Oil prices rose again yesterday as the commodity underpinning the north-east economy enjoys its longest rally in more than five years.
Oil price news
Hedge funds have undone all their wagers on an OPEC-driven oil rally, and that could be good for prices.
Sterling slumped on Monday as investors fretted about the prospects of a second Scottish independence referendum, which could compound Brexit uncertainties.
Oil producing nations are on track to achieve “full conformity” with production cuts agreed last year.
The Brent crude price benchmark for millions of barrels of physical crude sales each day is poised for its biggest shakeup in a decade with a new grade added to the mix from January next year.
Iraq’s oil exports are poised to decline to a seven-month low in March as ongoing maintenance at some of its biggest fields coincides with a seasonal slump in shipments, potentially helping the country to meet a pledge to OPEC that it would restrict crude supply.
Oil dropped to the lowest in more than two weeks amid estimates that U.S. crude and gasoline inventories continue to climb.
OPEC’s final push to implement the Algiers supply accord and boost oil prices shifted focus to Iran and non-members such as Russia as Iraq appeared to reverse its opposition to output cuts.
Rivals of OPEC seeking to reach its most-prized oil customers are finding that the long way around is better than any shortcut to success.
An oil price surge triggered by a successful OPEC agreement to cut production could be snuffed out as supply surges back, according to the head of International Energy Agency.
For months, Russia has told OPEC its preferred option in any eventual oil-supply deal was to freeze production, rather than to cut it. It’s dawning on the group that Moscow may actually mean it.
OPEC talks in Vienna Tuesday didn’t resolve whether Iraq and Iran will join any production cuts, instead deferring the crucial matter to ministers who will meet on Nov. 30, said two delegates.
When a massive country de-nationalizes its entire energy sector and opens its oil and gas doors for the first time ever to foreign companies, the opportunities are staggering.
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.
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.
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.
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.
The oil market is “pretty pessimistic” about OPEC reaching a deal to cut production, BP chief executive officer Bob Dudley said.
OPEC was already struggling to finalize a deal on production cuts this month. And then Donald Trump was elected President of the U.S.
Oil erased losses as global markets adjusted to Republican Donald Trump’s election as the 45th U.S. president.
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.