EghtesadOnline: OPEC crude production rose in May led by gains from Libya and Nigeria, countries that are exempt from the deal to cut output in a bid to revive oil 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: 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: Saudi Arabia and Russia said they favor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped.
EghtesadOnline: Iran cut back crude oil production last month in a move that reflects its adherence to a global supply cut deal and OPEC's efforts to shore up prices and restore balance to the beleaguered oil market.
EghtesadOnline: Oil prices gave up earlier gains on Tuesday, as concerns over slowing demand and a relentless rise in U.S. crude output undermined the impact of hopes that OPEC-led production cuts could be extended.
EghtesadOnline: Oil prices rose on Monday as Saudi Arabia's energy minister said an OPEC-led production cut scheduled to end in June would likely be extended to cover all of 2017, although a relentless increase in U.S. drilling capped gains.
EghtesadOnline: Saudi Arabia’s oil minister said he is confident that an agreement by oil producers to curb output and shrink a market glut will be extended into the second half of the year and possibly beyond.
EghtesadOnline: Iran has refreshed its consent with the price of oil around $55 per barrel with the country’s Petroleum Minister Bijan Zanganeh stressing that there is already a consensus among producers to keep the prices at the same level by extending the current production cuts.
EghtesadOnline: Iran will go along with whatever decision OPEC makes at its meeting later this month on whether to extend oil production cuts beyond June, Oil Minister Bijan Namdar Zanganeh said.