Shale drillers finally buckling as OPEC keeps pumping
US oil drillers are finally beginning to buckle.
OPEC
Saudis tell oil producers to cut costs or get out of the business
The world’s most powerful oilman brought a harsh message to Houston for executives hoping for a rescue from low prices: high-cost producers - many of them sitting in the room - need to either “lower costs, borrow cash or liquidate."
Nigeria backs oil output freeze while giving Iran way out
Nigeria backed Saudi Arabia and Russia in freezing oil production while giving Iran and Iraq a way out to regain some of their lost market share due to sanctions and war.
For OPEC, path from oil freeze to output cuts is far from clear
Saudi Arabia said its accord with Russia to cap oil production was “the beginning of a process,” but the path from a freeze to the output cuts needed to eliminate a global surplus is far from clear.
Oil extends gain as Iran backs output freeze without vowing cuts
Oil extended gains above $31 a barrel as Iran supported a proposal by Saudi Arabia and Russia to freeze production at near-record levels, without saying whether it would curb its own output. Futures climbed as much as 3.5 percent in New York after rising 5.6 percent Wednesday. Iran backs any measures to stabilize markets including the output cap, Oil Minister Bijan Namdar Zanganeh said after talks with Qatar, Iraq and Venezuela, according to a report from the Shana news service.
Iran supports oil freeze pact without pledging to cut its own production
Iran has supported an accord by Saudi Arabia and Russia to steady global oil markets by capping their supply, without saying whether it would temper its own production.
Iran to increase oil exports Opec envoy says
Iran has snubbed a proposal agreed to by four oil powerhouses to cap their crude output if other producers do the same, with a senior official saying Tehran has no intention of freezing production levels.
Mining giants fuel FTSE 100 bounce back
The rebound on London’s top flight index picked up pace as a rally in the mining sector helped it build on recent gains.
Abu Dhabi’s new oil head comes from investment side
Abu Dhabi, the Persian Gulf emirate that holds about 6 percent of global crude reserves, replaced the head of its state oil company with an executive who spent the last 10 years investing in energy as prices languish near a 12- year low.
Secret petro-diplomacy starts to pay off in echo of 1999 shock
For more than a year, oil diplomats have been busy behind the scenes trying to forge a deal between OPEC and nations outside the cartel to revive prices by curbing output.
Brent trades near $32 as focus turns to Tehran after Saudi pact
Brent oil traded near $32 before a meeting between Iraq and Iran in Tehran after Saudi Arabia and Russia agreed to freeze production at near record levels amid a global glut.
Oil producing nations fail to agree on output cuts
A short oil price rally was brought to an abrupt halt yesterday after large producing nations failed once more to agree on output cuts, instead freezing production at record levels.
Crude rally brought to abrupt halt as output frozen – at its highest ever level
A brief rally in the cost of crude was brought to an abrupt halt after global oil giants failed once more to agree on production cuts, instead freezing output at its highest-ever level.
Russia looks to other producers to join production freeze
Russia has agreed with Opec members Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same.
Putin’s reward for doing a deal with OPEC overshadowed by risks
Neither a recession nor a collapse in revenue has yet been enough to convince Russian President Vladimir Putin that it’s time to join with OPEC in cutting oil output to boost prices. His reasons may be pragmatic rather than political.
Saudi, Russian oil ministers said to plan talks in Qatar
Saudi Arabia’s oil minister plans to meet with his Russian counterpart in Doha on Tuesday to discuss the oil market, according to a person familiar with the talks. Ali al-Naimi, the most senior oil official of the world’s biggest crude exporter, will speak with Russia’s Alexander Novak in the Qatari capital, according to the person, who asked not to be identified because the talks are private.
Opinion: Why OPEC will not call an emergency meeting
None of the 13 members of OPEC want the oil price to continue at its current level for longer than is necessary. For some OPEC members, the situation is becoming critical. Even Saudi Arabia, whose lifting costs are well below the current price, is running a budget deficit and taking action to reduce the rate at which it is using up its foreign currency reserves.
Oil resumes drop as Iran loads Europe cargo, China imports fall
Oil resumed its decline below $30 a barrel as Iran loaded its first cargo to Europe since international sanctions ended and Chinese crude imports dropped from a record.
Iranian Oil Minister says Tehran ready to negotiate with Saudi Arabia
The Iranian Oil Minister has said Tehran would be ready to negotiate with Saudi Arabia over the current conditions facing the global market.
Saudi, Venezuela oil ministers hold ‘successful’ talks on market
Saudi Arabian Oil Minister Ali al-Naimi said he held “successful” talks with his Venezuelan counterpart about ways of cooperating to stabilize the crude market, without saying what steps producers should take to shore up prices.
Emerging stocks drop as oil sinks energy shares
Emerging-market stocks headed for their first decline in five days as energy producers dropped with oil and concern grew over the outlook for the global economy. The Malaysian ringgit paced losses for developing-nation currencies. The MSCI Emerging Markets Index decreased the most in a week, with nearly two shares falling for each one that gained. PetroChina Co. and Cnooc Ltd., China’s largest listed oil producers, slid for a second day in Hong Kong.
Oil rally falters on signs of slowing China as OPEC output rises
Oil’s longest rally this year faltered on signs industrial activity in the world’s biggest energy consumer is deteriorating and as OPEC pumps a record amount of crude. Futures lost as much as 2.5 percent in New York to snap a four-day advance. China’s purchasing managers index dropped in January to a three-year low, with the official factory gauge signaling contraction for a record sixth month.
Russia sees decision on oil cut only if all exporters agree
A decision on cutting oil production is possible only if all crude exporting nations are in consensus, and there is no timing for talks yet, Russia’s Energy Minister Alexander Novak said in an interview.
OPEC states say no meeting planned as Russia floats talks
OPEC delegates said they have no meeting planned with Russia after the country’s Energy Minister Alexander Novak indicated he was willing to meet with the group next month to coordinate oil-output policy. Four OPEC representatives said they hadn’t heard of any plan for talks. One Gulf member said de facto leader Saudi Arabia had no proposal to trim production by 5 percent, after Interfax reported the country had suggested such a cut at previous OPEC meetings, citing Novak. The minister said Russia would be willing to discuss output with OPEC, according to the news service.
Oil extends gain from three-week high as Russia flags OPEC talks
Oil extended gains from the highest close in three weeks as Russia’s energy minister said that OPEC and other producers may meet to discuss output. Delegates from the group said no meeting has been planned.