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Qatar says too early to exit OPEC oil cuts as investment still low
Thu, Apr 05, 2018
OPEC and its allies led by Russia have reduced production since the start of 2017 to ease a global oil glut stemming from the U.S. shale oil boom that saw oil prices crashing to below $30 per barrel and investment in the oil sector falling by over $1 trillion in the past three years. OPEC`s production restraints have helped cut global oil stocks in industrialised nations from as high as 350 million barrels to as low as 50 million barrels, Sada said.
US to overtake Russia as world's biggest oil producer by 2019 latest: IEA
Tue, Feb 27, 2018
The soaring US production is upending global oil markets, coming at a time when a group of other major producers around Russia and the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) have been voluntarily withholding output in order to prop up prices.
Oil hits nearly three-week high as Saudi Arabia to keep output well below cap
Mon, Feb 26, 2018
US energy companies last week added one oil rig, the fifth weekly increase in a row, bringing the total count up to 799, the highest level since April 2015, Baker Hughes energy services firm said on Friday.
Saudi oil minister hopes OPEC, allies will ease output cuts in 2019
Sat, Feb 24, 2018
OPEC is reducing output by about 1.2 million barrels per day as part of a deal with Russia and other non-OPEC producers
Oil climbs with support from Libyan outage, Saudi comments
Sat, Feb 24, 2018
Production in OPEC member Libya has been running at about 1 million bpd , although it remains volatile due to unrest
OPEC, non-OPEC allies to study long-term oil cooperation in June, says UAE
Tue, Feb 20, 2018
OPEC and non-OPEC oil producers, including Russia, will discuss extending their cooperation for many more years when they meet in June as they seek to avoid major market shocks, the United Arab Emirates` energy minister told Reuters.
A year into OPEC's production cuts, Asia's oil markets have tightened
Thu, Feb 15, 2018
The main impact of OPEC withholding supplies has been to change the structure of the oil price curve.
Oil stable on weak dollar, economic growth, but pockets of oversupply linger
Wed, Feb 14, 2018
The Saudi energy ministry said on Wednesday that Saudi Aramco`s crude output in March will be 100,000 barrels per day (bpd) below its February level while exports would be kept below 7 million bpd.
How soaring US oil exports to China are transforming the global oil game
Fri, Feb 09, 2018
Bit by bit, the US petroleum industry is turning world oil markets inside out.
Oil prices fall as soaring US output mars OPEC bid to tighten markets
Thu, Feb 08, 2018
In fact, the OPEC-led restraint was arguably the biggest enabler for America`s production boom, handing over market share at higher oil prices.
Brent holds above $70 on strong demand, OPEC-led supply restraint
Mon, Jan 29, 2018
Oil markets have been propped up by supply restraint lead by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which started in January last year and are scheduled to last through 2018.
Oil hits $71 for first time since 2014 on tighter supply and weak dollar
Thu, Jan 25, 2018
The Organization of the Petroleum Exporting Countries and allies including Russia began to curb supplies in 2017.
Russia may back Aramco IPO, enhance OPEC ties
Tue, Jan 23, 2018
Sources told Reuters last year Chinese state oil companies were willing to become cornerstone investors in the Aramco IPO which could become the world`s biggest, valuing the firm at up to $2 trillion and raising more than $100 billion.
Oil stable on threats of rebel attacks in Nigeria, falling US crude stocks
Thu, Jan 18, 2018
Oil prices were stable on Thursday, supported by tighter inventories of crude as well as rebel threats of an attack on Nigeria`s petroleum industry, but the market was weighed down by a reported rise in U.S. fuel stocks.
Asian shares slip as iron ore softens, euro near three-year top
Tue, Jan 16, 2018
MSCI`s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trade. U.S. markets were closed for a public holiday on Monday.
Oil near three-year highs on output cuts despite rising North American rig count
Mon, Jan 15, 2018
Oil prices held just below December 2014 highs on Monday, supported by ongoing output cuts led by OPEC and Russia despite a rise in U.S. and Canadian drilling activity that points to higher future output in North America.
As oil hits $70, warning lights flash up in Asia
Fri, Jan 12, 2018
Oil prices have risen above $70 per barrel for the first time since 2014 as investors bet supply cuts led by OPEC will dominate the market this year.
Oil dips away from levels last seen in late 2014, but analysts say market supported
Fri, Jan 12, 2018
Oil prices eased on Friday after hitting their highest levels since December, 2014 the previous day.
Uptrend in crude oil price may further impact India's fiscal position
Wed, Jan 10, 2018
Given the negative balance on Petro account, CARE stated that higher prices of crude oil will increase the trade deficit and put pressure on the rupee.
Oil prices edge up on lower US rig count, but below recent highs
Mon, Jan 08, 2018
U.S. West Texas Intermediate (WTI) crude futures were at $61.61 a barrel at 0209 GMT, 17 cents, or 0.3 percent, above their last settlement, and not far off the $62.21 May 2015 high reached last week.