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Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag

Sun, Jun 02, 2024

The full OPEC+ alliance, made up of members of the producers cartel and allied countries, including Russia, is holding an online meeting, but the cuts in question concern a smaller group of eight, including the Saudis.

Oil prices edge up on lower US rig count, but below recent highs

Oil prices edge up on lower US rig count, but below recent highs

Mon, Jan 08, 2018

U.S. West Texas Intermediate (WTI) crude futures were at $61.61 a barrel at 0209 GMT, 17 cents, or 0.3 percent, above their last settlement, and not far off the $62.21 May 2015 high reached last week.

OPEC, allies set to agree oil cut extension to end of 2018

OPEC, allies set to agree oil cut extension to end of 2018

Thu, Nov 30, 2017

As the 14-country OPEC`s meeting started in Vienna, Saudi Energy Minister Khalid al-Falih said he favoured extending cuts by nine months until the end of 2018. He said it was premature to talk about exiting the cuts at least for couple of quarters and added that OPEC would examine progress at its next meeting in June.

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Oil eases as traders and investors grow edgy ahead of OPEC meet

Oil eases as traders and investors grow edgy ahead of OPEC meet

Mon, Nov 20, 2017

Brent crude futures were at $62.37 per barrel by 1002 GMT, down 35 cents on the day, while U.S. West Texas Intermediate (WTI) crude futures were down 7 cents at $56.48 a barrel.

Russia's Rosneft says managing exit from OPEC deal is a serious challenge

Russia's Rosneft says managing exit from OPEC deal is a serious challenge

Wed, Nov 15, 2017

Russian Energy Minister Alexander Novak met Russian oil company executives in Moscow on Wednesday ahead of talks in Vienna at the end of November between OPEC and non-OPEC producers.

Oil languishes after OPEC fails to deepen supply cuts, Asia stocks retreat

Oil languishes after OPEC fails to deepen supply cuts, Asia stocks retreat

Fri, May 26, 2017

The Organization of Petroleum Exporting Countries and some non-OPEC producers agreed at a meeting in Vienna on Thursday to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018.While OPEC`s move had been expected, some oil market investors had hoped producers would agree to longer or deeper cuts to drain a global glut of oil.

Oil price may once again fall below $45 per barrel: How does it bode for India?

Oil price may once again fall below $45 per barrel: How does it bode for India?

Fri, May 12, 2017

OPEC and other major producers had been enjoying higher prices since agreeing in November to slash production, a strategy designed to rid global markets of excess supply. But now the strategy appears to be not working.

Oil prices pinned near five-month low as supply glut weighs

Oil prices pinned near five-month low as supply glut weighs

Fri, May 05, 2017

"So far OPEC`s strategy to draw down inventories has not worked ... It seems obvious to us that OPEC will need to keep the cuts in place for longer than the next 6 months if their strategy is to have any chance of success," Neil Beveridge, senior oil and gas analyst at AB Bernstein in Hong Kong said in a note to clients on Friday.

Oil prices fall on record U.S. crude stocks, rising production

Oil prices fall on record U.S. crude stocks, rising production

Thu, Apr 06, 2017

Traders said the falls came on the back of rising U.S. crude production that bolstered inventories to record levels.

Oil slips, inventories curb recovery from four-month lows

Oil slips, inventories curb recovery from four-month lows

Fri, Mar 24, 2017

OPEC`s largest producer, Saudi Arabia, expects crude exports to the United States in March will fall by around 300,000 barrels per day from February, in line with the supply-cut agreement OPEC struck in November, a Saudi energy ministry official said.

Oil bounces off November lows, but bloated U.S. stockpiles pressure market

Oil bounces off November lows, but bloated U.S. stockpiles pressure market

Thu, Mar 23, 2017

Prices for front-month Brent crude futures, the international benchmark for oil, were at $50.94 per barrel at 0146 GMT, up 30 cents, or 0.59 percent, from their last close. That came after Brent briefly dipped below $50 a barrel the previous session for the first time since November.

Oil prices extend gains after drop in U.S. stockpiles

Oil prices extend gains after drop in U.S. stockpiles

Thu, Mar 16, 2017

Prices surged on Wednesday after a slew of market reports and official data offered some hope that a near three-year global glut in oil is coming to an end, albeit more slowly than many anticipated.

Oil prices hit three-month low as U.S. rig count climbs

Oil prices hit three-month low as U.S. rig count climbs

Mon, Mar 13, 2017

U.S. drillers added oil rigs for an eighth consecutive week, Baker Hughes said on Friday, as energy companies increased spending to take advantage of a recovery in crude prices since the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut output.

Oil ticks up on weaker dollar, stalled Russian output cuts

Oil ticks up on weaker dollar, stalled Russian output cuts

Fri, Mar 03, 2017

The dollar slipped on Friday from its highest in seven weeks against a basket of currencies, although still holding close to a level that anchors Brent crude near $55 a barrel and West Texas Intermediate (WTI) just under $53.

Oil rises on OPEC-led cuts, but market remains range-bound

Oil rises on OPEC-led cuts, but market remains range-bound

Tue, Feb 14, 2017

"The usually fairly volatile oil price has barely budged for two months, the reason being conflicting dynamics in the market," said Dutch bank ABN Amro.

Qatar to cut oil production from January month

Qatar to cut oil production from January month

Tue, Dec 13, 2016

State-owned Qatar Petroleum, one of the largest oil companies in the world, announced today that it will reduce production levels from the beginning of next year.

Oil jumps to highest since mid-2015, Fed hike on horizon

Oil jumps to highest since mid-2015, Fed hike on horizon

Tue, Dec 13, 2016

Oil prices surged to an 18-month high on Monday after the world`s top crude producers agreed to the first joint output cut since 2001, sparking concerns about inflation, which pushed up U.S. Treasury yields to a more than two-year peak.

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