Saudi cuts oil output by most in eight years
Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets.
oil prices
IEA says Opec achieving 90% of output cuts
OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that’s being supported by surprising strength in demand, the International Energy Agency said.
Arctic oil town’s future in doubt as wells shut
When oil topped $100 a barrel three years ago, the tiny village of Norman Wells in Canada’s high arctic was gearing up to be the “Dubai of the Mackenzie River,” with oil revenue bringing prosperity to all.
Opec ministers don’t rule out renewing output reduction
OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to re-balance the market, oil ministers for Iran and fellow group member Qatar said.
BP falling behind rivals on breakeven oil price
BP is falling behind competitors in one crucial measure of its resilience to oil’s slump.
Oil near $54 as Iran tensions offset US drilling ramp up
Oil traded near $54 a barrel as increased tension between Iran and the U.S. countered expectations of rising American production.
More work needed to fulfill Opec output deal
OPEC cut output by 840,000 barrels a day last month, but has more work to do to fully comply with last year’s historic production deal.
Saudi touts prospect of another Opec output cut in 2017
Saudi Arabia’s energy minister has said that there is a chance of another production cut from Opec countries this year.
Output reduction deal unlikely to be extended, Saudi says
Saudi Arabia’s energy minister said yesterday that oil production cuts were unlikely to be extended beyond the initial six month period, according to a news report.
Will Opec deliver its output cut deal? Here’s how we’ll know
The promise of production cuts from OPEC and its partners sent oil rallying in 2016. Now traders want proof they’re delivering on those vows. It won’t come easy.
Petrol prices hit two-year high
Drivers are being hit with the most expensive petrol prices in more than two years.
Oil prices reach 18-month high as output deal kicks in
Crude oil prices climbed to an 18-month high on Tuesday as a major deal between Opec and other major producers to cut supply officially came into effect.
Oil market a surprise haven from political risk in 2017
With Donald Trump set to enter the White House in January and populists on the march across Europe, political risk will loom large in 2017. Cautious investors may find stability in an unfamiliar place: the oil market.
Most experts put the average Brent price in 2017 in the $50-60 per barrel range
A new poll of oil market experts has found they expect the price of a barrel of Brent crude to gradually rise towards $60 per barrel by the end of 2017, from an average of about $45 this year.
Oil set for first annual gain in 3 years ahead of Opec supply cuts
Oil headed for its first annual advance in three years before supply cuts from OPEC and other producing nations next month intended to stabilize the market and reduce swelling global inventories.
One group of oil investors missed out on 2016 crude rally
The world’s most popular oil-tracking exchange traded fund missed out on 2016’s big crude rally.
Opinion: not so prolific – US shale faces reality check
The collapse of oil prices has forced the U.S. shale industry to slash production costs. In order to improve the "breakeven" costs for the average shale well, the industry has deployed three general strategies: improving techniques and technology, such as drilling longer laterals or using more frac sand; focusing drilling on the sweet spots; and demanding lower prices from oilfield service companies. All three of those strategies led to a decline in the breakeven price for a shale wells.
Plexus chairman says Opec deal gives sector ‘much needed encouragement’
Opec’s landmark decision to reduce oil output from January has given industry some “much needed encouragement”, the chairman of Aberdeen-based Plexus Holdings said yesterday.
Opec decision calms BP chief Bob Dudley’s nerves, sees oil price stability on horizon
Speaking exclusively to Energy Voice, oil boss Bob Dudley revealed OPEC’s decision helped strip away his “nervousness” around planning his business strategy around $55 next year.
Russian oil producers support output cuts
Russia’s top oil producers have supported the Kremlin’s plans for cuts to oil production, a news report said.
Natural declines to count towards output cuts from non-Opec states
OPEC won’t insist that all countries participating in a global oil-supply accord actively cut their production, accepting natural output declines from some nations, according to three oil officials familiar with the matter.
Opinion: Have oil prices finally turned?
OPEC’s agreement to cut output for the first time in eight years has helped push up oil prices by nearly 10 per cent in the last week, but will the agreement hold and how will it impact UK business?
Opec, non-Opec members to discuss output deal on Saturday in Vienna
Opec will meet nations from outside the cartel on Saturday in Vienna to firm up a deal on output reductions.
Lukoil chief wants Kremlin to compensate firms for output cuts
A vice-president at Lukoil said today that the Kremlin should compensate Russian oil companies for production cuts that could be enforced following this week’s Opec output deal, according to a news report.
Oil heads for biggest gains in 15 months post Opec deal
Oil is headed for its biggest weekly gain in 15 months after OPEC approved its first supply cut in eight years, with attention now shifting to the deal’s implementation and how producers outside the group will react to any price rally.