Petroleum politics http://www.globalpost.com/taxonomy/term/25134/all en UPDATE 4-Saudi Arabia cuts oil output as demand eases http://www.globalpost.com/dispatch/news/thomson-reuters/130110/update-4-saudi-arabia-cuts-oil-output-demand-eases <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>(Adds detail paragraph 4 and analyst quote, paragraph 8)</p> <p>By Amena Bakr</p> <p>DUBAI, Jan 10 (Reuters) - Saudi Arabia has cut oil production substantially, moving to fend off a growing overhang in world oil supply and defend prices well above $100 a barrel.</p> <p>In the last two months of 2012, OPEC's lead producer responded to slower demand by lowering supply by around 700,000 barrels per day (bpd), with output in December falling to around 9 million bpd, an industry source familiar with Saudi policy said.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130110/update-4-saudi-arabia-cuts-oil-output-demand-eases" target="_blank">read more</a></p> Asia Economic history of Saudi Arabia Entertainment oil Petroleum politics Thomson Reuters Thu, 10 Jan 2013 17:00:24 +0000 Thomson Reuters 5732724 at http://www.globalpost.com COLUMN-Saudi oil price target stretches to $110: Kemp http://www.globalpost.com/dispatch/news/thomson-reuters/130111/column-saudi-oil-price-target-stretches-110-kemp <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By John Kemp</p> <p>LONDON, Jan 11 (Reuters) - There has been no official announcement but Saudi Arabia's effective target for oil prices appears to have risen from $100 to $110 per barrel, based on recent changes in the kingdom's production levels.</p> <p>In theory, the kingdom remains committed to an informal target of $100 for Brent first announced in a CNN interview given by Oil Minister Ali Naimi in January 2012. "Our wish and hope is that we can stabilise this oil price and keep it at a level around $100," Naimi said.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130111/column-saudi-oil-price-target-stretches-110-kemp" target="_blank">read more</a></p> Asia Business Petroleum politics Soft matter Thomson Reuters Fri, 11 Jan 2013 11:00:43 +0000 Thomson Reuters 5733066 at http://www.globalpost.com FACTBOX-Mexico's oil giant Pemex at reform crossroads http://www.globalpost.com/dispatch/news/thomson-reuters/130201/factbox-mexicos-oil-giant-pemex-at-reform-crossroads <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>Feb 1 (Reuters) - An explosion on Thursday at the headquarters of Mexican state oil giant Pemex killed at least 32 people, dealing a blow to the company's image as the government prepares a reform to draw in more private investment.</p> <p>The following are key facts about Pemex:</p> <p>* Mexico is the world's No. 7 oil producer and a top exporter to the United States. Output has slumped from a peak of 3.4 million barrels per day in 2004 as major fields aged to stabilize around 2.55 million bpd.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130201/factbox-mexicos-oil-giant-pemex-at-reform-crossroads" target="_blank">read more</a></p> Environmental economics Pemex Petroleum politics Thomson Reuters Fri, 01 Feb 2013 19:16:00 +0000 Thomson Reuters 5743456 at http://www.globalpost.com UPDATE 2-Japan minister heads to Saudi targeting oil supply pact http://www.globalpost.com/dispatch/news/thomson-reuters/130207/update-1-japan-saudi-sign-emergency-oil-supply-pact-paper <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Japan's trade minister flying to Saudi on Friday for talks</p> <p>* Tokyo seeking to shore up Saudi supply in case of instability-govt official</p> <p>* To sign emergency oil supply pact and establish hotline-Nikkei (Recasts with government official on Saudi trip, adds detail)</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130207/update-1-japan-saudi-sign-emergency-oil-supply-pact-paper" target="_blank">read more</a></p> Entertainment Matter oil Petroleum politics Soft matter War Thomson Reuters Thu, 07 Feb 2013 20:30:37 +0000 Thomson Reuters 5749359 at http://www.globalpost.com OPEC says oil demand firming http://www.globalpost.com/dispatch/news/afp/130212/opec-says-oil-demand-firming <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>OPEC raised its estimates for global demand for oil in 2013, saying on Tuesday that it saw signs of recovery in the global economy amid a particularly hard winter in some regions.</p> <p>The Organization of Petroleum Exporting Countries accounting for about 35.0 percent of global oil supplies, said it expected total demand this year to be 89.68 million barrels per day from 89.55 mbd estimated a month ago.</p> <p>OPEC also raised slightly its estimate of demand in 2012 to 88.84 mbd from 88.80 mbd estimated in January.