OPEC decision day as Ministers meet to salvage deal on oil cuts
After weeks of often tense negotiations, OPEC ministers meet in Vienna on Wednesday to try and salvage a deal to cut oil production and prop up global prices.
OPEC deadlocked as Iran, Saudis harden positions on oil deal
An OPEC deal to curtail oil production and prop up global prices appeared in jeopardy as Iran said it won’t make cuts while Saudi Arabia insisted Tehran must be willing to play a meaningful role in any agreement.
Saudi Arabia transfers $27bn to wealth fund for deals
Saudi Arabia is transferring 100 billion riyals ($27 billion) to the sovereign wealth fund to boost investments and diversify from oil.
OPEC said to remain split as Saudis say cut isn’t essential
OPEC officials failed to bridge their differences on an agreement to cut production and revive oil prices, following comments from Saudi Arabia that output curbs aren’t essential.
France, UK seen as trouble spots for power supply this winter
France and the U.K. are the two nations in Europe most at risk of power shortages this winter, particularly if there is a cold snap in early December or January.
Shale fracking rebound starts with costlier grains of sand
The oilfield service companies that supply everything from sand to sophisticated robot rigs are seeking a new lease on life as America’s fracking fortunes begin to turn.
Saudis temper call for cuts; Russia digs in: OPEC reality check
OPEC surprised the market in September with a preliminary agreement to reduce supply to 32.5 million to 33 million barrels a day, breaking a two-year policy to pump at full throttle. The news pushed prices above $50 a barrel in New York for the first time since June, but optimism faded as subsequent meetings failed to decide cuts for individual members.
Oil investors have $490billion riding on big OPEC decision
After two tough years of falling oil prices and company valuations, investors in the world’s biggest energy producers have some cause for hope as crude prices continue their recovery from a 12-year low. They will be looking to OPEC not to dash it.
World’s most reliable stock trade sparks race for 360% gains
To have a shot at the global stock market’s closest thing to a guaranteed windfall, you’re going to need a really accurate clock.
Low oil prices create a $1billion business killing aging fields
Low crude prices that have been hammering oilfield service companies for the past two years might be ready to give a little back.
Oil trades near $46 amid skepticism OPEC to reach output deal
Oil held declines near $46 amid skepticism over OPEC’s ability to reach an agreement to cut output and as representatives prepare to meet Monday amid last-minute negotiations over the deal the group aims to formalize Wednesday.
Even if OPEC gets a deal, it risks reviving battered oil rivals
Three days from a crucial meeting, OPEC’s deal to curb oil production and end years of global oversupply hangs in the balance. But even if ministers hash out a meaningful accord on Wednesday, there are dangers for the oil-exporter club.
Iran said to assess 1.1million barrel-a-day collective OPEC cut
Iran is assessing a proposal for a collective OPEC output cut, but hasn’t announced any commitment to reduce its own production as the group tries to end disagreements about how to share the burden of supply cuts ahead of a meeting in Vienna.
Another oil producer under pressure to devalue its currency
Libya’s UN-backed government is under mounting pressure to devalue its currency, joining other energy producers from Nigeria to Kazakhstan that have buckled in the face of tumbling revenue and domestic turmoil.
Saudis said to Pull Out of Russia Talks as OPEC Deal No Closer
Saudi Arabia has pulled out of talks with non-OPEC producers including Russia planned for Monday because the exporters’ group still has no internal agreement on how to implement supply cuts, according to two delegates.
Nigeria’s oil minister has eye on shale as OPEC readies cuts
As OPEC prepares for talks on eliminating a global crude glut, Nigeria’s oil minister says he’s more concerned about the potential for U.S. shale suppliers to replace the lost barrels by ramping up their own output, quelling any price rally the producer club might achieve.
Focus shifts to Iran, Russia as Opec makes final push for output cuts
OPEC’s final push to implement the Algiers supply accord and boost oil prices shifted focus to Iran and non-members such as Russia as Iraq appeared to reverse its opposition to output cuts.
Success for Opec rivals lies in distant oil markets
Rivals of OPEC seeking to reach its most-prized oil customers are finding that the long way around is better than any shortcut to success.
Russia tries to dress up oil freeze as cut amid OPEC urging
Facing pressure from OPEC to make a significant output reduction, Russia reiterated its readiness to freeze oil production at current levels, arguing that the offer amounted to a cut compared with next year’s plans.
Kazakh President says partners in Shell oil field face tax claim
Kazakhstan’s authorities are looking at whether the Karachaganak oil and gas venture, which includes Royal Dutch Shell Plc and Eni SpA, has unpaid taxes.
India offers respite to suffering oil producers
As the oil market anxiously awaits OPEC’s decision next week, some of the countries hardest hit by the biggest price crash in a generation may have found a lifeline outside of the group.
IEA says oil price gains from Opec deal could be fleeting
An oil price surge triggered by a successful OPEC agreement to cut production could be snuffed out as supply surges back, according to the head of International Energy Agency.
Russian reluctance to cut oil output gives Opec headache
For months, Russia has told OPEC its preferred option in any eventual oil-supply deal was to freeze production, rather than to cut it. It’s dawning on the group that Moscow may actually mean it.
North Sea oil glut to ease as huge loads shipped to Asia
A glut of North Sea oil that’s helped depress global prices and heap pressure on OPEC is poised for short-term relief after traders booked tankers to take as much as half of the region’s key oil flow to Asia.
Airbus poised to cut 1,000 jobs in drive to streamline business
Airbus Group SE is poised to scrap an estimated 1,000 office jobs as the European aerospace giant moves to eliminate duplication between its main plane-making arm and the rest of the group.