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Opec has agreed to cut production by 1.2million barrels a day from January.
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Oil markets set for ‘greater volatility’, IEA chief says
The head of the International Energy Agency has reportedly said oil markets are set for a period of “greater volatility” in the wake of Opec’s output reduction deal.
OPEC deal upends entire oil Market, not just prices
No matter where you look in the oil market, key markers watched by traders have been going haywire since Wednesday -- and they show little sign of letting up. Whether it’s a futures curve suddenly suggesting concerns that supply is shrinking or record trading of contracts designed to protect against price fluctuations, OPEC’s first output cut in eight years has sent the market into a spin.
Russia, Saudi phone call at 2am pivotal to Opec deal
After months of meetings from Doha to Moscow, it was a 2 a.m. phone call between two of the most powerful men in the global oil industry that finally broke the impasse.
Opec deal a ‘fabulous Christmas present’, says Colin Welsh
Opec’s pact on crude production is a “fabulous Christmas present” for the oil and gas sector, an Aberdeen-based energy finance expert said yesterday.
All eyes on Russia in wake of Opec deal, Prof Kemp says
Oil traders' attention will turn to Russia following Opec’s landmark decision on crude output, a prominent petro-economist said yesterday.
Opec’s output deal: What we know so far
The heads of Opec member countries will meet in Vienna today in an attempt to hammer out a deal on production cuts.
Prof Kemp says North Sea industry had ‘good case’ for decommissioning tax break
North Sea businesses hoping to benefit from decommissioning tax breaks were left wanting by the Chancellor’s Autumn Statement today.
Oil prices set to hold as US stocks stay healthy, S&P analysis shows
Oil prices are unlikely to increases significantly this week despite the recent Opec output reduction deal as US inventories remain well stocked, S&P Global Platts analysis indicates.
Oil market oversupply to persist into 2017, MEI says
Data and analytics firm McKinsey Energy Insights (MEI) has said it does not expect the oil supply glut to be soaked up for at least another six months.
Oil prices drop amid fresh supply glut fears
Oil prices slumped today after a survey was published indicating OPEC production hit record highs last month while the US rig count also soared. OPEC’s output for July likely rose after Iraq and Nigeria pumped out greater volumes in July despite attacks on installations from militants, the Reuters survey said. Meanwhile, 44 new oil drilling rigs came online in the US in July, the biggest monthly increase in two years, heightening fears of another oil glut.
Oil dips as recent gains seen as unsustainable
Oil declined for a fourth day on concern recent gains were unsustainable, while shuttered Canadian operations started to reopen.
Vitol sees oil market sentiment showing prices have bottomed out
Oil markets are signaling that prices have bottomed out even as growth in demand for crude is forecast to slow this year, according to a senior executive at Vitol Group, the world’s largest independent oil trader.
Commodities slump hits stock market
Top-flight shares plunged into the red after commodity falls weighed on heavyweight oil firms and miners.
Oil prices hold steady as hopes of production freeze persist
Oil prices firmed in thin Easter holiday trading today, adding to gains in recent weeks as optimism holds that a production freeze among major producers may be implemented.
Strong gains for oil as traders say worst could be over
Oil markets jumped as much as 7% today as speculation about falling US shale output and a rally in equities fed the notion that crude prices may be bottoming after their 20-month collapse.
Oil glut continuing into 2017 – prices unlikely to rise says IEA
The influential International Energy Agency sees oil markets rebalancing in 2017 thanks to falling US production but the decline will prove short-lived as efficiency gains will push U.S. output to new records by the beginning of the next decade.
Oil holds steady as FTSE makes modest gains
London’s top flight index made modest gains after slumping into the red in the previous session.
Oil rises after Russia says it is willing to meet Opec producers
Oil rose today after Russia repeated its willingness to take part in talks with Opec producers to cut output and boost prices, although analysts said rising US crude inventories could put a brake on a bigger rally.
World Bank slashes forecast for oil prices
The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016 amid growing supply and weak demand prospects from emerging markets.
Oil up more than 5% as supply deal inches closer
Oil rose more than 5% yesterday, with Brent going above $32 a barrel on hopes Opec and non-Opec producers were inching closer to a deal to reduce output in the face of one of the biggest supply gluts in decades.
Oil down 3% after Iraq reports record output
Oil prices are down by 3% after Iraq announced record-high production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.
Oil slides more than 2% after Goldman Sachs cuts forecasts
Oil prices fell more than 2% today after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.
Russian oil major sees growth undimmed by price war with Saudis
Russian energy firms are weathering low oil prices and will continue to increase output in the next few years even if Saudi Arabia raises production to depress prices further, one of Russia's fastest growing oil companies says. Gazprom Neft, Russia's third-largest oil producer owned by state-run gas producer Gazprom, said that due to abundant supply and technological developments oil prices may have returned for a prolonged period to the $30-$40 per barrel range seen before the commodities boom of the 2000s. Some oil projects won't be viable at such low prices but most of those won't be in Russia, where field development will prove resilient even at $20-$35 per barrel - much lower than in the United States, the Arctic or on large offshore deposits.
Iraq Basra crude Sept exports to be near record, heavy oil jumps
OPEC's second-largest producer, Iraq, plans to export near-record volumes of Basra crude in September, up 20 percent from August, as it ramps up heavy oil production, trade sources said on Thursday. "There were a number of wells shut-in before Basra Heavy came out to minimise the quality impact on Basra Light," a source with knowledge of Iraqi oil production said. "Those are now being restarted." Iraq allocated 3.017 million barrels per day (bpd) of Basra crude for export in September, up from 2.52 million bpd in August, traders said, citing a preliminary loading programme from the State Oil Marketing Organization (SOMO).