EghtesadOnline: OPEC ministers met with partners and rivals in Houston this week as they try to figure out whether to prolong production cuts. That decision only got harder.
EghtesadOnline: Saudi Arabia and Russia, the architects of an oil production cut that has stabilized prices, presented a united front on compliance just as rising U.S. inventories have sparked doubts about the OPEC and non-OPEC deal.
EghtesadOnline: Oil prices surged on Friday, as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output.
EghtesadOnline: OPEC-led oil production cuts have been well supported by all participating countries despite some teething troubles for non-OPEC members, the group's secretary-general, Mohammed Barkindo, said on Monday.
EghtesadOnline: Iraq’s oil exports are poised to decline to a seven-month low in March as ongoing maintenance at some of its biggest fields coincides with a seasonal slump in shipments, potentially helping the country to meet a pledge to OPEC that it would restrict crude supply.
EghtesadOnline: Russia will decided in April or May whether an agreement on global oil output cuts between OPEC and non-OPEC producers, set to end on June 31, should be extended, TASS news agency quoted Russian Energy Minister Alexander Novak as saying on Saturday.
EghtesadOnline: Oil supplies from OPEC are plunging this month as the group implements production cuts aimed at erasing a global surplus, according to tanker-tracker Petro-Logistics SA.
EghtesadOnline: Iran is maintaining crude oil production within the framework of a global pact reached last year to cut supplies to ease the bloated oil inventories and lift sagging prices, a deputy at the National Iranian Oil Company said.
EghtesadOnline: U.S. shale is getting in the way of a New Year’s resolution by OPEC to cut production and boost the market.
EghtesadOnline: OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said.