Tag Archives: Opec

The benchmark oil price settled largely unchanged on Monday, holding above the $90 a barrel reached last week for the first time in 10 months following fresh Saudi and Russian crude output cuts. Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled …

OPEC and its allies pumped 380,000 b/d fewer barrels of crude oil in April compared to March, according to the latest Platts survey by S&P Global Commodity Insights, as Iraq was unable to export its northern production, while Nigeria suffered major outages. OPEC’s 13 members produced 28.60 million b/d, down …

Oil prices were steady on Thursday after an European Central Bank (ECB) decision to slow interest rate hikes but were unable to claw back much of this week’s more than 8% decline as demand concerns in major consuming countries continued to weigh. Brent futures were up 28 cents, or 0.39%, …

Oil prices rose on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer. Brent crude rose 1.06, or 1.3%, to $82.72 a barrel by 12:17 p.m. EDT (1717 GMT). U.S. West Texas Intermediate crude rose 95 cents, …

Oil fell for a second day as bullish impetus from OPEC+ production cuts faded against a weaker-than-expected demand picture. West Texas Intermediate dropped below $80.50 per barrel after weakening 2 percent on Monday, the biggest daily fall in four weeks. US shale production is seen higher in May, while there …

Oil prices surged on Monday after Iraq, Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets, though the dollar failed to hold onto its early gains. Brent crude futures looked set for its biggest daily percentage gain in …

The Kuwait Oil Company declared a “state of emergency” on Monday following an oil spill on land, but said no injuries or disruption to production had been reported. The emergency followed an “oil leak in the west of the country”, the state-owned company said in a statement, as video posted …

An OPEC+ panel is likely to recommend keeping the oil producer group’s current output policy unchanged when it meets this week, three OPEC+ delegates told Reuters on Monday. Ministers from OPEC+ countries – members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia – are due …

The decision of the OPEC+ group of leading oil producers to reduce output by two million barrels per day is aimed at market stabilization, a Kremlin spokesman said on Thursday. Dmitry Peskov also said that by agreeing to reduce output, OPEC+ has confirmed its credentials as an organization responsible for …

The OPEC+ group of oil producers is discussing output cuts of more than 1 million barrels per day (BPD), OPEC sources said, and voluntary cuts by individual members could come on top of that, making it their largest cut since 2020. The group is set to meet on Oct. 5 …

Oil prices sank on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes trumped support from OPEC+’s first output target cut since 2020. Brent crude was down $3.26, or 3.4%, to $92.48 at 11:27 a.m. EDT (1527 GMT). U.S. West …

Oil prices rose about 4% on Monday, extending gains as OPEC+ members agreed to a small production cut to bolster prices. Brent crude futures for November delivery rose $3.53 to $96.55 a barrel, up 3.8%, by 11:07 a.m. ET (1507 GMT). U.S. West Texas Intermediate crude was up $3.08, or …

Oil prices climbed on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weakness in the global economy loomed over the market. Brent crude futures were up $1.59, or 1.7%, to $93.95 a barrel by 11:19 a.m. …

Oil prices eased on Thursday in volatile trade as investors braced for the possible return of sanctioned Iranian oil exports to the market and on worries that rising U.S. interest rates would weaken fuel demand. The prospect that the OPEC+ producer group could curb oil supplies limited the decline in …

OPEC and allied oil-producing countries decided Thursday to stick to a modest increase in production, even as Europe’s proposed phaseout of Russian oil threatens to yank millions of barrels off a global market already thirsty for crude.

West Texas Intermediate dropped 3.58 percent while global benchmark Brent slid 3.2 percent. Oil declined in tandem with equities as China’s stringent measures to curb Covid-19 threatened a further hit to economic activity and fuel demand. West Texas Intermediate futures slid 3.4% as data showing a sharp economic contraction in …

Libya is losing tens of millions of dollars a day from the shutdown of its oil facilities, while global prices are at their highest in years, the country’s oil minister told AFP. Oil is the lifeblood of the North African country trying to move past a decade of conflict since …

Oil prices extended gains on Wednesday after Moscow said peace talks with Ukraine had reached a dead end, feeding worries about tight supplies even after U.S. crude stocks rose by more than 9 million barrels. Brent crude was up $1.94, or 1.9%, to $106.58 a barrel by 11:03 a.m. (1508 …

European Union officials will hold talks in Vienna with OPEC representatives on Monday amid calls for the producer group to increase output and as the EU considers potential sanctions on Russian oil. OPEC has resisted calls by the United States and the International Energy Agency to pump more crude to …

Oil prices drifted lower on Friday and were set to drop around 3% for the week as consuming countries’ planned release of 240 million barrels from emergency stocks offset some concerns over reduced supplies from Russia due to western sanctions. Brent crude futures edged lower by 55 cents, or 0.6% …