Goldman Sachs Group Inc. raised its oil-price forecast for early next year, while Russia, Iran and Iraq separately signaled optimism that producer nations will be able to reach a deal to limit output at OPEC’s next meeting on Nov. 30.
Nigeria’s economic slump deepened in the third quarter as oil production continued to fall and factory output was hit by a shortage of dollars.
Iraq will offer three new proposals at the upcoming OPEC meeting in Vienna to implement an oil output cut, according to reports.
OPEC says it’s close to a deal to cut oil output for the first time since 2008, a move that may halt a 2 1/2-year price slump. The actions of individual member states tell a different story. Here’s a look at the prospects for an agreement ahead of OPEC’s November 30 meeting:
Oil extended gains as Iran signaled optimism OPEC will agree to a supply-cut deal and Iraq said it will offer new proposals to help bolster the group’s unity before members meet next week in Vienna.
One of the oil world's longest and best kept secrets may finally be revealed. Saudi Arabia is preparing to unveil how much oil it holds, a closely guarded state secret that has been kept quiet for decades.
OPEC said it made progress toward a deal to cut production by more than 1 million barrels a day after another round of oil talks with Russia, but left crucial details including the role of Iraq and Iran to be resolved later this month.
Russia’s decision earlier this year to engage in talks with OPEC about limiting oil output has added more than 400 billion rubles ($6 billion) to the nation’s budget, according to two officials familiar with government calculations.
Crude extended its decline after U.S. stockpiles rose and as OPEC meets Russia for informal talks without oil ministers from Iran and Iraq, the two countries that pose the biggest hurdle to an output deal.
Iran’s resurgent oil industry has confounded skeptics. Production is up by almost a third since sanctions were eased in January and foreign companies are lining up to help boost output further. Yet Donald Trump’s victory in the U.S. casts doubt on whether the momentum can last.
OPEC’s Libya plans to almost double crude production next year even as the producer group tries to implement a deal to trim production and ease a global supply glut.
Oil extended gains near $46 a barrel after its biggest surge in seven months as OPEC boosted efforts to finalize a deal to cut production agreed at a September meeting in Algiers.
Just one day after the IEA warned the world could drown in oil if production does not fall beneath demand sometime soon, OPEC released a new market whammy, offering up the cartel's production figures, which largely jive with figures reported by the IEA yesterday: OPEC has increased its oil production.
OPEC members need to stop bickering over output curbs or risk the group becoming irrelevant to global oil markets, according to an analyst who predicted the biggest price crash in a generation.
Iran, which wants an exemption from OPEC’s accord to cut production, told the group it raised output by the most since international sanctions were lifted, while Iraq -- also insisting it should be spared -- gave no reading at all.
Oil extended its decline below $45 a barrel as focus shifted to OPEC’s ability to stabilize prices after markets were roiled this week by Donald Trump’s largely unexpected U.S. presidential election win.
The International Energy Agency increased its estimate of oil production from countries outside OPEC next year, citing an improved outlook for Russia.
OPEC was already struggling to finalize a deal on production cuts this month. And then Donald Trump was elected President of the U.S.
OPEC raised its forecast for global oil demand next year and through the end of the decade, anticipating that cheaper crude will spur consumption even as economic growth slows.
Opec said 2016 has been the turning point towards a more balanced oil market.
Opec’s secretary general said today that the group is committed to making September’s deal to cut output work, according to a news report.
Eni SpA’s chief executive officer called for oil producers outside OPEC to join the group in cutting production to stabilize the market and said his company could still make money with crude at $50 a barrel.
Oil investors are growing more doubtful that OPEC can seal a deal.
Saudi Arabia didn’t threaten to increase its oil production if other OPEC members wouldn’t agree to make cuts, said the group’s top official.
Oil producers in the North Sea, home to one of the world’s key crude-price benchmarks, are poised to ship the most crude in more than four years. The surge takes place just as OPEC tries to contain a global surplus with coordinated output cuts.