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Saudi Arabia to hike oil output above 10 million bpd in April after OPEC+ deal collapse

Saudi Arabia to hike oil output above 10 million bpd in April after OPEC+ deal collapse

Mon, Mar 09, 2020

Saudi Arabia, the world`s top oil exporter, plans to raise its crude oil production significantly above 10 million barrels per day (bpd) in April, after the collapse of OPEC`s supply cut agreement with Russia, two sources told Reuters on Sunday

Oil Price: OPEC, Russia moving closer to big oil cut as coronavirus hits demand

Oil Price: OPEC, Russia moving closer to big oil cut as coronavirus hits demand

Wed, Mar 04, 2020

Oil Price: A panel of OPEC and its allies recommended cutting oil output by an extra 1 million barrels per day (bpd) on Tuesday.

Oil prices jump 4% after reports of coronavirus drug breakthrough

Oil prices jump 4% after reports of coronavirus drug breakthrough

Thu, Feb 06, 2020

Oil prices jumped about 4% on Wednesday on media reports that scientists had found a drug breakthrough for the fast-spreading coronavirus, an outbreak that continues to weigh heavily on global economic activity and oil demand

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Oil steadies as drilling increases in tight market

Oil steadies as drilling increases in tight market

Mon, Jul 09, 2018

Oil prices steadied on Monday as an increase in U.S. drilling, likely to lead to higher shale production, balanced evidence of tightening supply. Benchmark Brent was up 40 cents at $77.51 a barrel by 0850 GMT. U.S. crude was down 30 cents at $73.50.

Iranian oil minister calls Trump''s order to OPEC insulting

Iranian oil minister calls Trump''s order to OPEC insulting

Sat, Jul 07, 2018

Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran.

Iran to Donald Trump: Oil will cost $100 per barrel, and it is your fault

Iran to Donald Trump: Oil will cost $100 per barrel, and it is your fault

Fri, Jul 06, 2018

Donald Trump again accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher on Wednesday, and urged US allies such as Saudi Arabia to pump more if they wanted Washington to continue protecting them against their top foe Iran.

Oil near 3-1/2-year high despite President Trump demand that OPEC cut prices

Oil near 3-1/2-year high despite President Trump demand that OPEC cut prices

Thu, Jul 05, 2018

Trump again on Wednesday accused the Organization of the Petroleum Exporting Countries of driving up fuel prices. "The OPEC Monopoly must remember that gas prices are up & they are doing little to help," Trump wrote on his personal Twitter account. "If anything, they are driving prices higher as the United States defends many of their members for very little $`s."

Oil rises as outages balance trade dispute, OPEC

Oil rises as outages balance trade dispute, OPEC

Tue, Jun 26, 2018

Oil prices rose on Tuesday, supported by Canadian production losses and uncertainty over Libyan exports, but under pressure from climbing OPEC supply and intensifying trade conflicts between the United States and other major economies.

Oil drops after OPEC+ output deal, but markets to stay tight

Oil drops after OPEC+ output deal, but markets to stay tight

Mon, Jun 25, 2018

Brent crude oil fell 1 percent on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after OPEC and its partners agreed to raise production.

Oil up on OPEC meeting uncertainty; trade disputes keep markets on edge

Oil up on OPEC meeting uncertainty; trade disputes keep markets on edge

Fri, Jun 22, 2018

Oil prices rose by around 1 percent on Friday, lifted by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day. Brent crude oil futures were at $73.78 per barrel at 0502 GMT, up 73 cents, or 1 percent, from their last close.

Oil options show bulls and bears on edge over OPEC meet

Oil options show bulls and bears on edge over OPEC meet

Fri, Jun 22, 2018

The Organization of the Petroleum Exporting Countries meets in Vienna to discuss its existing policy to curtail crude output by 1.8 million barrels per day, jointly with several non-member nations, including Russia and Oman.

Oil prices drop as Iran signals support for OPEC output rise

Oil prices drop as Iran signals support for OPEC output rise

Thu, Jun 21, 2018

Oil prices fell on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, potentially paving the way for the producer cartel to agree a supply increase during a meeting on Friday.

Energy guzzler India urges OPEC to tackle high oil prices

Energy guzzler India urges OPEC to tackle high oil prices

Wed, Jun 20, 2018

India, the world`s third-biggest oil consumer and importer, on Wednesday urged OPEC nations to fill a supply gap and ensure sustainable oil prices as politics affect the output of some producers.

Oil prices gain on lower US inventories, ahead of OPEC meeting

Oil prices gain on lower US inventories, ahead of OPEC meeting

Wed, Jun 20, 2018

US crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to American Petroleum Institute (API) in a weekly report on Tuesday. Brent crude futures rose 40 cents, or 0.5 percent, to $75.48 per barrel at 0653 GMT, compared with their last close on Tuesday.

Oil up on U.S. stocks, Libya ahead of OPEC meeting

Oil up on U.S. stocks, Libya ahead of OPEC meeting

Wed, Jun 20, 2018

Oil prices rose on Wednesday, supported by a drop in U.S. commercial crude inventories and the loss of storage capacity in Libya, with investors cautious ahead of a biannual meeting of OPEC exporters to decide production policy.

OPEC braces for tough Vienna talks on hiking oil output

OPEC braces for tough Vienna talks on hiking oil output

Wed, Jun 20, 2018

The upcoming June 22-23 meetings of OPEC and non-OPEC energy ministers are set to be the most contentious in a while, with several countries bristling at the thought of reversing a deal that has been in place for 18 months and helped lift oil prices to multi-year highs.

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.

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