Oil gains on signs OPEC+ is nearing consensus on oil output plan
Oil’s rally accelerated on signs that OPEC+ was nearing a consensus that would keep oil output steady next month.
OPEC
Updated: Oil prices fall as OPEC+ extends talks to second day without decision
Oil dropped the most in two weeks with OPEC+ yet to resolve an impasse on whether to keep raising production at a time when the pandemic threatens demand.
Updated: Oil advances on Covid-19 vaccine optimism and US stimulus
Oil climbed as the UK is poised to grant regulatory approval to another Covid-19 vaccine and as the US passed its stimulus bill into law.
Russia favors further OPEC+ output hike in February
Russia intends to support a further increase in OPEC+ production at the group’s meeting next month, even as a new strain of the coronavirus raises concerns about demand, said officials familiar with the country’s oil policy.
North Sea operators want ‘more evidence’ of sustained $50 oil price before greenlighting projects
North Sea operators would like “more evidence” that the $50 Brent oil price is here to stay before greenlighting long-term investments.
Updated: Brent nears $50 as Opec+ agrees more moderate production increase
Brent crude neared $50 per barrel this morning after the Opec cartel and its allies agreed to a more gradual easing of production cuts next month.
OPEC+ makes headway on oil-output deal after days of talks
OPEC+ has made headway toward a deal on oil-output cuts, the first sign of progress after failed talks earlier this week.
While OPEC+ fights, Mexico wins over $2 Billion with oil hedge
Mexico will cash in its oil price insurance policy this year for the fourth time only in the last two decades, receiving a payout of about $2.5 billion from its 2020 sovereign oil hedge, people familiar with the transaction said.
Oil rises despite OPEC+ struggle for consensus on output, second day of meeting postponed until tomorrow
Oil erased earlier losses with OPEC+ seeking more time to reach a deal on production policy after a meeting broke down without an agreement.
OPEC+ inaction could lead to 200 million barrel surplus next year, Rystad says
Oil markets could be saturated with millions of surplus barrels if OPEC+ fails to agree an extension to current production cuts, according to analysis from Rystad Energy.
OPEC+ meets to seek compromise on plan to delay output hike
OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.
OPEC+ heads to crucial talks seeking compromise on oil cuts
OPEC and its allies headed into a two-day meeting with ministers still seeking a compromise on proposals to delay a production boost, after failing to reach consensus in talks on Sunday night.
Oil retreats on signs of OPEC+ discord ahead of key meeting
Oil dropped below $45 a barrel as a consensus within OPEC+ to postpone an output hike planned for January remained elusive ahead of a meeting of the cartel’s power brokers later on Monday.
Oil rally stalls amid OPEC+ tensions over production plans
Brent oil traded slightly lower at around $48 a barrel -- but was on track for a fourth weekly gain -- amid signs of division among OPEC+ members just days before a key policy meeting on whether to extend production curbs.
BP to invest more in Middle East’s ‘world-leading’ oil fields
BP said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions.
OPEC-watchers expect group to delay supply boost by three months
OPEC and its allies will likely delay a supply increase planned for January by three months, according to a survey of oil analysts, traders and refiners.
Russia and Saudi Arabia power risks OPEC+ break-up
Frustrated UAE representatives are sending subtle but strong signals that they may be the first in the OPEC+ oil producers group to break free and go it alone.
Saudi acknowledges Jeddah missile attack
Saudi Arabia has confirmed a missile attack on a fuel tank in the city of Jeddah, claimed by Houthi rebels in Yemen.
OPEC+ drops another hint it will delay production hike
OPEC+ said oil producing countries must be ready to act when the group gathers for its next full ministerial meeting in two weeks, the latest indication the cartel is preparing to delay a production increase.
Oil extends gains on vaccine progress as OPEC+ meets
Oil extended its gain with investors weighing news of another Covid-19 vaccine breakthrough as OPEC+ moved closer to delaying a planned easing of output cuts.
Oil rises with China economic recovery, US ruling out lockdown
Oil has risen on optimism over China’s recovery from a virus-led demand crash and as advisers to President-elect Joe Biden ruled out a national lockdown to curb the spread of Covid-19.
Here’s the latest on the resurgence of Libya’s oil industry
Libya’s oil industry reached a milestone over the past week with the reopening of the last of its oil fields and ports following a truce in a years-long civil war.
OPEC+ vows ‘proactive’ response to precarious oil market
The OPEC+ alliance warned of a “precarious” outlook as a resurgent pandemic hurts oil demand, dropping further hints about a potential change of policy next month.
Oil steadies as Saudis say nobody should doubt OPEC’s commitment
Oil steadied as Saudi Arabia vowed that OPEC and its partners will do what’s necessary to balance the market.
Oil steady near $43 before OPEC+ meets to assess market
Oil was steady near $43 a barrel in London before an OPEC+ meeting to assess the state of the market as demand comes under pressure once again from a resurgent coronavirus.