Opec Archive

Saudis to pump 10 million bpd

The Saudis don’t sell in the spot markets, they only post prices to refiners and then take orders at those prices. That is, they post price and let quantity vary. So the only way they could definitively get to 10 million bpd would be to change policy and sell in the spot ...Read More

OPEC indecision of no consequence

It doesn’t matter what OPEC decides with regard to increases. The only ones with excess capacity, for all practical purposes, are Saudis. The others have always pumped all they could and let the Saudis be the swing producer. Historically, the hard part has been to get anyone other than the Saudis to ...Read More

Saudi Arabian Oil Minister Ali al-Naimi

“There is a need for an increase to replace the loss from Libya,” the delegate said. “Oil prices are too high; $100 oil is scaring people.” Saudi Arabian Oil Minister Ali al-Naimi waded into the debate, noting that OPEC is ready to raise production to meet any increased demand. ...Read More

Saudi’s oil production down 900k bpd

Right, this is the second time they’ve said this. It could all simply be ‘cover’ for lowering prices. Lots of reasons why they might lower price: Get it way down and ‘intimidate’ investors in alternatives. Try to spur demand. Try to support the world economy and their support their equity holdings. Members ...Read More

OPEC July Crude Output Up 45,000 Bbl/Day to 28.39 Mln

[Skip to the end] Looks like the Saudis are back in the driver’s seat regarding price. UE Rate->FF Rate”> [top] ...Read More

OPEC February Crude Output Down 770,000 Bbl/Day to 27.775 Million

[Skip to the end] The Saudis are back to being swing producer as they set price and let output adjust. World inventories are estimated to be falling by over 1.4 million barrels per day, as confirmed by the contango quickly fading to backwardation as we pass the ‘roll period’ for the passive ...Read More

Crude oil prices

[Skip to the end] I believe the Saudi guy: Qatar energy official: OPEC willing to cut output by Adam Schreck Feb 15 (AP) — A senior Qatari energy official said Sunday that OPEC is watching the oil market closely and stands ready to cut output further when it meets next month. Mohammed ...Read More

OPEC January Crude Output Down 1,050,000 Bbl/Day to 28.565 Mln

[Skip to the end] OPEC January Crude Output Down 1,050,000 Bdl/Day to 28.565M Feb 3 (Bloomberg) — Crude-oil production from the 12 OPEC members in January declined 1,050,000 barrels a day from December, the latest Bloomberg survey of producers, oil companies and industry analysts shows. Figures are in the thousands of barrels ...Read More

Re: Obama’s challenge- OPEC, the Saudis, and the Russians

[Skip to the end] (email exchange) Yes, that’s the issue when there is more excess capacity than any one producer can afford to ‘allow.’ The excess production capacity (until recently) has been under 2 million barrels per day. This has allowed the Saudis to be ‘price setter’/swing producer as all other producers ...Read More

Opec output

[Skip to the end] Not much demand destruction showing up here. Saudis set price and let quantity adjust to world demand. Can take a few months to show up due to the ‘supply chain’ that can expand and contract. OPEC’s Oil Output fell 0.2% in October, Survey Shows New York, Nov. 3 ...Read More