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NEW YORK, United States (AFP) — Global stocks rose Wednesday on optimism over US-China trade talks, while oil prices gained after the International Energy Agency reported lower output from OPEC producers. Bourses in Asia and Europe advanced, taking cues from Tuesday afternoon when Wall Street rallied on President Donald Trump’s statement that he could delay new tariffs on Chinese goods set to take effect March 1 if a deal is close. US stocks also climbed […]
PARIS, France (AFP) — Global oil cartel OPEC said Tuesday it sharply reduced crude oil production last month, after heavyweight Saudia Arabia slashed output and exports fell in crisis-hit Venezuela. In its monthly report, OPEC said it produced 797,000 fewer barrels per day in January than in the previous month, a decrease in line with the cartel’s pledge to curb output in a bid to boost sagging prices. The decrease by the group of 14 […]
RIYADH, Saudi Arabia (AFP) — OPEC kingpin Saudi Arabia will slash its oil exports in January by 10 percent compared to November, its energy minister said Wednesday as producers move to shore up tumbling prices. Khalid al-Falih said the kingdom, the world’s top crude supplier, would cut its exports to 7.2 million barrels per day in January, down from 8.0 million bpd in November. He also announced a further 100,000 bpd cut in February. OPEC […]
KUWAIT CITY, Kuwait (AFP) — Oil ministers from leading OPEC nations said Sunday they expect prices will arrest their recent slide and rebalance early next year, when a deal on new production cuts takes effect. Oil prices have shed more than 36 percent since early October to trade at $54 (47 euros) per barrel, due to fears of oversupply and weak global demand. But president of OPEC and UAE Energy Minister Suhail al-Mazrouei said that […]
NEW YORK, United States (AFP) — World oil prices tumbled Tuesday to their lowest levels in more than a year, hit by fears over the outlook for the global economy and doubts over producers’ resolve to cut output. The plunge in oil prices came on a mixed day for global stocks, with European and Asian markets falling in the aftermath of Monday’s Wall Street rout. US stocks mustered modest gains, but finished well below […]
DUBAI, United Arab Emirates (AFP) — Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday. OPEC and some non-OPEC producers decided to cut output by 1.2 million barrels per day for six months from January after world prices shed a quarter of their value in just a few weeks. Prices currently hover around […]
RIYADH, Saudi Arabia (AFP) — Saudi Arabia’s energy minister held talks Monday with US Energy Secretary Rick Perry, after the kingdom and its allies defied US pressure to cut oil production in a bid to prop up prices. They discussed the “state of the oil market” and energy cooperation between the two countries during a meeting in eastern Dhahran city, the minister, Khalid al-Falih, said on Twitter. Perry tweeted that he discussed the need for […]
by Joseph SOTINEL / Jastinder KHERA Agence France Presse VIENNA, Austria (AFP) — OPEC members and 10 other oil producing nations, including Russia, agreed Friday to cut output by 1.2 million barrels a day in a bid to reverse falls in prices in recent months. Energy ministers reached the deal — which takes effect from January 1 but has already sent prices surging on oil markets — after two days of talks at OPEC […]
Saudi oil minister said he is “not confident” about chances of a deal on oil production cuts after a long day of negotiations at OPEC headquarters in Vienna. OPEC ministers resumed talks Friday before further discussions with 10 key partner countries, including Russia, later in the day to thrash out an agreement on production cuts. Amid sharp differences over which way to go, the oil market continued under pressure. In early trade Friday, the […]
by Joseph Sotinel and Simon Morgan Agence France Presse VIENNA, Austria (AFP) — OPEC members and other oil-producing countries mulled cuts in output Thursday to prop up plunging prices, defying repeated calls by US President Donald Trump that they keep the taps open. “We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Saudi oil minister Khalid al-Falih told reporters ahead of an OPEC meeting in the Austrian capital. Oil […]
WASHINGTON, United States (AFP) — US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low. Trump’s comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday in Vienna to discuss lowering their output. “Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want […]
HONG KONG, China (AFP) — Shares across Asia plunged Thursday, with technology firms in Hong Kong and Shanghai battered after the arrest of a top executive at Chinese telecoms giant Huawei that has also fuelled fears about the recent China-US trade deal. As Donald Trump and Xi Jinping’s tariffs ceasefire last weekend — which sparked a one-day rally — fades to a distant memory, investors are back in selling mood as they fret over a […]
