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.
OPEC
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.
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.
Oil extends longest run of gains since August before OPEC cuts
Oil extended the longest winning streak in more than four months before OPEC and other producing nations start reducing output to stabilize the market.
2016: The Year of OPEC
2016 was the year of OPEC. Will they? Won't they? Why wouldn't they? They did!
OPEC deal tests oil majors’ appetite for risk and reward
OPEC’s deal to cut production and boost prices gives oil companies the opportunity to shake off two years of layoffs and slumping profits to start investing again -- if they still have the risk appetite.
How global oil flows might look after OPEC’s supply shock
OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity.
OPEC deal tests oil majors’ appetite for risk and reward
OPEC’s deal to cut production and boost prices gives oil companies the opportunity to shake off two years of layoffs and slumping profits to start investing again -- if they still have the risk appetite.
Opec deal unlikely to lead to major market rebalancing, researchers say
Analysts have poured cold water on the idea that the recent output deal from Opec and non-Opec countries will lead to a major rebalancing of the oil market.
Opec, IEA show willingness to meet more often
Opec and the US Energy Information Administration (IEA) have agreed in principle to meet more often to discuss oil markets following a get together in Washington yesterday.
OPEC threatened by tiny Oklahoma town with soaring supplies
For OPEC, there are few enemies more fearsome than the tiny Oklahoma town of Cushing.
IEA boss says oil market rebalance could happen in 2017
The chief executive of the International Energy Agency (IEA) said a re-balancing of world oil markets could occur in the first half of next year.
OPEC-Russia deal could drain almost half the oil surplus
On paper, OPEC’s supply deal could drain almost half the global oil glut within six months.
Oil climbs to 17-month high on Saudi pledge, non-OPEC output cut
Oil advanced to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year.
Oil stocks end day among biggest risers after output deal
Oil stocks were among the biggest risers on the FTSE 100 on Monday after non-Opec producers agreed to curb production to help buoy floundering crude prices.
OPEC’s ideal price is $60 to avoid shale revival, Nigeria says
Oil prices at $60 a barrel would be “ideal” for OPEC, as higher levels risk sparking a recovery in competing supplies from the U.S., according to Nigeria’s petroleum minister.
Oil rockets past $50 after non-OPEC members joined deal
Oil jumped to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed while non-OPEC countries including Russia pledged to pump less next year, strengthening the coordinated commitment by the world’s largest producers to tighten supply.
Norway cheers OPEC’s global oil-cuts deal from the sidelines
Norway gave public backing to OPEC’s historic deal to cut oil production in tandem with non-members, although Western Europe’s largest producer gave no indication it would reverse its previous refusal to directly collaborate with the group.
Saudis signal deeper cuts after deal with non-OPEC countries
Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year.
Russia, Opec to meet ahead of crunch Vienna talks
Russian officials plan to meet oil leaders from Opec and non-Opec nations today to discuss some “unresolved” issues ahead of tomorrow’s talks about production cuts in Vienna, a news report said.
Kazakhstan may offer to freeze oil output at Vienna talks
Kazakhstan said it may offer to freeze its oil output at last month's level at talks between Opec and non-Opec producers in Vienna later today.
OPEC’s historic deal won’t be enough to drain oil stockpiles
OPEC is likely to bring the oil market into balance by the middle of next year, but its production cut looks set to fall short of its stated goal of draining the stockpiles that are depressing prices.
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.