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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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Oil prices drop on increased U.S. drilling activity

Oil prices drop on increased U.S. drilling activity

Mon, Dec 11, 2017

Oil prices fell on Monday, pulled down as the latest rise in the U.S. rig count pointed to a further increase in American production, potentially undermining efforts led by OPEC to tighten markets.

Oil edges higher, anticipating another drawdown in U.S. stocks

Oil edges higher, anticipating another drawdown in U.S. stocks

Tue, Dec 05, 2017

Oil edged higher on Tuesday, supported by strong demand, expectations of a drop in U.S. crude inventories and an OPEC-led deal to extend oil output cuts.

Oil prices edge up on expected drop in U.S. crude stocks

Oil prices edge up on expected drop in U.S. crude stocks

Tue, Dec 05, 2017

Oil markets nudged higher on Tuesday, buoyed by expectations of a drop in U.S. crude stockpiles and after last week`s deal between OPEC and other crude producers to extend output curbs.

Oil prices fall after US drillers add rigs

Oil prices fall after US drillers add rigs

Mon, Dec 04, 2017

The latest agreement allows for producers to exit the deal early if the market overheats. Russian officials had expressed concern that extending the output cuts might encourage rival U.S. shale oil firms to pump more crude.

GDP data fails to cheer markets; Sensex, Nifty50 slump over 2%

GDP data fails to cheer markets; Sensex, Nifty50 slump over 2%

Sat, Dec 02, 2017

According to market observers, upbeat gross domestic product (GDP) growth data for the second quarter of 2017-18 failed to cheer the equity markets as investors remained cautious ahead of major events in the upcoming 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.

Oil drops for third day, awaiting OPEC decision

Oil drops for third day, awaiting OPEC decision

Thu, Nov 30, 2017

Oil prices dipped on Wednesday in a volatile session buffeted by conflicting statements from oil ministers a day ahead of OPEC`s meeting in Vienna, as members debate the path for an extension of the group`s supply-cut agreement.

Oil falls on doubts over extending output cuts, surprise rise in US crude stocks

Oil falls on doubts over extending output cuts, surprise rise in US crude stocks

Wed, Nov 29, 2017

Oil prices fell on Wednesday on doubts OPEC and Russia will agree on extending a crude production cut that the market has already priced in, and after a report of an unexpected rise in U.S. crude oil inventories.

US oil dips on increased drilling, but OPEC cuts support global markets

US oil dips on increased drilling, but OPEC cuts support global markets

Mon, Nov 27, 2017

US oil prices dipped on Monday, easing from two-year highs on the prospect of increased U.S. output, although global markets were slightly better supported by expectations an OPEC-led supply cut will be extended.

OPEC chatroom dead as Qatar crisis hurts Gulf oil cooperation

OPEC chatroom dead as Qatar crisis hurts Gulf oil cooperation

Thu, Nov 23, 2017

As a six-month-old spat between Saudi Arabia and Qatar deepens, the organisation`s Gulf ministers will have to scrap their tradition of meeting behind closed doors to agree policy before OPEC holds its twice-yearly talks.

Oil prices dip after US crude hits near two-year high on pipeline shutdown

Oil prices dip after US crude hits near two-year high on pipeline shutdown

Thu, Nov 23, 2017

Markets are also tightening globally due to an effort led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to withhold output.

Oil prices firm on expected OPEC cut extension

Oil prices firm on expected OPEC cut extension

Wed, Nov 22, 2017

Oil prices firmed on Wednesday after a reported fall in U.S. crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond March 2018.

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.

Oil steady as expected output pact extension offsets US supply

Oil steady as expected output pact extension offsets US supply

Thu, Nov 16, 2017

Oil prices steadied on Thursday as traders looked ahead to the OPEC meeting at the end of this month, when producers are expected to extend output cuts, sheltering prices from the impact of rising U.S. crude production and inventories.

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 prices dips on record US exports, but OPEC-led supply cuts lend support

Oil prices dips on record US exports, but OPEC-led supply cuts lend support

Thu, Oct 05, 2017

The declines came after the Energy Information Administration (EIA) said late on Wednesday that US crude oil exports jumped to 1.98 million barrels per day (bpd) last week.

Oil climbs for sixth day, near eight-week highs on U.S. crude stock declines

Oil climbs for sixth day, near eight-week highs on U.S. crude stock declines

Fri, Jul 28, 2017

Oil prices extended a rally into a sixth day on Friday, hovering near 8-week highs on a decline in U.S. inventories and OPEC`s ongoing efforts to curb production to ease a global glut.

Global markets: Dollar's decline, China optimism boost Asia stocks, commodities

Global markets: Dollar's decline, China optimism boost Asia stocks, commodities

Wed, Jul 19, 2017

"Globally, financial conditions tend to improve when the dollar is weak and vice versa," they added. "The falling dollar – still the globe`s major reserve and funding currency – tends to see risk appetite flourishing."

Strong start to summer driving season pushes U.S. oil towards $50

Strong start to summer driving season pushes U.S. oil towards $50

Tue, May 30, 2017

U.S. crude oil prices rose towards $50 per barrel on Tuesday as a strong start to the summer driving season in the United States suggested strong fuel demand in months ahead.

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.

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