Subscribe free to our newsletters via your
. Military Space News .




OIL AND GAS
OPEC down, but not out, IEA says
by Daniel J. Graeber
Paris (UPI) Feb 10, 2015


disclaimer: image is for illustration purposes only

OPEC's market influence is expected to grow, but the 12-member group might not return to its pre-recession glory, the International Energy Agency said Tuesday.

The Organization of Petroleum Exporting Countries said in its February market report demand for its crude oil should increase as low oil prices put downward pressure on production in U.S. shale basins.

OPEC in late November opted to keep production levels static to protect a market share influenced by rising U.S. oil production. The 12-member group still holds considerable influence over the global market, but IEA Executive Director Maria van der Hoeven said its status is waning.

"OPEC's share of global production will indeed grow," she said in a statement. "But it will not revisit the higher levels reached before the financial crisis of 2008-09."

U.S. oil production began its precipitous rise in the middle of the last decade as oil prices rose sharply ahead of the global recession.

Among OPEC producers, Iraq was the largest contributor to growth last year, producing a record-setting 3.7 million barrels of oil per day in December. Van der Hoeven said that showed how resilient production was in the region. Iran, she added, could add more oil to the market if nuclear negotiations are successful, but OPEC's influence faces pressure from outside the Middle East.

The economies of Venezuela and Nigeria are under substantial pressure from low oil prices, she said. For Libya, ongoing civil strife has left the once-major North African producer largely on the sidelines of OPEC.

"The overwhelming majority of OPEC production growth is at significant risk, depending on political instability," van der Hoeven said.


Thanks for being here;
We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor
$5 Billed Once


credit card or paypal
SpaceMediaNetwork Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





OIL AND GAS
Some Kurdish oil exports suspended
London (UPI) Feb 6, 2015
Exports from the Kurdish north of Iraq through Turkey are suspended while payment negotiations continue, Gulf Keystone Petroleum said Friday. The British company said it's owed an unstated amount in payments from the Kurdish government. As a short-term measure, crude oil was redirected to the local market and exports by truck through Turkey are suspended. "This is expected to be ... read more


OIL AND GAS
China voices concern about US missile defence in S.Korea

US Missile Defense Agency spends $58M on new Alabama facility

Raytheon given $2.4B FMS contract for Patriot fire units

US delivers second radar defense system to Japan

OIL AND GAS
Denel picks Marotta Controls for system to cool missile IR seeker

Pakistan tests cruise missile, India its Agni-V missile

India tests long-range missile from mobile launcher

Pakistan test-fires nuclear-capable cruise missile

OIL AND GAS
Alibaba deploys drones to deliver tea in China

Drone targets senior Shebab militant in Somalia: US

Northrop Grumman to start building Global Hawks for Korea

Chinese company limits US drone use after White House crash

OIL AND GAS
Navy orders additional LCS mission modules

U.S. EA-18G Growlers getting new electronic warfare system

Third MUOS Satellite Launched And Responding To Commands

USAF orders addditional Boeing rescue radios

OIL AND GAS
GE providing computer subsystems for British armored vehicles

Czech company to produce GDELS-Steyr Pandur II vehicles

Taiwan orders night vision equipment

DTRA contract for Cubic Corporation business unit

OIL AND GAS
US Military 'Losing Race' in Technological Superiority

New arrest in US Navy bribery scandal

US Wants NATO Allies to Spend More on Defense

Pentagon asks for more funds for high-tech weapons

OIL AND GAS
Pope to make historic US Congress address on Sept 24

China releases Canadian woman, husband held on spy charge

Obama hails Dalai Lama as 'good friend'

Greece defence minister reassures NATO over Russia ties

OIL AND GAS
Engineers uses disorder to control light on a nanoscale

Worms lead way to test nanoparticle toxicity

Dance of the nanovortices

Nanoscale mirrored cavities amplify, connect quantum memories




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.