Refiners say open to seeking 'new supply opportunities'
For the first time since 2008, OPEC is set to strike a deal to cut oil output that may boost prices.
View ArticleOil gains post-Christmas ahead of OPEC, non-OPEC cuts
US oil prices extended gains on Tuesday in post-Christmas trading, as OPEC and non-OPEC members are set to start curbing output in less than a week to support oil prices.
View ArticleOil posts biggest two-day gain in 6 weeks as Saudis make cuts
Oil climbed, posting the biggest two-day gain in almost six weeks after Saudi Arabia said it cut production even more than required by an OPEC deal, Bloomberg reported.
View ArticleOil prices fall on strong dollar, U.S. output rise expectations
Oil prices fell on Wednesday to their lowest in a week, on a strong dollar and expectations that U.S. producers would boost output even as OPEC's output fell from a record high.
View ArticleOPEC reports big Saudi oil cut, boosting compliance with deal
Top OPEC oil producer Saudi Arabia made a large cut in its crude output in January to support prices and lessen a glut, helping boost compliance with the group's supply-reduction deal to a record high...
View ArticleOPEC says oil stocks still increasing, Saudis raise output
OPEC said oil inventories have risen despite a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in an effort to clear a glut and...
View ArticleOil falls as concern grows over battle of OPEC vs U.S. shale
Oil prices fell on Tuesday, rattled by concern over slowing demand, a rising U.S. dollar and increasing U.S. crude output that has shaken investors' faith in the ability of OPEC to rebalance the market.
View ArticleUAE energy minister says no talk about further OPEC supply cuts
There is no talk of further oil output cuts by the Organization of the Petroleum Exporting Countries and its allies despite only a slow drawdown in inventories.
View ArticleOPEC oil output jumps to 2017 high as Nigeria, Libya pump more
OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting...
View ArticleOPEC sees lower demand for its oil in 2018, points to surplus
OPEC said on Wednesday its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led...
View ArticleOPEC sees slower growth in demand for its oil as rivals pump more
Global demand for OPEC’s crude will rise in the next two years more slowly than expected, the group forecast, as a recovery in prices resulting from an OPEC-led supply cut stimulates renewed output...
View ArticleOil prices fall on pipeline restart, uncertainty over OPEC output cuts
Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.
View ArticleOil slips on OPEC deal uncertainty and rising U.S. inventories
Oil prices slipped on Wednesday as doubts set in about Russia’s willingness to substantially extend a deal among some of the world’s biggest exporters to curb output to help tackle global oversupply...
View ArticleOPEC, Russia have done their bit, now it’s the turn of U.S., China
The Organization of the Petroleum Exporting Countries and its allies are taking a multi-layered bet that global oil dynamics will work in their favor by extending their crude oil production cuts until...
View ArticleOil falls after U.S. drilling picks up
Oil fell on Monday after U.S. shale drillers added more rigs last week, though prices remained in sight of their recent two-year highs thanks to last week’s decision by OPEC and other producers to...
View ArticleExxon eyes Egypt's offshore oil and gas
Exxon Mobil is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said.
View ArticleOil prices climb due to threatened strike in Nigeria
Oil prices climbed more than 1 percent due to a threatened strike in Nigeria and as traders cover shorts after sharp losses the previous day brought on by an unexpectedly large rise in U.S. stocks of...
View ArticleOPEC predicts balanced oil market by late 2018 as cuts
OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as the U.S. and other producers outside the group pump...
View ArticleInvestors pour cash into U.S. shale despite questions on returns
Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade.
View ArticleRising U.S. output weighs on oil prices
Oil prices came under pressure on Thursday after the International Energy Agency (IEA) increased its forecast for growth in U.S. oil output next year, raising the prospect of excess supply.
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