LONDON – Oil prices were mixed on Wednesday, underpinned by a major supply disruption in the southern United States this week where a winter storm hit Texas, but pressured by reports that Saudi Arabia plans to increase output in …
LONDON – World oil demand in 2021 will rebound more slowly than previously thought, OPEC said on Thursday, adding to a series of downgrades as the impact of the pandemic lingers.
Demand will rise by 5.79 million barrels per …
NEW YORK – Oil prices hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.
Oil was also supported as …
LONDON – OPEC+ maintained its oil output policy at a meeting on Wednesday as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for …
LONDON -OPEC+ experts were holding a virtual meeting on Tuesday as a rise in oil prices to their highest in almost a year masked persistent concerns about a recovery in oil demand.
The Joint Technical Committee began its meeting …
LONDON – OPEC oil output has risen for a seventh month in January, a Reuters survey found, after the group and allies agreed to ease record supply curbs further, although an involuntary drop in Nigerian exports limited the increase.…
LONDON – OPEC’s secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought about by the coronavirus pandemic.
Monthly meetings of the Organization of the Petroleum Exporting …
LONDON – Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event on Wednesday.
Saudi Arabia, the defacto leader …
LONDON – OPEC+ compliance with pledged oil output curbs fell to 75% in December, among the lowest levels since the supply pact started in May 2020, tanker tracker Petro-Logistics said on Tuesday.
This is a lower estimate of compliance …
LONDON – Oil hit an 11-month high towards $57 a barrel on Tuesday as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally.
Saudi Arabia plans to cut output by an …
HOUSTON – A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may …
NEW YORK -Oil prices settled higher on Thursday, hitting 11-month peaks, as markets remained focused on Saudi Arabia’s unexpected pledge to deepen its oil cuts and firmer equities, shrugging off political turmoil in the United States.
Brent crude settled …
LONDON -Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as an industry report showed U.S. inventories fell last week.
Brent crude was up 31
U.S. benchmark West Texas Intermediate crude futures broke above $50 on Tuesday for the first time since February, boosted by a surprise announcement by Saudi Arabia of a 1 million barrel per day production cut beginning in February and …
LONDON/DUBAI/MOSCOW -OPEC+ oil producers were split on Monday over increasing output from February as some feared a hit from new coronavirus lockdowns while Russia and Kazakhstan said demand recovery justified higher production, five OPEC+ sources said.
OPEC+, which groups …
MOSCOW – Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day (bpd) from February at next month’s summit of the leading global oil producers, Russian Deputy Prime …
NEW YORK -The oil market has rallied almost 40% in the last two months, pushing benchmarks to nine-month highs, in a euphoric response to progress on COVID-19 vaccines that has investors thinking the end of the coronavirus pandemic is …
LONDON -Oil dropped towards $50 a barrel on Tuesday, adding to losses from the previous session, as a mutant variant of the coronavirus in Britain revived concerns over demand recovery.
Detection of the new variant prompted several countries to …
MOSCOW – Russia hopes the incoming administration of U.S. President-elect Joe Biden will not derail producer nations’ action to boost oil markets, Russia’s Deputy Prime Minister Alexander Novak said on Monday.
Russia, other leading oil producers and the Organization …
LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.…
LONDON – OPEC and its partners have agreed to raise their collective production by 0.5 million barrels per day (bpd) in January, with output to be reviewed and adjusted at monthly intervals thereafter.
The increase is much smaller than …
LONDON – Brent crude oil futures rose to just under $50 a barrel on Friday as major producers agreed on a compromise to increase output slightly from January but continue the bulk of existing supply curbs to cope with …
LONDON – Oil prices rose on Wednesday as the market awaited a pact from producers on output, which many traders expect will continue to be reined in, and Britain’s approval of a COVID-19 vaccine gave hopes for a demand …
Image: Algerian Energy Minister Abdelmadjid Attar, current rotating OPEC president….
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DUBAI/LONDON/MOSCOW – OPEC members have reached a consensus on the need to extend existing oil production cuts for three months from January and will work on convincing their allies in the wider OPEC+ group to support such a move, …
LONDON – OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal.
The 13-member Organization of the …
LONDON – Oil prices fell on Monday on uncertainty about whether OPEC+ would agree to extend their large output cuts at talks this week, but vaccine hopes still kept benchmark crudes on track to rise by more than a …
Bloomberg
Saudi Arabia and Russia summoned OPEC+ ministers who oversee their oil production cuts for last-minute talks on Saturday, as the cartel prepares for a decision on whether to delay January’s output increase.
A clear majority of OPEC+ watchers expect …
What seemed to be shaping up as a smooth OPEC+ meeting, with traders largely expecting a rollover of production quotas, has hit some turbulence with an airing of grievances.
The UAE may be considering splitting from the group, …
Oil prices firmed on Wednesday as hopes that producer group OPEC and its allies will delay a planned increase in oil output to offset a bigger than expected build in U.S. crude inventories.
Brent crude futures rose 50 cents, …
