Monthly Oil Market Report

OPEC
Posted:16/5/17
The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance.

OPEC Bulletin: 2nd Joint Ministerial Monitoring Committee Held in Kuwait

OPEC
Posted:16/5/17
OPEC’s ‘Declaration of Cooperation’ with a group of non-OPEC oil producers, set up in December last year to speed up the rebalancing of the international oil market, is already showing promise. In just the first two months of the initial six month plan, which commits 24 leading oil producers to a production adjustment totaling around 1.8 million barrels/day of crude, the results have been above expectations. In January, a conformity level to the adjustment of 86 per cent was achieved. That was already impre

Daily Oil Commentary by Matt Stanley

Matt Stanley
Posted:16/5/17
Morning all. Brent closed up 0.98 last night to $51.82 and WTi closed at $48.85 up 1.01. Well yesterday was pretty much a disappointment wasn't it? I would have thought that such a News announcement from the Saudi's and Russian's would have yielded more than a paltry 2% rally. Granted that the news that came out yesterday hasn't been officially implemented yet as all the other member states have to agree when they meet on 25th May but good luck if you want to argue with the 2 of the worlds 3 biggest oil pro

Daily Oil Commentary by Matt Stanley

Matt Stanley
Posted:14/5/17
Morning all and Happy Friday. Brent closed up 0.55 to $50.77 and WTi closed at $47.83 up 0.50. So what has the week bought us? Well quite a bit actually - Trump apparently isn't being investigated, hmmmm, the UK Labour party accidentally instagrammed their draft manifesto to everyone and, dare I say it, renewed hope for Arsenal finishing in the top 4? Yours. But what about the oil market? Well Brent can look back and be mildly happy with itself. We're up 5% on the week, not bad. However, and there is always

Daily Oil Commentary by Matt Stanley

Matt Stanley
Posted:11/5/17
Morning all. brent closed up 1.49 last night to $50.22 and WTi closed at $47.33 up 1.45. Well a 5th straight week of crude draws on US oil inventory data. Not bad right? Well I'm not sure. You know at Christmas time you get given a box of Celebrations? The whole office is happy when those little chocolates arrive, people you rarely speak to come over to your desk, there's more banter, new friends, everything is great. Slowly but surely all the Galaxy's, Mars and Caramels are all gone. Your new friends are n