OPEC to hold a steady course – keeps on pumping
OPEC plans to stick to its policy of unfettered oil production after members failed to agree on a new output ceiling, according to a delegate at the group’s meeting in Vienna.
OPEC
Saudi Arabia considers surprise deal to repair OPEC’s divisions
Saudi Arabia is ready to consider a surprise deal with fellow OPEC members, attempting to mend divisions that had grown so wide many dubbed the group as good as dead.
Opinion: What can we expect from today’s OPEC meeting?
The industry is waiting expectantly for the OPEC meeting in Vienna today, at what is proving to be an interesting time for oil and gas. Despite a modest increase in oil prices recently, there is continuing speculation about a production freeze and extra attention has also been fixed on Khalid al-Falih in his new role as Saudi Arabia’s oil minister. Mr al-Falih replaced the long serving Ali al-Naimi in early May and all eyes are on him to see how he performs and whether he continues his predecessor’s tough line towards Iran. Indeed, commentary on his presence at the summit has already begun, with analysts using his early arrival on Monday as an indication of his commitment to the half-yearly meeting this Thursday.
Oil holds near $49 before OPEC meeting as Saudis consider deal
Oil held near $49 a barrel as OPEC ministers prepare to convene in Vienna amid speculation Saudi Arabia is considering a deal to mend divisions within the group.
Oil prices plummet ahead of OPEC crunch meeting
Oil prices have tumbled ahead of a crunch meeting between members of the Opec cartel, with hopes for an agreement to cut production fading.
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.
No more oil walks in Vienna: Saudis bring new style to OPEC
For more than two decades, the people of Vienna have witnessed a peculiar ritual that’s been a firm fixture of OPEC’s regular gathering: the Saudi oil minister’s morning stroll.
U.A.E. sees oil market correcting itself ahead of OPEC meeting
The global crude oversupply that has caused prices to slump since 2014 is correcting itself, the oil minister of the United Arab Emirates said Tuesday on arrival in Vienna ahead of an OPEC meeting this week.
Saudi’s oil policy may be working, but issues remain for Kingdom
In the rarefied world of oil macroeconomics there appears to be widespread - if grudging - admiration for Saudi Arabia's refusal to blink over its policy to continued high levels production as the oil price crashed.
Oil set for longest run of gains in five years before OPEC meeting
Oil is set for the longest run of monthly gains in five years as output disruptions from Nigeria to Canada reduce supply before OPEC meets Thursday in Vienna to discuss production policy.
Oil states expected to stick with Saudis : OPEC reality check
OPEC members gathering in Vienna June 2 are expected to go along with a Saudi Arabia-led policy focused on squeezing out rivals amid signs the strategy is working. That means the meeting may be less fraught than the previous summit in December, which ended with public criticism of the Saudi position from Venezuela and Iran.
Oil slips third day as Canada output returns before OPEC meeting
Oil slid a third day as Canadian producers moved to resume output after wildfires and as OPEC delegates prepare to meet in Vienna to discuss production policy.
Battle inside OPEC eases as Saudi oil strategy finally pays off
Saudi Arabia has been fighting with fellow OPEC members since the oil rout started two years ago.
Pre-OPEC meeting said to have no discussion of oil-output limits
The final preparatory gathering of officials from the Organization of Petroleum Exporting Countries before the ministerial meeting on June 2 didn’t discuss any limits on crude output, the latest signal that the group will stick to its current strategy of letting low prices eradicate a supply glut.
Saudi Arabia’s economic plan shows it’s just not that into OPEC
Saudi Arabia, one of the founders of OPEC, is sounding the group’s death knell.
US remains world’s largest producer of petroleum and natural gas
The United States produced more than twice the petroleum and natural gas hydrocarbons as Saudi Arabia produced in 2015.
Iran won’t freeze oil output as it gears up for OPEC meeting
Iran, which is due to meet with OPEC partners on June 2, has no plan to join any freeze in crude output as the country won’t be done ramping up oil exports to pre-sanctions levels before the second half of the year, the head of the state oil company said.
OPEC strategy “working” as oil nears $50 on demand
OPEC’s strategy to defend market share over prices is working as oil approaches $50 a barrel amid rising demand and declining output from producers including U.S. shale companies, Kuwait’s acting oil minister said.
Goldman Sachs forecasts deficit amid increasing demand
Oil advanced as Goldman Sachs said the market moved into a deficit earlier than expected and China’s refineries processed crude at record rates.
IEA sees a smaller global oil surplus than anticipated
The global oil surplus in the first half of this year will probably be smaller than previously estimated because of robust demand in India and other emerging nations, the International Energy Agency said.
Oil market `rebalancing’ for Qatar as OPEC heads for Vienna
Global oil demand is catching up with supply and the market should see a “rebalancing” in the second half of the year as cheaper crude has forced some production to close, Qatar’s Energy Minister Mohammad Al Sada said.
OPEC said to head to June talks without plan for supply cap
There are currently no proposals on the table for OPEC to revive limits on crude output at its June meeting after the failure of talks to freeze production last month, according to six delegates from the group.
Tanker with disputed Libyan oil returns to country for unloading
A tanker with oil from eastern Libya returned with its cargo to the North African country after the United Nations blacklisted the shipment, amid an escalating struggle between the nation’s rival governments for control of its crude wealth.
OPEC: ‘Psychological support’ only outcome of meeting
An agreement on production levels by OPEC would have created only “psychological support” for the market, according to a top analyst.
Opinion: OPEC policy is greatest concern for senior executives
As greater and greater detail emerges about the OPEC meeting in Doha this past weekend, only one fact seems to matter – there is no agreement to freeze production.