Oil holds above $50 as OPEC optimism weighed against US supply
Oil is holding near $50 a barrel as optimism spurred by OPEC’s output cuts confronts pessimism over rising U.S. supply.
OPEC
Oil set for best week of 2017 amid talk of extending output cuts
Speculation OPEC will extend its deal to curb output and ease a global glut is sending oil toward its biggest weekly increase this year.
Saudi stance means extension to oil output cuts a near certainty
Saudi Arabia has set a near-impossible target to end the current round of OPEC oil-production cuts, indicating that a policy rollover into the second half of the year is a near certainty.
US motorists hamper Opec’s efforts to lift oil prices
Rising U.S. oil production isn’t the only thing getting in the way of OPEC’s efforts to drain a global glut. American drivers aren’t helping either.
Oil extends decline as US drilling accelerates amid OPEC cuts
Oil extended its decline below $50 a barrel as U.S. drillers continued to boost activity, countering OPEC’s efforts to drain a global glut.
Oil inches back from $50 ledge as US supply stymies OPEC cuts
Oil halted losses after the biggest drop in more than a year as record U.S. crude stockpiles began to raise doubts about the effectiveness of OPEC-led efforts to ease a global glut.
Oil to hit $40 if OPEC fails to expand cuts, Pioneer says
Oil prices will tumble to $40 a barrel if OPEC doesn’t extend its pact later this year to cut output, according to one of the most prominent producers in the shale patch.
IEA sees oil investment revival as OPEC bails out producers
Oil companies are reviving investment after a two-year rout as OPEC output cuts boost prices, easing but not eliminating the risk of a future supply crunch, the International Energy Agency said.
US shale 2.0 challenges Opec again
When the who’s who of the oil industry met a year ago in Houston, Saudi Arabia’s energy minister had harsh words for U.S. shale drillers struggling with the worst price crash in a generation.
Russian oil cuts stall
Russian oil output remained unchanged last month despite agreeing to production cuts.
Russia’s Lukoil eyeing up Iran oil fields under rule change
Russia's second top oil producer Lukoil hopes to reach a deal to develop two oilfields in Iran in April, the firm's chief executive has claimed.
OPEC cuts well supported, teething troubles for non-OPEC members says cartel leader
OPEC-led production cuts have been well supported by participating countries despite some teething troubles for non-OPEC members, according to the cartel's secretary-general, Mohammed Barkindo.
Iraq to look offshore in bid to increase OPEC reserves
Iraq is to start offshore exploration in a bid boot its OPEC reserves, the country's oil minister has claimed.
Russia could accelerate production cuts, report says
Russian Energy Minister Alexander Novak said today that the country could reduce production quicker than originally expected, Reuters reported.
Oil nations on track for full compliance with output cuts, committee says
Oil producing nations are on track to achieve “full conformity” with production cuts agreed last year.
Oil trades near 19-Month high as crude flows to US drop
Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect.
Total CEO says OPEC needs to prolong cuts to eliminate surplus
OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total SA Chief Executive Officer Patrick Pouyanne.
OPEC aiming for higher compliance, 2017 stock falls
The OPEC cartel is aiming to improve compliance with record oil output cuts seen in January.
Iran sees oil output reaching 4million barrels per day by April
Iran expects its oil production to reach 4 million barrels per day by mid-April, according to a senior official.
Russia overtakes Saudi Arabia as world’s top crude producer
Russia overtook Saudi Arabia as the world’s largest crude producer in December.
Iraq to acquire “large fleet” of tankers for OPEC transport
Iraq is planing to acquire a "large fleet" of tankers in a bid to transport OPEC crude to global markets.
Opec chief says oil industry ‘heading in right direction’
Opec’s secretary general said today that the oil industry was “heading in the right direction” after producing nations agreed to output cuts.
Prof Alex Kemp: Even at $60 a barrel North Sea might struggle
A leading oil economist claims that even if Brent crude reached the milestone of $60 a barrel it is not going to "transform" the struggling North Sea industry.
Saudi turning to solar in effort to save oil for export
The nation most identified with its massive oil reserves is turning to wind and solar to generate power at home and help extend the life of its crucial crude franchise.
Iraq exports to hit 7-month low, reinforcing Opec cuts
Iraq’s oil exports are poised to decline to a seven-month low in March as ongoing maintenance at some of its biggest fields coincides with a seasonal slump in shipments, potentially helping the country to meet a pledge to OPEC that it would restrict crude supply.