EghtesadOnline: Oil fell on Wednesday, under pressure from a potential increase in OPEC crude output to cool the market’s recent rally and cover any shortfalls in supply from Iran and Venezuela.
EghtesadOnline: Indian private refiner Essar Oil's imports from Iran fell by three-quarters in August from a year ago, as it boosted purchases from Venezuela, according to tanker arrival data obtained from trade sources and ship-tracking services on the Thomson Reuters terminal.
EghtesadOnline: Tehran and Caracas are ready to adopt measures to help stabilize the global oil market and improve prices.
EghtesadOnline: The latest shipping figures show India’s purchases of crude oil from Iran in June dropped drastically but instead increased significantly from Venezuela as well as Iraq and Egypt.
EghtesadOnline: The energy ministers of OPEC members Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts amid a developing consensus that they should prolong their joint effort to curb supply.
EghtesadOnline: OPEC Secretary-General Mohammed Barkindo forecast on Monday that stability would return to oil markets this year while price hawk Venezuela said it hoped its crude basket would rise to $70 in coming months.
EghtesadOnline: An agreement among OPEC and non-OPEC states to limit oil production could slash global supply by 1.2 million barrels a day and add as much as $15 to prices, said Venezuelan Oil Minister Eulogio Del Pino.
EghtesadOnline: Oil prices rose almost 2 percent on Monday, after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilizing deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted.