Tag: OPEC

Saudi, UAE oil ministers voice ‘concerns’ over price swings

RIYADH, Saudi Arabia (AFP) — The Saudi and Emirati energy ministers voiced concerns on Thursday over oil price fluctuations, saying they were determined to maintain output, the Saudi oil ministry said. In a phone call, Saudi Arabia’s Khaled al-Faleh and the United Arab Emirates’ Suheil al-Mazrouei “voiced their concerns about recent market volatility, fuelled by anxiety over geopolitical events despite the availability of ample supply,” the ministry said. Benchmark oil contract Brent North Sea hit […]

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OPEC institution offers funding for “Build, Build, Build” projects

A financial institution established by the Organization of Petroleum Exporting Countries (OPEC) to help reduce poverty in developing countries has offered its assistance to the Philippines in funding the Duterte administration’s “Build, Build, Build” infrastructure modernization program. During a recent meeting with Finance Secretary Carlos Dominguez III, key officials of the OPEC Fund for International Development (OFID), reiterated the institution’s “keen interest to assist and collaborate” with the Philippine government in carrying out its priority […]

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Saudi ready to raise oil supply after US pullout from Iran deal

RIYADH, Saudi Arabia (AFP) — Saudi Arabia, the world’s largest oil exporter, has said it will take all necessary measures to prevent supply shortages following the US withdrawal from the Iran nuclear deal. “The kingdom will work with major oil producers within and outside OPEC, and with major consumers as well to limit the impact of any shortages in supplies,” the Saudi energy ministry said in a statement late Tuesday. The kingdom’s assurance came just […]

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OPEC chief expects 2018 oil market balance

ABU DHABI, United Arab Emirates (AFP) — OPEC chief Suhail al-Mazrouei said Tuesday he expected the global oil market to be balanced this year, as producers continue to trim production following a 2014 market crash. “I am optimistic that this year, we will achieve a market balance” between supply and demand, Mazrouei, also the energy minister of the United Arab Emirates told the Global Financial Markets Forum in Abu Dhabi. Oil producers from OPEC and […]

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Saudi Arabia calls for oil producers to extend cooperation

by Khaled Orabi in Muscat with Omar Hasan in Dubai Agence France Presse MUSCAT, Oman (AFP) — Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices. The call, the first explicit invitation by Riyadh for long-term cooperation between oil producers, came with oil prices topping $70 a barrel thanks to the deal, after they dove below […]

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Saudi oil minister reaffirms OPEC output squeeze

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 […]

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Oil producers set to maintain squeeze

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 […]

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OPEC chief welcomes rebalancing of oil market

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 — […]

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Oil producers may not need to extend cuts: Kuwait

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 […]

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Oil languishes near multi-month lows on glut fears as Saudi Arabia appoints new crown prince: analyst reaction

Reuters — Oil prices held near multi-month lows on Wednesday (June 21) as investors discounted evidence of strong compliance by Organization of Petroleum-Exporting Countries and non-OPEC oil producers with a deal to cut a global output. Global benchmark Brent was unchanged at $46.02 barrel at 0651 GMT after falling nearly 2 percent in the previous session to its lowest settlement since November. United States crude futures for August were trading up 4 cents at $43.55, after spending […]

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Asian energy firms sink as OPEC output deal disappoints

HONG KONG, China (AFP) — Energy firms took a hit on Friday after crude prices plunged almost five percent the previous day as traders were left disappointed by the Organization of Petroleum Exporting Countries latest output cuts. Keenly awaited talks between the bloc and Russia ended Thursday with news that a deal to reduce output for six months until the end of June would be increased by another nine months in a bid to address an […]

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Oil producers extend output cuts into 2018

by Simon Sturdee and Joseph Sotinel Agence France Presse VIENNA, Austria (AFP) — Oil producers within and outside the Organization of Petroleum Exporting Countries agreed on Thursday to extend output cuts into 2018 to ease a global supply glut and support the price of crude. Market prices for oil fell, however, because of disappointment that there was no decision to deepen the cuts in the face of rising United States output, but also in profit-taking following […]

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