• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 17 hours Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 41 mins L.A. Mayor Ditches Gas Plant Plans
  • 3 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 19 mins students walk out of school in protest of climate change
  • 18 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 6 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 5 hours Ford In Big Trouble: Three Recalls In North America
  • 1 day And the War on LNG is Now On
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 37 mins Prospective Cause of Little Ice Age
  • 5 hours Why Is Japan Not a Leader in Renewables?
  • 1 hour Is the Green race a race from energy dependence.
An Unexpected Bullish Factor For Oil

An Unexpected Bullish Factor For Oil

Slowing U.S. shale drilling activity…

Oil Market Tightens On OPEC Cuts

Oil Market Tightens On OPEC Cuts

Oil prices rose on Tuesday…

UAE Seeks Oil And Gas Investors To Offset $1 Trillion In Canceled Projects

UAE

The Emirati Energy Minister is inviting oil and gas majors to make new investments in 2018 after over a $1 trillion in cancelled projects caused thousands of job losses in the industry.

Minister Suhail bin Mohammed Al Mazrouei made the invitation during the Tuesday proceedings of International Petroleum Week in London. Global exploration and production spending fell by 27 percent in 2015 and 2016. "It was also a period that saw major stock builds, with the OECD stock overhang increasing to a level of 380 million barrels above the five-year average at the end of July 2016,” he said.

“Action” is necessary to restart financier interest in discovering new oilfields, the UAE official said. Oil prices have grown since the Organization of Petroleum Exporting Countries agreed to reduce bloc-wide output by 1.2 million barrels per day. That agreement will expire at the end of 2018, provided it lasts beyond a June “review” stipulated in the program’s renewal in November.

The OPEC deal is closer than ever to meeting its market rebalancing goals, with OECD inventories now just 74 million barrels above the five-year average recorded in January 2017, according to a report by Reuters.

There are also roughly a dozen other non-OPEC nations that have pledged to cut 600,000 additional barrels per day, with Russia making half of these additional reductions. The OPEC and the non-OPEC producers will draft a plan for long-term cooperation this year to institutionalize their current collaboration into a supergroup of oil producers led by Saudi Arabia and Russia, Al Mazrouei told The National in an interview published earlier this month. Putting together a draft charter and discussing it during the year is one of the UAE’s aspirations, said the minister whose country is currently holding OPEC’s presidency.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News