CNBC Oil prices rose on Thursday to their highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people’s movements imposed due to the coronavirus crisis. Crude prices have slumped in 2020, with global benchmark Brent hitting a 21-year low below $16 a barrel in April as demand collapsed. With
Reuters NEW YORK – North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis of U.S. state and company data. The Organization of the Petroleum Exporting Countries and allies led by Russia struck a
Reuters NEW YORK – Oil prices rose on Friday and were on track for weekly gains as a meeting of OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. The additional cuts by the Organization of the Petroleum Exporting Countries and allies including Russia – a grouping known as OPEC+ – will
From Bloomberg An alliance of countries that includes Russia is cutting oil production to end a global glut. One of the big winners: the nation’s own crude exporters. The supply cuts from the so-called OPEC+ nations, coupled with U.S. sanctions on Venezuela and Iran, have reduced the amount of medium- and heavy-grade sour crude on the market. While Russia is part
From Bloomberg Saudi Arabia led fellow members of the OPEC+ coalition to reaffirm their commitment to output cuts, but conceded they should defer until June the decision on whether to extend the curbs. A committee of the most influential members in the 24-nation alliance, which includes Russia, Iraq and the United Arab Emirates, agreed to go beyond their pledged supply
From Bloomberg Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed production cuts into a second month, a Saudi official familiar with the policy said. The move is the latest sign Riyadh is determined to regain control of the oil market as prices remain well below the level that many OPEC members need to
OPEC will keep cuts for nine more months The Organization of Petroleum Exporting Countries announced Thursday that it will extend production cuts for nine more months, through the end of Q1, 2018. Oil prices dropped more than 5% on Thursday following the prior few days’ news that the deal would continue. That bit of positive news in the past couple