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130212/opec-says-oil-demand-firming" target="_blank">read more</a></p> Matter Organization of Petroleum-Exporting Countries Petroleum politics Soft matter AFP Tue, 12 Feb 2013 14:45:57 +0000 Agence France-Presse 5753590 at http://www.globalpost.com URGENT ¥¥¥ IEA cuts oil demand forecast for 2013 on slower growth http://www.globalpost.com/dispatch/news/afp/130213/urgent-iea-cuts-oil-demand-forecast-2013-slower-growth <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The International Energy Agency cut its world oil demand forecast for 2013 on Tuesday on continuing fragility in the world economy despite signs of recovery in China and the United States.</p> <p>The IEA said the marginal cut of 85,000 barrels a day was in line with the prospect for slower economic growth forecast by the International Monetary Fund, which last month cut its world growth estimate for 2013 to 3.5 percent from 3.6 percent.</p> <p>arp/hd</p> Petroleum politics AFP Wed, 13 Feb 2013 10:15:24 +0000 Agence France-Presse 5754169 at http://www.globalpost.com IEA cuts oil demand forecast for 2013 on slower growth http://www.globalpost.com/dispatch/news/afp/130213/iea-cuts-oil-demand-forecast-2013-slower-growth <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The International Energy Agency cut its world oil demand forecast for 2013 on Tuesday on continuing fragility in the world economy despite signs of recovery in China and the United States.</p> <p>The IEA said the marginal cut of 85,000 barrels a day was in line with the prospect for slower economic growth forecast by the International Monetary Fund, which last month cut its world growth estimate for 2013 to 3.5 percent from 3.6 percent.</p> <p>The agency now forecasts oil demand of 90.7 million barrels per day, with the eurozone and Latin America accounting for much of the revisions.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130213/iea-cuts-oil-demand-forecast-2013-slower-growth" target="_blank">read more</a></p> Energy policy Entertainment Measurement oil Petroleum politics AFP Wed, 13 Feb 2013 10:16:12 +0000 Agence France-Presse 5754186 at http://www.globalpost.com Sanctions cost Iran $40 bn in 2012, says IEA http://www.globalpost.com/dispatch/news/afp/130213/sanctions-cost-iran-40-bn-2012-says-iea <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Sanctions by the West on Iran succeeded in slashing Iran's oil export revenue by $40 billion in 2012, the International Energy Agency said on Wednesday, as production last month hit a three-decade low point.</p> <p>The IEA, the oil monitoring and policy arm of the OECD, said Iranian oil output fell to 2.65 million barrels per day in January, down from the 3.7 mbd in late 2011 before the sanctions imposed on the Islamic Republic by the US and European Union took effect.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130213/sanctions-cost-iran-40-bn-2012-says-iea" target="_blank">read more</a></p> Asia Economy of Iran Petroleum politics AFP Wed, 13 Feb 2013 19:16:09 +0000 Agence France-Presse 5754914 at http://www.globalpost.com Oil prices up in Asia as OPEC lifts demand forecast http://www.globalpost.com/dispatch/news/afp/130214/oil-prices-asia-opec-lifts-demand-forecast <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Oil prices climbed in Asian trade on Thursday after the OPEC crude cartel raised its demand forecast for this year, analysts said.</p> <p>New York's main contract, light sweet crude for delivery in March rose 19 cents to $97.20 a barrel and Brent North Sea crude for April gained seven cents to $117.95.</p> <p>The Organization of Petroleum Exporting Countries (OPEC) on Tuesday raised its estimates for global oil demand this year, citing signs of a recovery in the global economy.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130214/oil-prices-asia-opec-lifts-demand-forecast" target="_blank">read more</a></p> Entertainment Petroleum Petroleum politics Soft matter AFP Thu, 14 Feb 2013 18:40:00 +0000 Agence France-Presse 5755581 at http://www.globalpost.com Oil prices up in Asia as OPEC lifts demand forecast http://www.globalpost.com/dispatch/news/afp/130214/oil-prices-asia-opec-lifts-demand-forecast-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Oil prices climbed in Asian trade on Thursday after the OPEC crude cartel raised its demand forecast for this year, analysts said.</p> <p>New York's main contract, light sweet crude for delivery in March rose 13 cents to $97.14 a barrel and Brent North Sea crude for April gained 13 cents to $118.01.</p> <p>The Organization of Petroleum Exporting Countries (OPEC) on Tuesday raised its estimates for global oil demand this year, citing signs of a recovery in the global economy.