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RIYADH, Saudi Arabia (AFP) — Saudi Energy Minister Khaled al-Faleh said Monday that oil producing nations could start discussing in June when to raise output, though OPEC is expected to maintain curbs until it clears a global glut. OPEC and its partners agreed last week to keep a lid on output for all of 2018, a strategy that aims to reduce a global excess in supply that has pushed oil prices lower and left a […]
by Alexander Martinez Agence France-Presse CARACAS, Venezuela (AFP) — Venezuela’s military on Thursday arrested the country’s former oil minister and the ex-chief of state oil company PDVSA after both men were sacked as part of an anti-corruption crackdown. Attorney General Tarek William Saab told journalists that the former minister Eulogio del Pino and ex-PDVSA boss Nelson Martinez were picked up in a dawn operation by the country’s Military Counterintelligence Unit. Both former officials were arrested at their […]
by Joseph Sotinel and Simon Sturdee Agence France Presse VIENNA, Austria (AFP) — Oil-producing nations inside and outside OPEC are expected later Thursday to extend a deal keeping a lid on output in an attempt to push crude prices higher. But it remained unclear whether they would prolong by six or nine months the accord to reduce production by 1.8 million barrels a day, after its expiry date of March 31, 2018. The unprecedented agreement […]
NEW YORK, United States (AFP) — Crisis-plagued Venezuela suffered another blow Thursday as a committee of creditors ruled that state oil company PDVSA has defaulted on its debt, a decision that triggers payment of default insurance to investors. The setback for the oil-rich but cash-poor nation came as no surprise, as the government of President Nicolas Maduro has missed payments on sovereign bonds as well as PDVSA debt, even as the population continues to suffer from […]
HONG KONG, China (AFP) — Most Asian markets edged up on Thursday after a recent sell-off across global markets but gains were tempered as the optimism that pushed equities to multi-year highs last week gives way to investor caution. Prices have been falling for much of the week as the sharp gains of October and early November led to profit-taking and worries about high valuations, while US lawmakers’ tax reform struggles are also dampening sentiment. […]
NEW YORK, United States (AFP) — Global stocks were pressured Tuesday by nagging doubts about US tax reform and worries about a petroleum glut. Equity markets fell in New York, Paris and Frankfurt and treaded water in London and Tokyo. Analysts fear the weakness of recent days could hearken a deeper pullback after a series of stock market records over the last month. There are signs “that markets are starting to look a little overextended,” […]
RIYADH, Saudi Arabia (AFP) — Saudi Aramco on Thursday signed agreements worth nearly $4.5 billion with multinational oil and gas contractors, in what the company dubbed as an effort to diversify the economy. The deals were signed with companies including Spain’s Tecnicas Reunidas, Italy’s Saipem, China Petroleum Pipeline and Abu Dhabi’s National Petroleum Construction. The investments “reflect our concerted effort… to diversify our economy, promote local manufacturing, support a sustainable environment and strengthen our business […]
NEW YORK, United States (AFP) — Wall Street’s vaunted Dow Jones Industrial Average was a lonely bright spot in the West on Tuesday as stocks were mainly down following an Asian rally. European equities markets retreated on worries over simmering Middle East tensions, sparked by a Saudi Arabian political crackdown that sent oil prices soaring on Monday. Wall Street opened higher and the Dow just barely scraped into positive territory at the close of trading, […]
SINGAPORE, Singapore (AFP) — Oil prices made rapid gains overnight as geopolitical tensions surged between Saudi Arabia and Iran, sparking fears of a conflict that could disrupt supplies from two major producers. But prices retreated slightly in early Asian trade on Tuesday as traders engaged in profit-taking after both products reached levels not seen in over two years. “Tensions between Iran and Saudi Arabia look to be a major disruptor with markets concerned that supply […]
by Omar Hasan Agence France-Presse DUBAI, United Arab Emirates (AFP) — The International Monetary Fund on Tuesday advised energy-rich Gulf economies to speed up their diversification away from oil after projecting the worst growth for the region since the global financial crisis. Oil exporters in the Middle East, especially those in the Gulf Cooperation Council, have been hit hard by the collapse in crude prices which provided a major part of their finances. Following the […]
LONDON, United Kingdom (AFP) — OPEC secretary general Mohammed Barkindo welcomed Thursday the rebalancing of the world oil market, hinting the cartel would likely renew its output-cutting deal next month. Barkindo made the comments at the annual Oil & Money conference in London, before the latest production meeting of the 14-nation Organization of the Petroleum Exporting Countries (OPEC) in early November. “There is no doubt that the market is rebalancing at an accelerating pace — […]
KUWAIT CITY, Kuwait (AFP) — Oil producers may not need to roll over a deal to cut production beyond March if all members fully comply with their pledges, the Kuwaiti oil minister said Sunday. “The current reduction deal is sufficient to achieve the desired purpose,” of rebalancing the oil market, Essam al-Marzouk told reporters after opening an oil conference. Although “the compliance level to the cuts has reached an unprecedented 116 percent”, this was mainly […]
