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...
Read moreDespite dramatic slides in the oil market, some forecasters remain positive on prices and demand going into 2019. A year ahead outlook report from Bank of America Merrill Lynch expects Brent crude to regain its recent losses in 2019 and settle at...
Read moreMajor 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...
Read moreSaudi 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...
Read moreOPEC 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...
Read moreSaudi Arabia will not cut oil output on its own to stabilize the market, Energy Minister Khalid al-Falih said on Wednesday as Nigeria and Russia said it is too early to signal whether they would join any production curbs. Oil producer group OPEC...
Read moreThe rapid plunge in oil prices to $50 a barrel is bad for the United States and threatens to create problems in the credit market, warns Jeff Currie, head of commodities research at Goldman Sachs. Currie’s opinion is at odds with the view...
Read moreGoldman Sachs said Monday commodities could surge around 17 percent over the coming months, with a fast-approaching G-20 meeting cited as a potential launchpad for raw materials. A dramatic sell-off in commodities comes at a time when traders are...
Read moreA South Korean delegation including oil buyers is expected to head to Iran next week to discuss resuming Iranian oil imports after a three-month halt, three sources with knowledge of the matter said. South Korea is one of eight countries that...
Read moreIraq aims to supply China with about 60 percent more crude next year, as OPEC’s second-biggest supplier double downs on its main market in Asia, according to the head of the state-run Oil Marketing Co. Iraq is ready to ship about 1.45 million...
Read moreThe United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it re-imposes sanctions on Monday to try to force Iran to curb its nuclear, missile and regional activities. U.S. Secretary of State Mike...
Read moreU.S. President Donald Trump cannot bring oil prices down by “bullying” other nations, Iran’s oil minister said on Tuesday, adding that the market was suffering from short supply. U.S. sanctions on Iranian oil exports are due to kick in on Nov. 4...
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