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Tag Archives: OPEC

OPEC and its partners are concerned about the oil slump and are discussing major supply bottlenecks: Sources

DUBAI / LONDON (Reuters) – OPEC and its partners are discussing a proposal to reduce oil production by 1.4 million barrels per day (bpd), three sources familiar with the question said, although Russia may not be on board big reduction. FILE PHOTO: The logo of the Organization of Petroleum Exporting Countries (OPEC) can be seen at the headquarters of OPEC …

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Oil jumps as OPEC moves closer to cutting performance

• Oil prices rebounded on Monday after two weeks as OPEC and their allies signaled their willingness to cut production in the face of rising global supply. • Light, sweet December crude rose 1.2% to $ 60.90 a barrel from New York Mercantile Exchange. • Brent crude rose 1.3% to $ 71.11 a barrel. HIGHLIGHTS: OPEC meeting: The organization of …

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Saudi Arabia and OPEC in focus

Saudi Arabia has announced a cut in supply for December, as a measure to halt a decline. International benchmark Brent crude oil futures were $ 71.11 per barrel at 0051 GMT, up 93 cents, or 1.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were $ 60.73 per barrel, up 54 cents, or 0.9 percent …

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OPEC and its allies warn that oil production in 2019 could lead to oversupply

Since then, the three largest oil producers in the world – the United States, Russia and Saudi Arabia – have hit new records. Meanwhile, US-China trade tensions, rising interest rates and the weak currency in emerging markets have created concerns about a slowdown in global economic growth and demand for oil. Last month, the committee mandated monitoring compliance with the …

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OPEC moves closer to production than Saudi's Signal Intent

ABU DHABI – OPEC is expected to agree to a cut in oil production when it meets in Vienna next month, Oman's oil minister said on Sunday after Saudi Arabia confirmed its own oil reserves next month and Russia signaled this could follow. "There is a consensus that there will be an oversupply in 2019," said Mohammed Mohammed Hamad al-Rumhy, …

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Iran says no OPEC member can take its share of oil exports

LONDON (Reuters) – Iran told OPEC on Sunday that no member state could take over another member's share of oil exports, reflecting Tehran's concern over Saudi Arabia's offer of more oil in the face of US sanctions on Iranian oil sales to pump. FILE PHOTO: A gas torch on an oil production platform in the Soroush oil fields is seen …

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OPEC oil production jumps in June as Saudi Arabia opens the taps

Akos Stiller | Bloomberg | Getty Images Khalid Al-Falih, Minister of Energy and Industry of Saudi Arabia, arrives in Vienna on Wednesday, November 30, 2016, for the meeting of the 171st Organization of Petroleum Exporting Countries (OPEC) in Vienna. Saudi Arabia moved its oil production to its highest level since the end of 2016 to cool the market in June, …

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Iranian oil minister calls Trump's OPEC insult order

The Iranian oil minister accused US President Donald Trump on Sunday of insulting OPEC by ordering it to increase production and lower prices, while Iranian oil production and exports are under pressure from US pressure did not change. The organization of oil-exporting countries raised fuel prices and urged US allies, such as Saudi Arabia, to pump more if they wanted …

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Oil drops as Trump presses OPEC to cut prices; China duty on US crude looms

SINGAPORE (Reuters) – The price of oil fell on Thursday after US President Donald Trump sent a shrill tweet calling for OPEC to lower crude oil prices. A fisherman rows his dinghy at refineries near port terminals in Singapore. November 5, 2013. REUTERS / Edgar Su The escalating trade chain between Washington and Beijing, which triggered further sell-offs of Asian …

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