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Oil drops on dollar strength and OPEC+ supply expectations
Sat, Feb 27, 2021
Oil prices fell on Friday as the U.S. dollar rose while forecasts called for crude supply to rise in response to prices climbing above pre-pandemic levels.
U.S. senators press Saudi officials to put oil cut in motion
Mon, Apr 13, 2020
Republican U.S. senators from oil states who recently introduced legislation to remove American troops from Saudi Arabia said on Saturday they had spoken with three officials from the kingdom and urged them to take concrete action to cut crude output
Global Oil Prices: Saudi-Mexican clash halts record oil cut deal despite Trump pressure
Sat, Apr 11, 2020
Global Oil Prices: Top oil nations struggled to finalise record output cuts at G20 talks on Friday to boost prices slammed by the coronavirus crisis.
Oil prices pare earlier gains as OPEC+ works on output cut deal
Fri, Apr 10, 2020
NEOil prices were up almost 2% on Thursday, pulling back from an earlier surge as OPEC and other crude producers work on a deal to drastically cut output in response to a collapse in global demand from the coronavirus
Oil futures pare gains after U.S. inventories surge most on record
Thu, Apr 09, 2020
Oil prices pulled back Wednesday, with benchmark Brent turning negative as U.S. crude inventories surged the most on record, but the pullback was muted by hopes that a meeting between OPEC and allied producers on Thursday will trigger output cuts
Russia and Saudi ''very close'' to oil deal, Moscow signals big cuts
Tue, Apr 07, 2020
Saudi Arabia and Russia are close to a deal on oil output cuts to reduce a global glut, a top Russian negotiator said on Monday, while sources in Moscow said it was ready for significant cuts, ahead of talks planned for this week
Trump threatens tariffs on oil imports to ''protect'' U.S. energy workers
Mon, Apr 06, 2020
U.S. President Donald Trump said on Saturday he would impose tariffs on crude imports if he has to "protect" U.S. energy workers from the oil price crash that has been exacerbated by a war between Russia and Saudi Arabia over market share
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
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
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
Oil futures rise on talk of further OPEC+ supply curbs
Tue, Dec 03, 2019
Oil eased off session highs as Wall Street dropped after data showed U.S. factory activity contracted in November and after U.S. President Donald Trump unexpectedly announced plans to reimpose tariffs on steel and aluminium from Argentina and Brazil.
OPEC and allies may deepen oil cut deal to 1.6 million bpd - Iraq
Mon, Dec 02, 2019
Iraq will exceed 100% commitment with the supply deal as of Sunday, Ghadhban also said, adding that an agreement capping production from the semi-autonomous Kurdistan region will also help the country`s compliance.
OPEC'S share of Indian oil imports in October hits lowest since 2011
Tue, Nov 19, 2019
OPEC`S share of India`s oil imports fell to 73% in October, its lowest monthly share since at least 2011, tanker data from sources showed.
OPEC cuts 2020 global oil demand forecast, urges effort to avert new glut
Wed, Sep 11, 2019
OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1% from 3.2% and said next year`s increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States.
Crude oil prices slip, but supported by hopes US-China trade tensions could ease
Tue, Aug 20, 2019
A rally in equity markets around the world from growing expectations that global economies would take action to counteract slowing growth also supported oil prices, which often follow stocks.
Oil prices rise on European stock draw despite demand slowdown forecast
Sat, Aug 10, 2019
The IEA said global oil demand to May from January grew at its slowest since 2008, hurt by mounting signs of an economic slowdown and a ramping up of the U.S.-China trade war.
Commodity Superfast: Know about action in commodities market, 09th August, 2019
Fri, Aug 09, 2019
This segment of Zee Business brings to you top big news stories related to commodity market. Watch this video to know more.
Oil prices dip on demand worries despite OPEC cut extension till March 2020
Tue, Jul 02, 2019
OPEC is slated to meet with Russia and other producers, an alliance known as OPEC+, later on Tuesday to discuss supply cuts amid surging US output.
OPEC close to reaching an agreement on extending production cuts: UAE Energy Minister
Wed, Jun 12, 2019
Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts, the energy minister of the United Arab Emirates said on Tuesday.
WTI Crude: Oil prices stablise on OPEC's withholding supply hopes
Tue, Jun 11, 2019
Oil prices stabilised on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown.