Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.
Oil slid as the International Energy Agency highlighted the difficulty that OPEC and its allies will face in balancing the market as producers meet in Abu Dhabi.
Ministers from OPEC+ are gathering in Abu Dhabi with deeper production cuts off the agenda for now, but with a backdrop of growing concern about the strength of oil demand as the global economy slows.
Oil fell for a fourth day, set for the longest run of declines in more than five weeks, after the latest escalation in the trade war blindsided investors and worsened an already-shaky global demand outlook.
Pressure on oil and gas well infrastructure continues to be challenged by ever increasing global demand.
Oil traded near a two-week low as an increase in U.S. fuel stockpiles spurred concern that demand is waning in the world’s biggest crude consumer.
Oil struggled to recover after suffering its worst reaction to an OPEC meeting in more than four years.
The North Sea oil industry must keep a lid on costs if measures taken by Opec and its allies push crude prices much higher, top Aberdeen energy experts have said.
Oil edged lower as investors weighed troubling economic data from around the world against OPEC’s extension of output cuts into 2020.
The OPEC+ alliance is poised to extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields.
Uncertainty relating to Iran and the US-China trade war has led volatile oil prices and the postponement of a key OPEC meeting. The recent exchange of words between US and Iranian leaders has not calmed markets.
Crude kept rising following its biggest weekly gain since late 2016 after PresidentDonald Trump said he would impose “major additional sanctions” on Iran, exacerbating tensions in the oil-rich Middle East.
OPEC nations may be at odds with each other, but all they need to do is extend their current crude oil cutbacks through the end of the year to help keep the market relatively balanced, according to a new report.
OPEC proposed mid-July meetings with its allies in Vienna to discuss extending production cuts, after talks between Russia and Iran made some progress toward resolving a standoff over the date.
Saudi Arabia hopes OPEC and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July, according to the country’s energy minister.
The world will continue to "gulp" North Sea oil despite the growth of other energy markets, according to the Organisation of Petroleum Exporting Countries' (OPEC) chief.
The general secretary of OPEC, Mohammed Barkindo, will give the keynote speech at this year’s Dundee Energy Forum next week.
Saudi Arabia and other key producers in OPEC signaled their intention to keep oil supplies constrained for the rest of the year, while pledging to prevent any genuine shortages.
Oil started the week strongly after Saudi Arabia and other OPEC+ members signaled intentions to keep supplies constrained for the rest of the year, while U.S. tensions with Iran ratcheted up as President Donald Trump threatened the country in a tweet.
Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.
Brent crude nosed above $70 for the first time since November but couldn’t hold the gains, as signs of tightening global supplies were countered by an uncertain economic outlook.
The head of OPEC will speak at a major UK energy conference due to be held in Dundee.
Oil rose to almost $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the U.S.-China trade impasse lifted financial markets.
Oil traded near a four-month high as OPEC and its allies met in Azerbaijan Monday and recommended deferring a decision on whether to extend production cuts until June.
OPEC and its allies have much work ahead to balance global oil markets and are prepared to do what’s necessary in the second half, Saudi Energy Minister Khalid Al-Falih said.