Tag Archives: Opec

Oil prices rose on Friday but pulled back sharply from early highs on concerns that continued spread of the novel coronavirus could stall the United States’ economic rebound. Crude benchmarks followed other assets lower, pulling back from session highs after Boston Federal Reserve President Eric Rosengren said more fiscal and …

Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to …

Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy. Brent crude LCOc1 futures were up 37 cents at $41.08 a barrel at 0846 GMT. U.S. West Texas …

Oil prices slid on Tuesday on lingering concerns over the threat to fuel demand from the resurgence of new coronavirus infections around the world, though hopes for further cuts in crude supplies stemmed losses. Brent crude LCOc1 fell 20 cents, or 0.5%, at $39.52 a barrel by 0424 GMT, having …

Oil fell more than 1% towards $40 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand due to the coronavirus crisis. The report from the American Petroleum Institute, an industry group, said crude stocks rose …

Oil fell about 3% on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include additional voluntary reductions by a trio of Gulf producers. After rising for seven consecutive sessions, Brent oil futures LCOc1 fell $1.30, or 3.1%, to $41.00 a barrel by 12:16 …

Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May. Brent crude LCOc1 was up 89 cents, or 2.1%, at $43.19 per barrel, by 0500 GMT, while U.S. …

Iraq has told OPEC it would start an urgent plan to cut its oil production gradually to fully comply with its quota, an OPEC delegate said on Saturday after the group demanded that Baghdad and other laggards adhere to a pact on output curbs. Iraq’s plan would include reaching a …

Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures settled up $2.31, or 5.8%, at $42.30 a barrel, surging 19.2% on the week. U.S. West …

Oil prices rose on Friday after OPEC decided to move up discussions on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal. Brent crude futures were up 95 cents, or 2.4%, at $40.94 a barrel as of …

When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output. Now that crude has rallied on the back of those cuts from below $20 a …

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to restart after coronavirus lockdowns. Brent crude LCOc1 rose 2.7%, or $1.04, …

Global benchmark Brent rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions imposed on people’s movements due to the coronavirus crisis. Crude prices have slumped in 2020, with Brent hitting a 21-year low below $16 …

A Chinese envoy has accused the United States of undermining the global economy by building trade barriers and artificially prolonging the global coronavirus pandemic by halting funding to the World Health Organization. China’s ambassador to the United Nations in Vienna, Wang Qun, made the unusually harsh remarks at a meeting …

Oil prices rose on Tuesday, after OPEC’s de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want to extend the deep cuts reached in April for a longer period than originally agreed. OPEC and its allies, a …

Oil prices fell on Monday as investors worried about the second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses. Brent crude futures lost 96 cents, or 3.1%, to $30.01 a barrel by 11:25 a.m. EDT (1525 GMT). West Texas …

President Donald Trump denied any involvement by the US government in what Venezuelan officials have called a failed armed incursion in the South American country that led to the capture of two American “mercenaries.” Trump made the comment to reporters at the White House after socialist Venezuelan President Nicolas Maduro …

Iraq’s total oil exports for April averaged 3.438 million barrels per day (bpd) and oil revenue more than halved to $1.42 billion, a statement from the oil ministry said on Friday. The average price per barrel of oil in April was $13.8. Iraq’s revenue from oil, its main source of …

Oil rose further above $26 a barrel on Friday as OPEC and its allies embarked on record output cuts to tackle a supply glut due to the coronavirus crisis that has been weighing on the market. The global oil benchmark, Brent crude, has fallen almost 60% percent in 2020 and …

As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil …