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Oil Prices Rise on OPEC Supply Cuts, Venezuela Sanctions

Oil Prices Rise on OPEC Supply Cuts, Venezuela Sanctions

Oil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports. U.S. West Texas Intermediate (WTI) crude oil futures were at $53.60 per barrel at 0219 GMT, up 50...

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Saudi Arabia Would Need Oil at $80-$85 a Barrel to Balance Budget: IMF Official

Saudi Arabia Would Need Oil at $80-$85 a Barrel to Balance Budget: IMF Official

Top oil exporter Saudi Arabia would need oil priced at $80-$85 a barrel to balance its budget this year, an International Monetary Fund official said. Riyadh’s breakeven oil price depends on several factors, including the level of oil...

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Energy body points to ‘gradual’ rebalancing of oil market

Energy body points to ‘gradual’ rebalancing of oil market

The rebalancing of the oil market will be “gradual”, the International Energy Agency said on Friday, as production cuts by Opec and Russia are offset by swelling US supply and an uncertain demand outlook. While Saudi Arabia leads global producers...

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OPEC oil production sinks in December as Saudis cut output more than expected

OPEC oil production sinks in December as Saudis cut output more than expected

OPEC slashed production in December, delivering a bullish signal to the market one month before the producer group officially began a fresh round of output cuts. Last month, OPEC struck a deal with Russia and nine other nations to keep 1.2...

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US crude jumps 2.6%, settling at $49.78, on trade talks and OPEC cuts

US crude jumps 2.6%, settling at $49.78, on trade talks and OPEC cuts

Oil prices rose on Tuesday, supported by hopes that demand may rise more quickly if talks between U.S. and Chinese officials resolve the trade dispute between the world’s two biggest economies. A possibility that OPEC-led supply cuts could...

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Oil prices zip higher with Opec production cuts in focus

Oil prices zip higher with Opec production cuts in focus

Oil on Monday continued its rise to mark an increase of more than 8 per cent since the beginning of the year as the market absorbs cuts in Opec production that come into force this month. Brent, the international benchmark, climbed as much as 3.3...

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The last time oil did this, it surged 80 percent

The last time oil did this, it surged 80 percent

Crude oil could be on the verge of a big comeback. Since surging to four-year highs in October, the commodity has plummeted 39 percent down to levels not seen since mid-2017. The last time it saw these lows, it had a massive rally, says Matt...

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OPEC is cutting more oil from the market than planned, says former Saudi Aramco executive

OPEC is cutting more oil from the market than planned, says former Saudi Aramco executive

The oil market should prepare for a bullish surprise from OPEC in January, according to a former Saudi Aramco executive. The 14-member oil producer group will likely deliver a deeper output cut in January than it promised last month, said Sadad...

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Producer cuts are set to boost the oil market in 2019, data firm projects

Producer cuts are set to boost the oil market in 2019, data firm projects

An oversupply of oil will continue to pressure prices into the first quarter of 2019, but producer cuts will eventually boost crude price as the year progresses, according to Argus Media, an energyinformation provider. That is, supply and demand...

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OPEC reportedly set to publish production cut quotas to boost falling oil prices

OPEC reportedly set to publish production cut quotas to boost falling oil prices

OPEC is reportedly planning to release a table detailing voluntary supply cut quotas among its members and allies, Reuters reported Thursday, as the influential oil cartel steps up its efforts to put a halt to one of the biggest oil price falls...

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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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