OPEC, for some quiet moments..

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Most OPEC members would like to see crude prices at $70 to $80/bbl and the producer group doesn’t need to coordinate with other oil suppliers to determine output levels, Oil Minister Bijan Namdar Zanganeh said in an interview.

Iran sees shale recovery as OPEC longs for $80 crude

The Americas will take the brunt of any cuts in oil production as Iran increases output once international sanctions are lifted, according to a report by A.T. Kearney Inc.’s oil and gas consulting practice in Dubai. North, South and Central American oil production could fall 1.1 MMbpd by 2020 because of higher costs as Iran’s output climbs, starting with an increase of 800,000 bpd next year, Chicago-based A.T. Kearney said in a report to be issued this week. Brent crude prices are seen trading at $45/bbl to $65/bbl next year, according to the report. The international benchmark was trading at $52.85/bbl on Tuesday.

Americas will take brunt of any oil output cuts as Iran returns

Egypt plans to keep all the natural gas produced at a giant field Eni SpA found off its Mediterranean coast to itself, heightening competition among gas producers in the Middle East and Africa. “This field is now in competition with the ones in Cyprus, Israel, Mozambique, Tanzania and Iran,” Thierry Bros, an analyst at Societe Generale SA in Paris, said Tuesday by e-mail. “But as we are short of growing demand, especially in Europe, and short of money, only projects that will find a win-win solution with buyers will go ahead.”

Egypt to keep Eni's find for itself, stiffening gas race in the Middle East

The emergence of shale technology, particularly in the U.S., is dramatically challenging the conventional rules of the global oil markets, according to Olivier Appert, president of the World Energy Council French Committee. Shale could become be the new ‘swing’ producer in setting the price of oil on global markets. “For the last 40 years, OPEC has been the major player in setting global oil prices because of its location within OPEC Countries, most specifically in the Middle East. It has been the ‘swing’ producer, increasing its production when markets are tight, and reducing quotas when there is over-supply,” Appert said. “However, in the last few years, with the advent of non-conventional shale oil and gas production in the U.S., the dynamics of the global market could be about to dramatically change.”

U.S. shale operators may be the new swing producers