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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 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.

OPEC figures show over 90% compliance with supply cut: Sources

OPEC figures show over 90% compliance with supply cut: Sources

Fri, Feb 10, 2017

The Organisation of the Petroleum Exporting Countries (OPEC) has delivered more than 90% of pledged oil output curbs in January whereby making a strong start to implementation of its first production cut in eight years.

OPEC oil output inches down after November deal

OPEC oil output inches down after November deal

Wed, Jan 18, 2017

OPEC oil production fell in December but remains well above levels envisaged under a recent deal due to take effect from January, the cartel`s new monthly report showed on Wednesday.

Investor worries over Donald Trump, US policy on the rise: BAML

Investor worries over Donald Trump, US policy on the rise: BAML

Tue, Jan 17, 2017

Worries over Donald Trump`s economic policies and the potential for US policy errors rose sharply this month, according to a survey of fund managers released on Tuesday, prompting them to hold more cash even though they expect growth and inflation to rise further.

OPEC chief confident in commitment, enthusiasm for output cut deal

OPEC chief confident in commitment, enthusiasm for output cut deal

Sat, Jan 14, 2017

"I remain confident... with the level of commitment and enthusiasm that I have seen among the 24 participating countries whom I am in regular contact with that this historic and landmark decision will be implemented fully," Mohammed Barkindo told Reuters in an interview in Abu Dhabi.

Iran capitalises on OPEC oil cut to sell millions of barrels: Sources

Iran capitalises on OPEC oil cut to sell millions of barrels: Sources

Fri, Jan 06, 2017

Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalising on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data.

OPEC oil output falls from record high ahead of planned cuts: Reuters survey

OPEC oil output falls from record high ahead of planned cuts: Reuters survey

Thu, Jan 05, 2017

OPEC`s oil output in December fell from a record high ahead of a deal to cut production, a Reuters survey found on Thursday, helped by attacks on Nigeria`s oil industry and top exporter Saudi Arabia trimming exports.

Eurozone inflation jumps to 1.1% in December, highest since 2013

Eurozone inflation jumps to 1.1% in December, highest since 2013

Wed, Jan 04, 2017

Inflation in the eurozone jumped to 1.1% in December, the highest level for more than three years, boosted by rising oil prices, official European Union (EU) figures showed on Wednesday.

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