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Global oil producers have set ‘floor’ of $60 a barrel, IEA says

Global oil producers have set ‘floor’ of $60 a barrel, IEA says

Co-ordinated action among global producers to enact supply cuts has helped to put a “floor” under crude prices around $60 a barrel, the International Energy Agency said on Thursday. “The agreement aims to achieve relative stability and to bring...

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OPEC and allies agree to cut oil production by 1.2 million barrels per day

OPEC and allies agree to cut oil production by 1.2 million barrels per day

Major oil producers have reached a deal to cut oil production and boost the market, following two days of grueling negotiations and despite opposition from U.S. President Donald Trump. OPEC clinched the deal with allied oil-producing nations...

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Opec and Russia set to defy Trump with oil output cut

Opec and Russia set to defy Trump with oil output cut

Saudi Arabia and Russia are on the verge of agreeing on a deal to cut oil production, defying calls from US President Donald Trump to leave the taps open to keep prices low. The Opec oil cartel and allies led by Russia said in Vienna on Wednesday...

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OPEC works on deal to cut output, still needs Russia on board

OPEC works on deal to cut output, still needs Russia on board

OPEC and its allies are working toward a deal this week to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a major cut was so far the main stumbling block. OPEC meets on Thursday in...

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US crude rises 4%, settling at $52.95, on trade truce and expected supply cuts

US crude rises 4%, settling at $52.95, on trade truce and expected supply cuts

Oil prices surged higher on Monday after the United States and China agreed to a 90-day truce in a trade dispute and Canada’s Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply. U.S. light crude...

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Navy admiral named Brazil’s Minister of Mines and Energy

Navy admiral named Brazil’s Minister of Mines and Energy

Brazil’s President-elect and former army captain, Jair Bolsonaro, has named a Navy admiral as his Mining and Energy Minister. This appointment marks the eighth member of the armed forces to  Bolsonaro’s government and the 20th Minister...

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China Slams Brakes on U.S. Crude Oil Imports

China Slams Brakes on U.S. Crude Oil Imports

Even though Beijing hasn’t sanctioned American oil imports yet, Chinese buyers aren’t taking any chances. The world’s second largest economy halted purchases of U.S. crude in August for the first time since September 2016, according to U.S...

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Oil Bullishness Is at a 4-Month High

Oil Bullishness Is at a 4-Month High

It seems hedge funds are jumping on the $100 crude bandwagon. As speculation increases that global oil prices could again trade that high, money managers are piling on bullish wagers, while short-selling shrinks. They are the most optimistic on a...

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Petrogal to invest up to $1 billion per year in Brazil – CEO

Petrogal to invest up to $1 billion per year in Brazil – CEO

Petrogal, the Brazilian unit of Portugal’s Galp, plans to spend $800 million to $1 billion annually in the coming years in Brazil to develop its current oil and gas assets and boost its stake offshore, its chief executive officer said on...

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Commodities are posting their best returns in a decade and Goldman thinks there’s more to come

Commodities are posting their best returns in a decade and Goldman thinks there’s more to come

Goldman Sachs warns that investors are starting to cool on commodities and could miss out on further gains for the year’s best-performing asset class. Earlier this week, the bank raised its outlook for its commodities index, which tracks...

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Higher oil prices could be a game changer for Asia’s trade-gap trio

Higher oil prices could be a game changer for Asia’s trade-gap trio

Asia’s most externally vulnerable economies – India, Indonesia and the Philippines – have just taken a one-two punch. U.S. 10-year Treasury bond yields US10YT=RR hit 3 percent this week, a level long touted as one to watch for...

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