Goodhart's Law and OPEC's output deal: Kemp
No evidence has emerged of cheating on the OPEC/non-OPEC production agreement so far. But Goodhart's Law is a reminder traders should expect countries to try to circumvent any target once it has been chosen. Goodhart's Law states that any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes ("Monetary Theory and Practice", Goodhart, 1983). Charles Goodhart…
Iraq Opens Up to Agencies on Output Ahead of OPEC Wrangles
Iraq will later this month host influential bodies that assess oil production levels, ahead of an OPEC meeting when the topic will become even hotter as members jostle over allocations. OPEC's second largest producer has invited international organisations and media groups who estimate its production to visit the oil ministry in Baghdad and possibly the southern oil city of Basra. The meetings, scheduled for Oct.
PDVSA's Oil Revenue Slips 7.6 pct in 2014
Venezuelan oil company PDVSA's revenue from oil and fuel sales dropped by roughly 7.6 percent in 2014 from the previous year, hurt by a fall in crude prices, the state company reported on Saturday. Revenue from sales declined to around $105.3 billion, according to a company document published in Venezuelan newspaper Ultimas Noticias. Its total revenue for last year was also down by around 4.4 percent to $128.4 billion.
Petrobras is World’s 12th largest
Petrobras is now the world’s 12th largest oil and gas company, according to the 2014 edition of the Petroleum Intelligence Weekly (PIW) ranking, published by the Energy Intelligence Group. This annual ranking lists the 50 largest companies in the sector, based on facts such as oil and gas reserves, and production and refining capacity. Petrobras has gone up one position since the 2013 ranking, and is now just two places from the top 10.