EghtesadOnline: President Donald Trump has proposed selling off more than half of the U.S. emergency oil stockpile, potentially putting more crude on the global market and undermining OPEC’s efforts to prop up prices.
EghtesadOnline: Iran’s oil industry bounced back from sanctions last year, cranking up output to recover market share from other OPEC producers. Now that its surge has topped out, Iran supports an extension of the group’s cuts to preserve those gains.
EghtesadOnline: OPEC and its allies came one step closer to agreeing to extend their oil supply deal after a ministerial committee recommended another nine months of cuts.
EghtesadOnline: Iran’s Petroleum Minister Bijan Zanganeh says he does not expect the Organization of the Petroleum Exporting Countries (OPEC) to call on the Islamic Republic to reduce its oil production when it meets to discuss extending an oil output deal tomorrow.
EghtesadOnline: Oil prices were stable on Wednesday, supported by confidence that an OPEC-led output cut aimed at tightening supply would be extended to all of 2017 and the first quarter of next year.
EghtesadOnline: At first glance, OPEC’s cuts haven’t worked -- global oil inventories remain well above normal levels. But the policy’s made a difference where it really counts: juicing the coffers of finance ministries from Baghdad to Caracas.
EghtesadOnline: OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement.
EghtesadOnline: Crude oil climbed toward $51 a barrel and Asian stocks advanced, helped by a rise in energy producers amid speculation cuts to crude supplies will be extended further. The yen declined after a volatile week for financial markets.
EghtesadOnline: Oil prices fell on Wednesday after data showed an increase in U.S. crude inventories, stoking concerns that markets remain oversupplied despite efforts by top producers Saudi Arabia and Russia to extend output cuts.
EghtesadOnline: Chinese equities rose as optimism over infrastructure spending offset concerns over the strength of the global economy, while oil surged on expectations for a supply cut.