Due to pressure from high global inventories and doubts about OPEC’s ability to implement agreed production cuts, oil prices dropped to six-week lows on Thursday.
Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows.
It, however, recovered a little to trade around $46.90, according to Reuters.
United States’ light crude was down 25 cents at $44.48, also not far off six-month lows, the news agency added.
Continue reading “Oil prices tumble amid uncertainty over implementation of OPEC deal”
The Organization of Petroleum Countries, OPEC, is gradually recovering from its worst experience as a result of the global oil crisis, which cost members about $1 trillion loss since 2014, an official said.
The Secretary General of OPEC, Mohammed Barkindo, said in Abuja during his first member country visit to Nigeria that since the crisis, which followed the unprecedented drop in crude oil prices, member countries of the organisation experienced significant decline in their production capacities and output.
Continue reading “Global Oil Price: OPEC recovering momentum from $1 trillion loss, says Barkindo”
Oil steadied on Wednesday as Russia joined OPEC in cutting production to balance the market, although large supply in places such as the United States dragged on prices.
The Organisation of the Petroleum Exporting Countries, OPEC, is an intergovernmental organisation of oil-exporting developing nations that aims to ensure stable oil prices within global oil markets.
Brent crude futures LCOC1, the international benchmark for oil prices, were trading at $55.63 per barrel at 0749 GMT (02:49 a.m. ET), up 5 cents from their last close.
Continue reading “Oil prices stabilise as Russia joins OPEC in production cut”
The President of the Organisation of Petroleum Exporting Countries, Mohammed Al-Sada, has said he is optimistic members would agree to cut oil production as the 171st meeting of the group begins on Wednesday in Vienna, Austria.
In his opening address to the conference, Mr. Al-Sada, who is also Qatar’s Minister of Energy and Industry, said the situation in the global oil market required urgency in “bringing forward the rebalancing of the fundamentals and returning sustainable stability to the market.”
He said since its last meeting in September 28 in Algiers, OPEC Reference Continue reading “OPEC President optimistic of consensus on oil output cut”
OPEC is moving closer towards finalising its first deal this month since 2008 to limit oil output.
Most members are prepared to offer Iran significant flexibility on production volumes, ministers and sources said on Friday.
Iran has been the main stumbling block for such a deal because Tehran wanted exemptions as it tries to regain oil market share after the easing of Western sanctions in January.
Iran’s rival, Continue reading “OPEC moves closer to oil output deal as Iran gets new offer”
Members of the Organisation of Petroleum Exporting Countries (OPEC) on Friday met in Vienna for talks about a possible freeze on production.
Ahead of the meeting, Iranian representatives said the country had no plans to limit oil output.
However, further details were to be clarified in preparation for the decisive meeting of OPEC oil ministers at the end of November.
OPEC members are hoping that a freeze or significant reduction in oil Continue reading “OPEC meets in Vienna to discuss possible freeze on production”
Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week due to their utterances, a report says.
The report quoted Saudi Arabia’s Energy Minister, Khalid al-Falih, as telling reporters in Algiers that “this is a consultative meeting. We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers.”
Also, Iranian Oil Minister, Bijan Zanganeh, said “it is not the time for decision-making,” referring to the next formal OPEC meeting in Vienna on Nov. 30.
‘He added that “we will try to reach agreement for November.”
Continue reading “Saudi Arabia, Iran hopes for OPEC oil deal in Algeria”