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OPEC

China's soft crude oil imports show impact of high prices: Report

China's soft crude oil imports show impact of high prices: Report

Thu, Dec 07, 2023

China was supposed to be the driving force behind global oil demand growth this year.

OPEC+ agrees to deepen voluntary oil output cuts

OPEC+ agrees to deepen voluntary oil output cuts

Fri, Dec 01, 2023

OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.

Oil prices tick higher on OPEC demand optimism

Oil prices tick higher on OPEC demand optimism

Fri, Aug 11, 2023

Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth.

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OPEC sees strong oil market, possible need for more output

OPEC sees strong oil market, possible need for more output

Tue, Jun 19, 2018

Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the group.

Important stock market triggers that will remain in focus tomorrow

Important stock market triggers that will remain in focus tomorrow

Mon, Jun 18, 2018

The markets settled near day's low on Monday on negative global cues.

Oil falls on threat of China crude tariffs, expected OPEC supply rise

Oil falls on threat of China crude tariffs, expected OPEC supply rise

Mon, Jun 18, 2018

U.S. West Texas Intermediate (WTI) crude futures touched their lowest level since April, falling to $63.59 per barrel before edging back to $63.98 by 0635 GMT. That was still down $1.07, or 1.6 percent, from their last settlement. "Crude oil prices crashed as U.S.-China trade tensions escalated last Friday," said Benjamin Lu of Singapore-based futures brokerage Phillip Futures.

Oil price above tolerance threshold, end Asian Premium: India to OPEC

Oil price above tolerance threshold, end Asian Premium: India to OPEC

Fri, Jun 15, 2018

As two Asian giants that accounted for 17 per cent of global oil consumption last year, India and China held formal talks in Beijing earlier this week on forming an oil buyers` club. Pradhan has earlier this year proposed an alliance between Indian and Chinese state-run oil companies to have a greater say in the market.

All eyes on OPEC as President Trump gripes over prices

All eyes on OPEC as President Trump gripes over prices

Wed, Jun 13, 2018

The IEA suggested the June 22 OPEC meeting in Vienna would need to boost output because of a political crisis in Venezuela that has pinched petroleum output and Trump's decision to exit the Iran nuclear pact, which is expected to result in lower production from the Middle Eastern country.

Oil prices slip on expectations of higher supply from Saudi Arabia, other big producers

Oil prices slip on expectations of higher supply from Saudi Arabia, other big producers

Wed, Jun 06, 2018

The U.S. government has unofficially asked Saudi Arabia and some other OPEC producers to increase output, sources told Reuters on Tuesday. OPEC and Russia will meet on June 22/23 to decide whether to increase production following a fall in global inventories as world demand outstrips supply.

US asks some OPEC producers to pump more oil, no specific figure: sources

US asks some OPEC producers to pump more oil, no specific figure: sources

Tue, Jun 05, 2018

The U.S. request to raise output has been made unofficially from Washington to each of the oil producers rather than to the Organization of the Petroleum Exporting Countries as a group, the sources said, adding no specific figure was mentioned.

Oil sinks further as OPEC and Russia look to raise output

Oil sinks further as OPEC and Russia look to raise output

Mon, May 28, 2018

The Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia began withholding 1.8 million barrels per day (bpd) of supplies in 2017 to tighten the market and prop up prices that in 2016 fell to their lowest in more than a decade at less than $30 a barrel.

Oil slips further below $80 a barrel as focus on OPEC intensifies

Oil slips further below $80 a barrel as focus on OPEC intensifies

Thu, May 24, 2018

Oil prices recorded their largest one-day drop in two weeks on Thursday, with expectations building that OPEC will end an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran.

Oil rises towards $80 as supply concerns mount

Oil rises towards $80 as supply concerns mount

Tue, May 22, 2018

Oil rose towards $80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.

Petrol, diesel prices at record highs, Centre says solution soon

Petrol, diesel prices at record highs, Centre says solution soon

Mon, May 21, 2018

Union Petroleum Minister Dharmendra Pradhan today said the increase in fuel prices was due to reduced production of oil in Organisation of Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market.

Iran says oil export drop not expected if EU saves nuclear deal

Iran says oil export drop not expected if EU saves nuclear deal

Sat, May 19, 2018

"Every new decision in OPEC needs unanimity... I believe that the help of the European Union helps us... the level of our oil exports will not change," Zanganeh told reporters after a meeting with EU`s energy chief Miguel Arias Canete.

Oil prices set for sixth week of gains, India sounds alarm

Oil prices set for sixth week of gains, India sounds alarm

Fri, May 18, 2018

Rising prices have already raised the alarm among big oil-consuming countries. OPEC kingpin Saudi Arabia said on Thursday it would make sure the world is adequately supplied with oil just as major consumer India expressed frustration with rising prices. Saudi Energy Minister Khalid al-Falih called India`s Petroleum Minister Dharmendra Pradhan to assure him that supporting global economic growth was "one of the kingdom`s key goals", the Saudi Energy Ministry said.

Oil prices steady after Brent breaks through $80 for the first time since Nov 2014

Oil prices steady after Brent breaks through $80 for the first time since Nov 2014

Fri, May 18, 2018

Oil prices held firm on Friday on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.

Oil near multi-year highs as Iran sanctions tighten supply outlook

Oil near multi-year highs as Iran sanctions tighten supply outlook

Fri, May 11, 2018

The global oil market is finely balanced, with top exporter Saudi Arabia and No.1 producer Russia having led efforts to curb oil supply to prop up prices. Benchmark Brent crude was down 20 cents at $77.27 a barrel by 1330 GMT. On Thursday Brent hit $78, its highest since November 2014. U.S. light crude was down 10 cents at $71.26, having touched a 3-1/2 year high of $71.89 on Thursday.

Qatar says too early to exit OPEC oil cuts as investment still low

Qatar says too early to exit OPEC oil cuts as investment still low

Thu, Apr 05, 2018

OPEC and its allies led by Russia have reduced production since the start of 2017 to ease a global oil glut stemming from the U.S. shale oil boom that saw oil prices crashing to below $30 per barrel and investment in the oil sector falling by over $1 trillion in the past three years. OPEC`s production restraints have helped cut global oil stocks in industrialised nations from as high as 350 million barrels to as low as 50 million barrels, Sada said.

US to overtake Russia as world's biggest oil producer by 2019 latest: IEA

US to overtake Russia as world's biggest oil producer by 2019 latest: IEA

Tue, Feb 27, 2018

The soaring US production is upending global oil markets, coming at a time when a group of other major producers around Russia and the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) have been voluntarily withholding output in order to prop up prices.

Oil hits nearly three-week high as Saudi Arabia to keep output well below cap

Oil hits nearly three-week high as Saudi Arabia to keep output well below cap

Mon, Feb 26, 2018

US energy companies last week added one oil rig, the fifth weekly increase in a row, bringing the total count up to 799, the highest level since April 2015, Baker Hughes energy services firm said on Friday.

Saudi oil minister hopes OPEC, allies will ease output cuts in 2019

Saudi oil minister hopes OPEC, allies will ease output cuts in 2019

Sat, Feb 24, 2018

OPEC is reducing output by about 1.2 million barrels per day as part of a deal with Russia and other non-OPEC producers

Oil climbs with support from Libyan outage, Saudi comments

Oil climbs with support from Libyan outage, Saudi comments

Sat, Feb 24, 2018

Production in OPEC member Libya has been running at about 1 million bpd , although it remains volatile due to unrest

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