OPEC, for some quiet moments..

[admin]

Emerging markets are going to be the single biggest factor affecting future oil and gas demand, said a major oil company official at an ONS (Offshore Northern Seas) conference session on Wednesday, in Stavanger, Norway. “What drives growth in demand is emerging markets,” said Spencer Dale, group chief economist at BP. “All the time, we see more people being lifted out of lower incomes in many countries and placed into middle incomes. There is going to have to be enough dependable energy supply to support this movement.”

Industry experts detail demand growth, investment trends at ONS

Iran’s plan to keep boosting crude production until it regains its OPEC market share is dimming prospects of collective action by major producers to freeze output, according to Patrick Allman-Ward, CEO of Dana Gas PJSC. “I’m not overly optimistic about an oil freeze being agreed,” Allman-Ward said in a Bloomberg Television interview in Dubai on Sunday. “There’s pressure with Iran working to increase production. The environment is not that conducive to a freeze.” Dana Gas produces hydrocarbons from Egypt to Iraq.

Iran oil-market share grab seen dimming prospect for production freeze

Crude markets will continue to be plagued by volatility in the short and medium term after suffering the biggest downturn in a generation over the past two years, according to oil-company executives gathering for one of the industry’s biggest conferences in Norway. “The volatility is here to stay,” ConocoPhillips CEO Ryan Lance said on the sidelines of the ONS Conference in Stavanger on Monday. Market rebalancing “will extend into 2017. The inventory levels are still quite high."

Oil executives see volatility as market starts to rebalance

Saudi Arabia, the world’s biggest oil exporter, won’t boost output to capacity and flood the market, the kingdom’s Energy Minister Khalid Al-Falih said weeks before OPEC meets to discuss ways to stabilize prices. Saudi Arabia isn’t concerned about global demand in spite of a drop in oil prices and a slower economy, Al-Falih said in an interview with Al-Arabiya television. The country is able to pump as much as 12.5 MMbopd, he said in comments broadcast during an official visit to buyers in Asia, its biggest market, including China.

Saudi Arabia says it won’t flood oil market ahead of OPEC talks