Crude oil prices turned positive on Tuesday, reversing course on reports that Saudi Arabia has told OPEC officials it wants to continue output cuts for an additional six months. Oil futures have been pinned in a range, supported by production cuts from the Organization of Petroleum Exporting Countries cartel and other producing states but capped by rising U.S. shale oil production.
Oil climbs after reports that Saudi Arabia wants output cuts extended | Reuters
As crude prices recover, oil majors face a dilemma – how quickly should they seek to replenish reserves? It’s the same question the cyclical oil industry has tackled many times before: go too fast and risk spending too much for little reward, go too slowly and your rivals will be better positioned to grab market share should oil prices rise. New data revealed by a Reuters analysis shows the oil and gas reserves of global majors have fallen sharply.
Oil majors' reserves are shrinking and investors don't mind | Reuters
Shale companies have pushed breakeven oil prices below $40 per barrel—but so have major oil companies. Analysts commonly portray cost reduction as something unique to the tight oil companies. Data from annual reports filed with the U.S. SEC (Securities and Exchange Commission) suggests otherwise.
Why Breakeven Prices Are Plunging Across The Oil Industry | OilPrice.com
The eleven Arab countries that comprise the Organization of Arab Petroleum Exporting Countries have combined proved reserves of 710 billion barrels of crude – 55.6 percent of the world’s total, OAPEC reported. In natural gas, OAPEC accounts for 27.7 percent of the global total, with 54 trillion cubic meters, a senior official from the organization said, speaking at the 24th Forum on Fundamentals of Oil and Gas Industry in Kuwait.
Arab Oil Producers Boast Over Half Of The World’s Reserves | OilPrice.com