Iraq nears oil output capacity of 5 mln bpd, committed to OPEC cuts

Saturday, 13 January 2018

Iraqi Oil Minister Jabar al-Luaibi said on Saturday that the OPEC member’s oil output capacity is nearing 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies. Luaibi said the supply cut agreement between OPEC and non-OPEC producers should continue despite a rise in oil prices. “The market now is not 100 percent stable,” he said at an industry conference in Abu Dhabi, ...

Oil surges to highest since 2014 as global stocks tighten

Thursday, 11 January 2018

Oil prices surged to their highest since 2014 on Thursday on tightening global crude stocks and after OPEC members said they would stick with output cuts for now despite gains in Brent to nearly $70 per barrel. Brent crude futures hit $69.88, their highest since December 2014. By 1531 GMT, the contract was trading at $69.70, 50 cents above the last close. US West Texas Intermediate (WTI) crude futures surged to $64.77, also the highest since December 2014, before edging ...

US oil prices hit highest since 2014, but analysts warn of overheated market

Wednesday, 10 January 2018

US oil prices hit their highest since 2014 on Wednesday due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating.A broad global market rally, including stocks, has also been fueling investment into crude oil futures.US West Texas Intermediate (WTI) crude futures were at $63.44 a barrel, 48 cents, or 0.8 percent, above their last settlement at 0752 GMT. Earlier prices rose to as much as $63.53, the highest since Dec. 9, 2014 ...

Oil dips away from mid-2015 highs as higher output looms

Wednesday, 3 January 2018

Oil prices held steady on Wednesday near mid-2015 highs reached the previous session as high output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran. US West Texas Intermediate (WTI) crude futures were at $60.50 a barrel at 1017 GMT, up 13 cents from their last close, though still not far off the $60.74 reached on the previous day that was the highest since June 2015. Brent crude futures - the international benchmark for oil prices - were at ...

Oil steadies as China demand eases to one-year low

Wednesday, 8 November 2017

Oil steadied on Wednesday as Chinese crude imports fell to a one-year low, but losses were offset by investor caution over  Middle East developments. Brent futures were at $63.80 a barrel at 1005 GMT, up 11 cents, while US West Texas Intermediate (WTI) futures were down 8 cents at $57.12 a barrel. Brent crude hit $64.65 earlier this week, its highest since mid-2015. China’s October oil imports fell to just 7.3 million barrels per day from a near record-high of about 9 million bpd in ...

Oil prices steady as Saudi cuts September supplies

Tuesday, 8 August 2017

Oil prices steadied on Tuesday after news of lower crude supplies from Saudi Arabia offset higher output from other large producers including the United States. Saudi state oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day (bpd), sources familiar with the matter told Reuters on Tuesday. The cut is in line with the kingdom’s commitments in a supply reduction pact led by the Organization of the Petroleum Exporting Countries ...

Oil prices fall as OPEC oil exports rise

Friday, 4 August 2017

Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures, the international benchmark, were trading at $51.61 a barrel at 0958 GMT, 40 cents below the last close and heading for a fall of more than 1.5 percent on the week. US West Texas Intermediate (WTI) crude futures were 40 cents lower at $48.63 per barrel and were set to drop by just over 2 percent for the ...

Oil rises on weaker dollar, but US supply caps gains

Thursday, 26 January 2017

American oil inventories and production both rise

Oil steadies above $55 ahead of supply cut deal

Tuesday, 27 December 2016

Jan. 1 is the official start of the deal agreed by OPEC and several non-OPEC producers to lower production by almost 1.8 million barrels per day

Brent holds firmly above $50 as oil returns to bull market

Friday, 19 August 2016

Members of the Organization of the Petroleum Exporting Countries and their rivals outside the group are to meet informally next month in Algeria

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