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oil
Libya’s Sharara oil field shuts down only days after restarting
Libya’s giant Sharara oilfield has been shut down again days after restarting following a long blockade, and efforts are under way to reopen it once more, an engineer at the field said on ...
Abu Dhabi raises crude prices following OPEC+ output cut extension
Abu Dhabi boosted pricing for its main Murban crude grade one day after Saudi Arabia posted sharply higher prices of its own, adding weight to efforts by producers to extend a rally in oil while they ...
Libya’s NOC says initial El Feel oil output 12,000 bpd, full capacity in 14 days
Libya's National Oil Corporation (NOC) confirmed on Monday that it has restarted production at the El Feel oilfield with initial output of 12,000 barrels per day (bpd) and will return to full capacity ...
Norway plans to keep oil output cuts unchanged following OPEC+ extension deal
Norway, Western Europe’s largest oil producer, has no plans to modify its existing plans for production cuts, following the OPEC+ group’s agreement to extend a deal on record output cuts to the end of ...
Saudi, UAE, Kuwait voluntary oil cuts were only for one month: Saudi Energy Minister
Voluntary additional cuts by Saudi Arabia, UAE and Kuwait of oil production are due to last for only one month, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said during an OPEC webinar ...
Libya restarts second oil field while OPEC+ extends output cuts
Libya took another step toward reviving its moribund oil industry by restarting production at a second important field after a five-month halt.Pumping began on Sunday at the El-Feel deposit, which had ...
Saudi Arabia raises oil-selling price as OPEC+ extends cuts
Saudi Arabia raised crude pricing to all regions a day after OPEC+ producers extended historic output cuts for another month to bolster oil’s rally, according to a pricing list seen by Bloomberg.The ...
OPEC+ oil cut extension is a victory for Saudi Arabia
OPEC+ agreed to a one-month extension of its record oil-production cuts and adopted a stricter approach to ensuring members don’t pump more than they pledged.The deal will underpin the oil market’s ...
Saudi Arabia oil exports fall $11 bln in first quarter amid coronavirus demand hit
The value of Saudi Arabia’s oil exports plunged by 21.9 percent year on year in the first quarter to $40 billion, corresponding to a decline of about $11 billion, official data showed on Sunday.Brent ...
Libya’s biggest oil field to resume production after five-month hiatus, official says
Libya’s biggest oilfield is gradually resuming production that had been halted by an almost five-month blockade, an official said Saturday.The restart of the Sharara field in the country’s southwest ...
Mexico refuses OPEC+ oil output cut extension agreement
Mexico on Saturday refused to extend a cut in oil production to the end of July which was agreed by OPEC members and other key producers.The Organization of the Petroleum Exporting Countries and its ...
Nigeria says it is ready to compensate for oil overproduction in May-June
Nigeria said on Saturday it was ready to make additional oil output cuts from July to September to compensate for producing more than its quota in May and June, when OPEC and its allies implemented a ...
Russia’s Novak says oil market may see 3-5 million bpd shortage in July: Reports
Russian Energy Minister Alexander Novak said on Thursday that the global oil market may see a shortage of 3-5 million barrels per day (bpd) in July, depending on the parameters of a deal to be reached ...
Saudi Arabia, Russia agree to extend OPEC oil cuts if all members hit quotas: Sources
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to ...
Iraq to cut oil output further, committed to OPEC+ deal, says oil minister
Iraq will further cut its oil output and remains committed to the OPEC+ deal, finance minister and acting oil minister Ali Abdul Ameer Allawi said on Twitter.OPEC and its allies such as Russia are due ...
Oil rises as market waits for OPEC+ decision on output cuts
Oil edged higher toward $36 a barrel as the market waited to see if OPEC and its allies will extend record production curbs.Futures in New York rose around 1% after closing little changed Monday. ...
Oil tankers queue off China’s coast, suggesting rebound in crude demand
Queues of tankers have formed off China’s busiest oil ports as the vessels wait to offload crude for refineries that are quickly ramping up production amid a rapid rebound in fuel demand.Two dozen or ...
Oil prices drop as US-China tensions rise
Oil fell on Monday on worries about renewed tensions between the US and China, although reports that OPEC and Russia were closer to a deal on extending oil output cuts lent some support to ...
UAE’s ADNOC moves to capture returning Asian oil demand: Reports
The UAE’s Abu Dhabi National Oil Co (ADNOC) has told its customers in Asia that it has sufficient supplies of crude oil as demand begins to return, according to S&P Global Platts on Monday.The ...
OPEC, Russia discussing extending oil output cut deal for 1-2 months: Sources
Oil prices were steady on Monday helped by reports that OPEC and Russia were closer to a deal on extending oil cuts but held back by renewed tension between the US and China.Benchmark Brent crude was ...
Discover: The 10 countries with the largest oil reserves in the world
Oil has had a chaotic year so far due to the coronavirus pandemic hitting the world’s demand for crude, with prices at one point prices plunging below zero in a historic upset for markets.As the ...
OPEC+ may bring meeting forward to this week: Sources
OPEC+ is close to a decision to bring forward its meeting by a few days to this week, according to people familiar with the situation.The move, if confirmed, would give the oil cartel more flexibility ...
OPEC+ considering extending oil output cuts: Sources
Saudi Arabia and some other OPEC oil producers are considering extending record high output cuts until the end of 2020 but have yet to win support from Russia, according to OPEC+ and Russian industry ...
OPEC+ watching oil markets before taking further decisions, says Russia
The group of OPEC+ countries will look at how the situation on global oil markets develops before taking any policy decisions, the Kremlin said on Tuesday, when asked if additional efforts were needed ...
Russia sees global oil market supply and demand balancing in June and July: Reports
Russia's energy ministry sees global oil demand and supply balancing in June and July as consumption rises, the RIA news agency said on Monday, citing an unnamed source.The ministry currently sees a ...