OPEC admits US will step in to pump more oil this year as cartel maintains production cuts


The Saudi-dominated OPEC cartel of oil producing nations admitted yesterday that the USA will step in to pump more crude this year as the organisation’s self-imposed production cuts take effect.

The aim of the OPEC cuts is to drive up wholesale crude oil prices by limiting supply.

But the practical net effect is that existing US shale producers will simply turn on the taps to fill the gap.

Following its latest weekend meeting in Vienna, OPEC said: “The steady oil price recovery since summer 2017 and renewed interest in growth opportunities have led to oil majors catching up in terms of exploration activity this year, both in the shale industry and offshore deep water.

“The market is only expected to return to balance towards the end of this year.”

 In its monthly oil market report, OPEC revised upward its projection of 2018 non-OPEC production to 59.26 million b/d, an increase of 1.40 million b/d from 2017 and up 320,000 b/d from last month’s forecast.

Since its November report, OPEC has raised its non-OPEC output forecast by 720,000 b/d.

OPEC said world oil demand would rise by 1.59 million barrels per day (bpd) this year – an increase of 60,000 bpd from the previous forecast.

Crude oil prices bobbled around the $64-barrel mark yesterday on the OPEC statement,

SPECIAL OFFER: Profitably wrap YOUR COMPANY name

around  the live Brent crude oil-price tracker 

Scottish Energy News is presently offering a premier-position sponsored-advertising banner (which would be interactive and click-able to the sponsor’s website)

This would be updated in real time with the latest N. Sea benchmark Brent crude oil price-per-barrel in a ‘standard’ ticker-tape wire report – which means your banner-adv would be clicked many times per day.

This offer is open to the entire oil and gas supply chain – not just explorers – as well as advisers such as business advisory firms.

But only one such offer is available and will be made on a first-come, first-served, basis.

This offer is similar to the highly effective banner-adv which Scottish Energy News publishes daily for the Scientific Alliance, which is updated live with the latest type of energy generation load (ie coal, gas, wind, solar, nuclear,) on the UK National Grid (see also  above).

In addition to the corporate/ generic <insert name of your company> wrapper around the near-live crude oil price update banner-adv, you as client could additionally insert corporation information, such as on recent industry awards, new appointments, annual results, major investments, etc..

Scientific Alliance banner-adv
The Scientific Alliance banner-adv – as displayed on the home page at  www.ScottishEnergyNews.com – and which updates on each click with the latest live UK electricity generation per thermal source.

We know – and can prove – that Scientific Alliance banner-adv is one of the most frequently visited and clicked adv on the Scottish Energy News daily e-newsletter.

Any such sponsored-adv would be published on both the home page of the www.ScottishEnergyNews.com  website and in the daily e-newsletter sent to 4,500 individually-addressed recipients.

The​ www.ScottishEnergyNews.cowebsite attracted an average of 9,000 unique visitors per month (Jan-Dec 2017) in addition to 4,500 direct, daily e-newsletter recipients.

For more information:


Ph + 44 (0131) 476 4735

  • 13 Feb 2018

Pixie Energy

Pixie logo Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy here.

Local Energy Matters: Scotland

Local Energy Matters: Scotland is a free-to-download brochure with a focus on energy tariffs in the two Scottish electricity distribution regions, as well news on local energy and low-carbon schemes.

Previous editions can be download here.

Scottish energy market overview

You can read an overview of the Scottish energy market here.

Scottish Government energy feed