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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.

TRENDING NOW

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.

Asia stocks sluggish after weak U.S. GDP, dollar dips

Asia stocks sluggish after weak U.S. GDP, dollar dips

Mon, May 01, 2017

Asian shares took their cue from Wall Street, where the Dow and the S&P 500 both lost 0.2 percent on Friday after data showed the U.S. economy grew at its weakest pace in three years in the first quarter.

Oil markets remain cautious on record supplies

Oil markets remain cautious on record supplies

Fri, Apr 21, 2017

Oil opened the last day of a choppy trading week on a cautious note over doubts that an OPEC-led production cut was having the desired effect of restoring balance to a market that has been dogged by oversupply for more than two years.

Oil prices rise on prospect that Saudi Arabia seeking output cut extension

Oil prices rise on prospect that Saudi Arabia seeking output cut extension

Wed, Apr 12, 2017

Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017.

Oil prices dip as oversupply concerns linger

Oil prices dip as oversupply concerns linger

Fri, Apr 07, 2017

Oil prices dipped on Friday as ongoing concerns about oversupply outweighed an OPEC-led production cut and strong refinery activity. Brent crude futures , the international benchmark for oil, were at $54.85 per barrel at 0109 GMT, down 4 cents from their last close.

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 rises to near one-month high on supply tightening

Oil rises to near one-month high on supply tightening

Wed, Apr 05, 2017

"The immediate reason for the move was an unplanned production outage in the North Sea," said Sukrit Vijayakar, director of energy consultancy Trifecta, referring to an unplanned production outage at the Buzzard oil field in the North Sea.

US GDP revision, higher oil boost stocks

US GDP revision, higher oil boost stocks

Fri, Mar 31, 2017

Banks and energy led U.S. stocks higher as oil prices rose and U.S. gross domestic product annualised growth was revised up to a 2.1% rate from 1.9%. Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, was also revised upward.

Saudi Arabia's crude exports to US to fall by 300,000 barrels per day in March: Official

Saudi Arabia's crude exports to US to fall by 300,000 barrels per day in March: Official

Fri, Mar 24, 2017

An Energy Ministry official from Saudi Arabia has said on Thursday that the country`s crude exports to the United States (US) in March will fall by around 300,000 barrels per day from February, in line with OPEC`s agreement to reduce supply.

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.

Iran leapfrogs Iraq to become India's second largest oil supplier

Iran leapfrogs Iraq to become India's second largest oil supplier

Mon, Mar 13, 2017

In the first 11 months of this fiscal year, between April and February, India imported about 542,400 bpd from Iran

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.

US oil rises after dropping below $50 for first time since December

US oil rises after dropping below $50 for first time since December

Fri, Mar 10, 2017

US crude oil prices edged up on Friday for the first time after dropping below $50 per barrel since December in the previous session.

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.

Asia up as Wall Street extends record rise, dollar steady

Asia up as Wall Street extends record rise, dollar steady

Wed, Feb 22, 2017

MSCI`s broadest index of Asia-Pacific shares outside Japan nudged up 0.1%, taking its cues from the world stock index rising to an all-time peak of 446.21 overnight.

OPEC could extend or deepen supply cut if oil glut persists: Sources

OPEC could extend or deepen supply cut if oil glut persists: Sources

Fri, Feb 17, 2017

The organisation of petroleum exporting countries (OPEC) could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level.

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.

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