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.…
]]>
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.…
]]>
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.…
]]>
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.…
]]>
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.…
]]>
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.…
]]>
The release of worldwide manufacturing PMI results will provide data watchers with the first available information on global economic trends in November. Meanwhile the Fed will be monitoring non-farm payroll numbers in the US and ECB policymakers await inflation and unemployment figures.…
]]>
The release of worldwide manufacturing PMI results will provide data watchers with the first available information on global economic trends in November. Meanwhile the Fed will be monitoring non-farm payroll numbers in the US and ECB policymakers await inflation and unemployment figures.…
]]>
Iranian Oil Minister Bijan Namdar Zanganeh said he’s optimistic that OPEC members will agree to proposed production cuts at a meeting in Vienna later this month.
The group—which controls over a third of global oil production—agreed in September to reduce output to help draw down a glut of supplies weighing down on prices.…
]]>
Iranian Oil Minister Bijan Namdar Zanganeh said he’s optimistic that OPEC members will agree to proposed production cuts at a meeting in Vienna later this month.
The group—which controls over a third of global oil production—agreed in September to reduce output to help draw down a glut of supplies weighing down on prices.…
]]>
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.…
]]>
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.…
]]>Deprecated: Function get_magic_quotes_gpc() is deprecated in /home2/sharonox/public_html/wp-includes/formatting.php on line 1828
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.…
]]>Deprecated: Function get_magic_quotes_gpc() is deprecated in /home2/sharonox/public_html/wp-includes/formatting.php on line 1828
Deprecated: Function get_magic_quotes_gpc() is deprecated in /home2/sharonox/public_html/wp-includes/formatting.php on line 1828
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.…
]]>
Oil prices rose further for a sixth consecutive day with the Brent crude prices touching levels above $50 for the first time in over a month and a half. The price jumps have been experienced as information emerged pointing towards a meeting between some of the biggest world crude oil producers.…
Oil prices rose further for a sixth consecutive day with the Brent crude prices touching levels above $50 for the first time in over a month and a half. The price jumps have been experienced as information emerged pointing towards a meeting between some of the biggest world crude oil producers.…
]]>
Prospects continue to look high for oil producers as crude oil prices continue to recover. A lot of the excitement is felt in the USA too, as new reports show that the USA is likely to remain resilient even if the are weak oil prices.…
Prospects continue to look high for oil producers as crude oil prices continue to recover. A lot of the excitement is felt in the USA too, as new reports show that the USA is likely to remain resilient even if the are weak oil prices.…
]]>
As the increase in US crude inventories and the already high Saudi Arabian production strengthened fears that a major supply glut that will remain till at least mid-next year and will keep impacting the market.
There was a slump in global crude prices as the International Brent Crude futures edged down by 10 cents to settle at $43.95 per barrel, and WTI Crude futures was trading 10 cents lower at $41.95 per barrel at 6:50GMT.…
]]>
As the increase in US crude inventories and the already high Saudi Arabian production strengthened fears that a major supply glut that will remain till at least mid-next year and will keep impacting the market.
There was a slump in global crude prices as the International Brent Crude futures edged down by 10 cents to settle at $43.95 per barrel, and WTI Crude futures was trading 10 cents lower at $41.95 per barrel at 6:50GMT.…
]]>