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130214/oil-prices-asia-opec-lifts-demand-forecast-0" target="_blank">read more</a></p> Entertainment Petroleum Petroleum politics Soft matter AFP Thu, 14 Feb 2013 18:40:43 +0000 Agence France-Presse 5755587 at http://www.globalpost.com Oil prices slip as China concerns eclipse US optimism http://www.globalpost.com/dispatch/news/afp/130312/oil-prices-slip-china-concerns-eclipse-us-optimism <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Global oil prices drifted lower on Tuesday, as Chinese economic worries overshadowed last week's upbeat US non-farm payrolls data, dealers said.</p> <p>Brent North Sea crude for delivery in April dropped 28 cents to $109.94 a barrel in early afternoon London deals.</p> <p>New York's main contract, West Texas Intermediate (WTI) light sweet crude for April, eased two cents to $92.04 a barrel.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130312/oil-prices-slip-china-concerns-eclipse-us-optimism" target="_blank">read more</a></p> Labor Matter Petroleum politics Politics Soft matter Technology AFP Tue, 12 Mar 2013 13:15:18 +0000 Agence France-Presse 5780605 at http://www.globalpost.com OPEC sticks to 2013 oil demand forecast http://www.globalpost.com/dispatch/news/afp/130312/opec-sticks-2013-oil-demand-forecast <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>OPEC kept Tuesday its 2013 forecast for global oil demand unchanged, with US demand expected to be flat after two years of falling and Japanese consumption roughly at the same level as well.</p> <p>The Organization of Petroleum Exporting Countries, accounting for 35 percent of global supply, projected in its March monthly report average 2013 demand of 89.7 million barrels per day, up 0.8 million from 2012.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130312/opec-sticks-2013-oil-demand-forecast" target="_blank">read more</a></p> Matter Organization of Petroleum-Exporting Countries Petroleum politics Soft matter AFP Tue, 12 Mar 2013 13:31:01 +0000 Agence France-Presse 5780615 at http://www.globalpost.com AFP World Economic News Summary http://www.globalpost.com/dispatch/news/afp/130312/afp-world-economic-news-summary <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The top world economic stories on Tuesday:</p> <p>US-politics-economy</p> <p>WASHINGTON: President Barack Obama's Democrats will unveil their first budget in four years this week in the US Senate as House Republicans put forward their own blueprint, but the two are unlikely to be reconciled.</p> <p>OPEC-energy-oil</p> <p>VIENNA: OPEC kept its 2013 forecast for global oil demand unchanged, with US demand expected to be flat after two years of falling and Japanese consumption roughly at the same level as well.</p> <p>Commodities-energy-oil-price</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130312/afp-world-economic-news-summary" target="_blank">read more</a></p> Business Human Interest International trade Petroleum politics AFP Tue, 12 Mar 2013 13:45:24 +0000 Agence France-Presse 5780624 at http://www.globalpost.com COLUMN-Drilling for more oil in your fuel tank: Kemp http://www.globalpost.com/dispatch/news/thomson-reuters/130312/column-drilling-more-oil-your-fuel-tank-kemp <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>(John Kemp is a Reuters market analyst. The views expressed are his own)</p> <p>By John Kemp</p> <p>LONDON, March 12 (Reuters) - North America's shale fields are the most visible symbol of the energy revolution, but they tell less than half the story. An even bigger transformation is taking place in the engines and fuel tanks of cars and trucks across the United States.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130312/column-drilling-more-oil-your-fuel-tank-kemp" target="_blank">read more</a></p> Economics oil Petroleum politics Soft matter Thomson Reuters Tue, 12 Mar 2013 16:00:32 +0000 Thomson Reuters 5781143 at http://www.globalpost.com Oil prices hit two-week high http://www.globalpost.com/dispatch/news/afp/130312/oil-prices-hit-two-week-high <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Global oil prices rebounded to a two-week high on Tuesday, in line with the falling dollar and as traders snapped up bargain crude following recent losses.</p> <p>New York's main contract, West Texas Intermediate (WTI) light sweet crude for April, rallied as high as $93.47 per barrel -- which was last seen on February 25. It later stood at $92.93, up 87 cents from Monday's closing level.</p> <p>Brent North Sea crude for delivery in April was meanwhile 25 cents lower at $109.98 in late afternoon London deals.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130312/oil-prices-hit-two-week-high" target="_blank">read more</a></p> Labor Matter Petroleum politics Politics Soft matter AFP Tue, 12 Mar 2013 18:15:52 +0000 Agence France-Presse 5781293 at http://www.globalpost.com