UAE energy minister says supply glut ‘almost gone’
The energy minister of the United Arab Emirates said today that the global oil supply glut, which has led to a slump in crude prices, was almost gone, a news report said.
Oil price news
Oil on course for biggest weekly slump in 10 months
Oil headed for its biggest weekly loss in almost 10 months after giving up all its gains since OPEC agreed to trim output as skepticism grows over implementing the deal and as rising U.S. inventories worsen a glut.
Citigroup researcher says Opec output deal ‘probable’
OPEC and Russia will probably be able to reach an accord to reduce crude production and boost prices, according to Ed Morse, head of commodity research at Citigroup Inc.
Oil price rallies from longest losing streak in months
Oil rebounded from its longest losing streak in two months as uncertainty over an OPEC deal to manage output amid growing U.S. crude stockpiles and the upcoming American election kept markets volatile.
Opinion: Can Oil Markets Survive An OPEC Implosion?
A technical meeting that was supposed to iron out some wrinkles for a deal to cut oil production ended in acrimony over the weekend, and OPEC's effort at coordination could be at yet another impasse.
Oil losses extended as US stocks further add to glut
Oil extended losses from the lowest close in more than a month after weekly industry data showed U.S. crude stockpiles expanded, exacerbating an inventory glut.
Oil price falls to one-month low as US crude stocks lift
Oil traded near the lowest close in more than a month before weekly U.S. government data forecast to show crude stockpiles expanded, exacerbating a glut.
Opec bickering as oil price drops two days in a row
Oil declined for a second day as OPEC’s internal disagreements undermined efforts among major suppliers to reach an agreement in Vienna on trimming output to support prices.
Researchers say Brent will trade at $55-$65 for next five years, predict US recession
Brent crude will trade between $55 and $65 a barrel for most of 2017-21, the Economist Intelligence Unit (EIU) said yesterday.
Rosneft boss vows to obey Kremlin’s oil output commands, report says
Rosneft’s boss said today the firm would obey the Kremlin if Russia’s leaders agree to freeze oil production, a news report said.
For How Long Can OPEC Talk Up Oil Prices?
Not a day passes without OPEC making oil and gas headlines, and today is surely no exception. Seemingly in lockstep with OPEC, the market is once again pacified on the promise that changes to the global oil supply glut are a' comin'.
Mixed messages from Russia behind oil price losses
Mixed messages from Russia’s oil industry chiefs played a part in lowering oil prices today.
Oil price gains ground after Russia opens door to output freeze
Oil prices hit one-year highs on Monday after Vladimir Putin said Russia would be willing to join Opec in an output freeze.
Oil trading near three-month high as investors weigh up Opec deal
Oil traded near a three-month high in New York as traders continued to assess last week’s change in OPEC policy.
North Sea outlook unchanged until details of Opec deal firmed up, Prof Kemp says
North Sea investors will need more convincing Opec's output reduction deal is robust before loosening their purse strings, a prominent petro-economist said today.
Opec production cut made possible by Saudi economic woes
It took the kingdom’s new oil minister, Khalid Al-Falih, just six months to blink, ending the country’s two-year policy of pump-at-will.
Opec confounds analysts with agreement on oil output reduction
Oil held gains after the biggest advance since April as OPEC agreed to reduce production for the first time in eight years, surprising traders who had expected members to maintain output.
Oil and gas execs remain bullish on price increase
Business activity has increased in the third quarter of this year according to oil and gas executives.
Saudi ready to compromise with Iran over production
Saudi Arabia gave the strongest indication yet it’s ready to compromise with regional rival Iran, potentially paving the way for the first limit on oil production in two years, although a deal is unlikely until OPEC’s next meeting in November.
Opinion: Where will oil prices go after Algiers?
Saudi Arabia and Iran may yet come to terms on some sort of production arrangement, but the outcome of the negotiations in Algeria this week may not do much to rescue oil prices. Following the media spectacle, the oil markets may have to shift their attention back to the supply and demand fundamentals, which are not reassuring.
Iran will refuse to play ball over oil output freeze
Iran is not willing to freeze its oil output at current levels and doesn’t intend to forge an agreement with other major crude producers at talks in Algiers this week, the nation’s oil minister said.
Tables turn on Saudi as Iran comes to fore in oil price battle
Suddenly the tables have been turned on Saudi Arabia.
Oil steadies at $45 on back of Saudi output offer
Oil held near $45 a barrel as Saudi Arabia’s offer to cut output opened the door to a future OPEC deal, even though the kingdom doesn’t expect an agreement this week when members of the group meet.
Algeria says Saudi offered to cut oil output levels ahead of OPEC meeting
Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week.