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NEW YORK, United States (AFP) — US stocks continued to rebound from last week’s rout on Monday, rising for the third straight session, while oil prices strengthened ahead of a closely-watched OPEC meeting. European stocks finished modestly lower, while Tokyo and Hong Kong both gained. Continued US economic optimism was reflected in a new survey showing executives in the manufacturing and services sector expect to see increased revenue, hiring and capital spending in 2017, according […]
RIYADH, Saudi Arabia (AFP) — Saudi Arabia is committed to stabilizing the global oil market, the energy ministry of the world’s biggest oil exporter said on Tuesday, as prices fell below $48 a barrel. The Organization of the Petroleum Exporting Countries and non-OPEC countries last year pledged to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb a global oil glut. Saudi Arabia “is committed and […]
KUWAIT CITY, Kuwait (AFP) — Oil markets have already begun to rebalance after strong signs that producers are complying with output cuts, Kuwait Oil Minister Essam al-Marzouk said on Wednesday. “We are confident that rebalancing in the oil markets has already started,” Marzouk said. “We expect a positive impact on the market by the end of the first quarter of 2017,” he told a conference organised by Petroleum Intelligence. Marzouk said that signs indicate that […]
ABU DHABI, United Arab Emirates (AFP) — Saudi Energy Minister Khaled al-Falih said Thursday he was optimistic about a stabilization of the oil market following an OPEC deal to cut output. “We believe that the agreement that we refer to between us and OPEC and non-OPEC members will hold,” he said at an energy conference in the United Arab Emirates. Falih said Saudi Arabia had exceeded its pledges to cut production, without giving any figures. […]
SINGAPORE , Singapore (AFP) — Oil soared Monday following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output, in a bid to end a stubborn global glut that has hammered prices. In a bid to reverse a dramatic fall in income, Russia and 10 other non-OPEC states on Saturday said they will reduce their production by more than half a million barrels per day (bpd), the Organization of […]
(Reuters) — The first of its kind in eight years: OPEC finally agreed to cut output. Taking the biggest hit: OPEC’s largest pumper, Saudi Arabia. It’ll account for nearly half of the cartel’s deal to curb output by 1.2 million barrels a day from the current 33.6 million barrels. What’s more, non-OPEC producers, like Russia, agreed to reduce output as well. Combined, the cuts will amount to two percent of global production. “This is a […]
MOSCOW, Russia (AFP) — Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani on Monday expressed support for OPEC’s plans to limit the cartel’s output ahead of a crucial meeting this week. In a telephone conversation, the two leaders said the cartel’s efforts were “an essential element” for returning stability to global oil prices, a Kremlin statement said. “The importance of steps taken by OPEC to limit the production of commodities was emphasized as […]
TEHRAN, Iran | AFP | Monday 10/17/2016 – 18:29 GMT+8 | 201 words Iran said Monday its oil production capacity will hit four million barrels per day by March after it was exempted from an informal agreement among OPEC members to lower output to boost prices. “Our production capacity was 3.8 million (bpd) after the first half of the year. We will take it to 4.03 million by the end of the year” in […]
SINGAPORE, Singapore (AFP) — Oil prices fell in Asia Friday as doubts emerged over the long-term success of a surprise OPEC agreement to cut output and stabilise the oversupplied market. The Organization of the Petroleum Exporting Countries on Wednesday stunned traders by announcing plans to trim collective production by around 750,000 barrels per day. Initial euphoria over what would be the first output cut in eight years sent prices soaring six percent but the rally […]
by Martin Abbugao SINGAPORE, Singapore (AFP) — OPEC shocked markets with a deal to cut oil output after kingpin Saudi Arabia allowed bitter rival Iran to be exempted, but analysts warned Thursday the move would not likely have a lasting impact. The cartel’s announcement of the first reduction in eight years sent crude prices surging up to six percent Wednesday, while energy firms in the US and Asia followed suit with huge gains. At the […]
Singapore (AFP) — Oil prices fell for a third day in Asia trade Thursday after figures showing high US crude stockpiles and increased Saudi production. Official US data on Wednesday showed a jump in crude inventories, taking by surprise investors who expected a drawdown in supply, pushing prices of the commodity down by 3 percent overnight. While gasoline supplies and US domestic production have fallen, analysts warn that global production levels are far outstripping demand. […]
QUEZON City, Philippines – The Organization of Petroleum Exporting Countries failed once again to agree on its aim to limit oil production among its member after Iran made a statement that it will increase its oil production to supply the world market. On the other hand, Saudi Arabia – the world’s largest oil supplier – promised that it will not increase its current oil output. (Eagle News Service Described by Jay Paul Carlos, Video Editing […]
