OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries.
With the deal finally signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC Russia to play ball, the market’s focus will now switch to compliance with the agreement.…
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OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries.
With the deal finally signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC Russia to play ball, the market’s focus will now switch to compliance with the agreement.…
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The US oil rig count jumped this week by 21 to 498, the biggest increase since July 2015 according to driller Baker Hughes.
The increase is the sixth weekly increase in a row, with only one weekly decline taking place over the past six months.…
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The US oil rig count jumped this week by 21 to 498, the biggest increase since July 2015 according to driller Baker Hughes.
The increase is the sixth weekly increase in a row, with only one weekly decline taking place over the past six months.…
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The Organization of Petroleum Exporting Countries (OPEC) has reached a deal among all 14 member countries to curtail oil production for the first time since 2008, the oil-producing cartel announced from its headquarters in Vienna on Wednesday.
OPEC agreed its first oil output cuts since 2008 after Saudi Arabia accepted “a big hit” on its production and dropped its demand on arch-rival Iran to slash output.…
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The Organization of Petroleum Exporting Countries (OPEC) has reached a deal among all 14 member countries to curtail oil production for the first time since 2008, the oil-producing cartel announced from its headquarters in Vienna on Wednesday.
OPEC agreed its first oil output cuts since 2008 after Saudi Arabia accepted “a big hit” on its production and dropped its demand on arch-rival Iran to slash output.…
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The U.S oil rig count jumped by 19 to 471 this week, according to oilfield-services giant Baker Hughes. The increase marks the 22nd weekly rise out of the last 24 weeks. It was also the largest jump since the week of July 24, 2015 when the count rose by 21.…
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The U.S oil rig count jumped by 19 to 471 this week, according to oilfield-services giant Baker Hughes. The increase marks the 22nd weekly rise out of the last 24 weeks. It was also the largest jump since the week of July 24, 2015 when the count rose by 21.…
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Oil explorers in the U.S. state of Texas said they’ve discovered the largest deposit of shale oil in a region known as the Permian Basin.
The so-called Wolfcamp formation, explorers believe, could hold up to 20 billion barrels of oil, worth up to $900 billion.…
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Oil explorers in the U.S. state of Texas said they’ve discovered the largest deposit of shale oil in a region known as the Permian Basin.
The so-called Wolfcamp formation, explorers believe, could hold up to 20 billion barrels of oil, worth up to $900 billion.…
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News Event
From Trading Economics: Oil prices dropped to their lowest in three months on Monday amid revived concerns about oversupply, as investors remain skeptical that OPEC will reach a deal to cut production. The US crude dropped by 2.5 percent to $42.3 per barrel and the Brent crude was down 2.4% to $43.7 a barrel around 5:15 PM London time.…
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News Event
From Trading Economics: Oil prices dropped to their lowest in three months on Monday amid revived concerns about oversupply, as investors remain skeptical that OPEC will reach a deal to cut production. The US crude dropped by 2.5 percent to $42.3 per barrel and the Brent crude was down 2.4% to $43.7 a barrel around 5:15 PM London time.…
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Squabbling between Saudi Arabia and Iran has sent the oil price down, as tension between the near neighbours threatened to derail talks aimed at cutting production by the OPEC group of oil-producing countries.
Following last week’s meeting, where Iran refused to cap output at below 4mbpd, OPEC sources told Reuters that the Saudi’s have threatened to steeply raise their output.…
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Squabbling between Saudi Arabia and Iran has sent the oil price down, as tension between the near neighbours threatened to derail talks aimed at cutting production by the OPEC group of oil-producing countries.
Following last week’s meeting, where Iran refused to cap output at below 4mbpd, OPEC sources told Reuters that the Saudi’s have threatened to steeply raise their output.…
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The US oil-rig count climbed by nine to 450 this week, according to oilfield-services company Baker Hughes.
Last week, the oil rig count fell for the first time in four months, by two to 441. The rebound during those months — the longest streak since the oil crash — was small compared to the plunge that preceded it.…
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The US oil-rig count climbed by nine to 450 this week, according to oilfield-services company Baker Hughes.
Last week, the oil rig count fell for the first time in four months, by two to 441. The rebound during those months — the longest streak since the oil crash — was small compared to the plunge that preceded it.…
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Weekend negotiations between major oil producers around an output cut ended in a stalemate Saturday, threatening last month’s historic deal that vowed to drain the global supply glut of crude. The Organization of the Petroleum Exporting Countries (OPEC) and other major producers met in Vienna last weekend to pave the way for a detailed plan to lower oil output and support prices.…
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Weekend negotiations between major oil producers around an output cut ended in a stalemate Saturday, threatening last month’s historic deal that vowed to drain the global supply glut of crude. The Organization of the Petroleum Exporting Countries (OPEC) and other major producers met in Vienna last weekend to pave the way for a detailed plan to lower oil output and support prices.…
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US Based oil driller, Baker Hughes reported today that there has been an increase in the number of active oil rigs by 11 to 443 for the week closing on October 21st. This is a new high for the index since the week ending on February 5th, when the count was seen at 467 during its sharp decline.…
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US Based oil driller, Baker Hughes reported today that there has been an increase in the number of active oil rigs by 11 to 443 for the week closing on October 21st. This is a new high for the index since the week ending on February 5th, when the count was seen at 467 during its sharp decline.…
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