OPEC and its allies reached a preliminary agreement in the face of strong opposition from Iran to boost production by a theoretical 1 million barrels a day — the actual increase will be smaller as several countries are unable to raise output.
Brent crude oil fell to below $74 a barrel as OPEC and its allies inched closer to reaching an agreement on relaxing output curbs at a meeting in Vienna this week.
A leading petro-economist has said there are “opposing forces” clouding what may happen when some of the world’s largest oil producing nations meet tomorrow.
Iran put itself on a collision course with Saudi Arabia at this week’s OPEC meeting, rejecting a potential compromise that would see a small oil-production increase to appease energy consumers.
Saudi Arabia’s plan to halt the oil-price rally could hurt its economy, depriving the kingdom of billions of dollars in income that it needs more than many other OPEC members.
American politicians are at it again: punching OPEC.
Brent crude erased earlier losses as OPEC was said to discuss a smaller-than-expected increase in production.
Even with Iran threatening to block an increase in OPEC’s oil production, Saudi Arabia still has options.
Saudi Arabia’s oil minister said it’s “inevitable” that OPEC and its allies will agree to boost oil output gradually, giving the most definitive signal yet that the cartel will alleviate high prices for consumers.
Two of Asia’s largest crude buyers are considering teaming up to buy U.S. supplies and counter OPEC’s dominance in the world’s biggest oil market.
Come for the football, stay for the oil diplomacy.
ussia plans to propose that OPEC and its allies be allowed to return production to October 2016 levels, rolling back most but not all of their output cuts within three months, according to a person familiar with Russian thinking.
Oil extended declines as Russia was said to increase output before it meets with OPEC, adding to signs that a global coalition of producers is unwinding a pact to restrain supply.
The U.S. government has quietly asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels a day, according to people familiar with the matter.
Oil’s rally to its highest level since 2014 was curtailed this month after two of the world’s biggest crude suppliers signaled they may scale back historic output cuts that helped drain a global glut.
Oil held losses below $67 as global risk assets slid on renewed trade tensions between the U.S. and China as well as political turmoil in Europe, with concerns simmering that OPEC may ease its output curbs.
OPEC and allied oil producers including Russia concluded that the crude market re-balanced in April, when their output cuts achieved a key goal of eliminating the global surplus.
Oil headed for its longest run of losses in almost four months as Saudi Arabia and Russia said they are discussing reviving output to ease consumer anxiety after prices jumped to levels last seen in 2014.
Oil is poised to post its first weekly decline in almost a month as Saudi Arabia and Russia said they’re discussing easing global output cuts while the risk of Iranian and Venezuelan supply disruptions linger.
Saudi Arabia and Russia, the oil producers who led the effort to shrink a global glut, said they are discussing easing output curbs for the first time.
Oil held gains near $71 a barrel after escalating conflict in the Middle East raised geopolitical risks and as most OPEC members cut output more than required last month.
OPEC has enough spare production capacity to cushion oil markets if the U.S. re-imposes sanctions on Iran, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
The international nuclear agreement with Iran might not be the only deal U.S. President Donald Trump has unraveled.
OPEC’s output cuts as well as outages in Venezuala have offset projected drilling activity in 2018.
President Donald Trump started a tug of war with the oil market and lost the first round.