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SINGAPORE,Singapore (AFP) — Oil prices climbed in Asia on Friday, heading for their third weekly gain after OPEC said it was open to fresh calls on freezing output despite the failure to reach a deal at the weekend. The exporting group’s Secretary-General Abdalla El-Badri said it could revive the discussion among members and hold further talks with non-members. OPEC holds its next twice-yearly meeting on June 2. A much-vaunted meeting Sunday in Doha collapsed after […]
(Reuters) Oil prices tumbled on Monday after a meeting by major producers in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Geopolitical tensions between Saudi Arabia and Iran were blamed for the failure, which revived industry fears that major government-controlled producers will increase their battle for market share by offering ever-steeper discounts. “OPEC’s credibility to coordinate output is […]
SINGAPORE, Singapore (AFP) — Oil prices plunged on Monday after the world’s top producers failed to reach an agreement on capping output and easing a global supply glut at a meeting in Doha. Hopes the world’s largest producer cartel, OPEC, and other major producers like Russia would agree to freeze output has helped scrape oil prices off the 13-year lows they touched in February. But crude tanked after top producer Saudi Arabia walked away from the […]
SINGAPORE, Singapore (AFP) — Crude prices dipped in Asia Tuesday but held above $40 as traders looked forward to a summit of key oil producers next week to discuss freezing output and easing the supply glut. Analysts said prices were expected to see-saw ahead of Sunday’s meeting in the Qatari capital Doha that will gather both OPEC producers led by Saudi Arabia and non-OPEC members such as Russia. A major subject for the meeting […]
VENEZUELA, South America – The Organization of Petroleum Exporting Countries or OPEC will conduct a meeting to discuss the possibility of an oil production freeze in mid-March to address the continued lowering of oil prices in the world market. Said oil price reduction is due to over-production and the weakening economy of the primary oil consumers. (Eagle News Service Described by Jay Paul Carlos, Video Editing by Jericho Morales, Uploaded by MRFaith Bonalos) https://youtu.be/J1tlnH528ig
SINGAPORE, Singapore (AFP) — Oil prices dipped in Asia Tuesday after mounting a strong rally the day before as traders remain doubtful that talks on an output freeze among key crude producers will lead to agreement. US crude rose back above $30 a barrel and European benchmark Brent climbed well over $34 on Monday on hopes that the discussions would lead to concrete action to stabilise the battered market. But at around 0600 GMT on Tuesday, US […]
Oil prices dipped in Asia Tuesday after mounting a strong rally the day before as traders remain doubtful that talks on an output freeze among key crude producers will lead to agreement. US crude rose back above $30 a barrel and European benchmark Brent climbed well over $34 on Monday on hopes that the discussions would lead to concrete action to stabilize the battered market. But around 0600 GMT on Tuesday, US benchmark West […]
by Roland Jackson LONDON, United Kingdom (AFP) — The oil market was gripped this week by an output freeze deal between the world’s top two producers Saudi Arabia and Russia. Prices initially rebounded on Tuesday, before hitting reverse as traders assessed the conditional agreement between Saudi Arabia and Russia and two other producers to limit output. In a bid to stabilize an oversupplied market, Russia and OPEC members Saudi Arabia, Venezuela and Qatar announced […]
SINGAPORE (AFP)– Oil prices fell in Asia Friday after a sharp rise in US crude stockpiles and Saudi Arabia’s rejection of proposed output cuts shot down a rally by the battered commodity. The about-turn came as the US Energy Department reported a 2.1 million barrel increase in US commercial crude inventories, to the highest in more than eight decades, as well as sizeable increases in gasoline and other refined products. An inventories rise typically suggests soft […]
CARACAS, Venezuela (Reuters) — Venezuelan President Nicolas Maduro on Wednesday (February 17) devalued the currency and raised heavily subsidized fuel prices in an effort to stem a widening economic crisis, though critics of the socialist leader quickly dismissed the moves as insufficient. The measures are meant to help shore up the OPEC nation’s finances as plummeting oil prices and a collapsing state-led economic model have left the country with a severe recession, triple-digit inflation and […]
TEHRAN, Iran (AFP) — Iran’s oil minister started talks Wednesday with his Iraqi, Venezuelan and Qatari counterparts as investors watched whether Tehran would follow Saudi Arabia and Russia’s pact to freeze output. Iran returned to the global oil market just weeks ago after sanctions on its energy and banking sector were lifted upon implementation of a landmark deal on its nuclear programme with world powers. The Islamic republic has long said it must pump more oil […]
SINGAPORE, Singapore (AFP) — Oil prices rebounded on bargain-buying in Asia Wednesday after the previous day’s plunge but analysts warned any gains would be limited as the global glut that has hammered markets showed no sign of letting up. Investors are also nervously awaiting the release later in the day of a report on US stockpiles that is forecast to show a further increase in inventories. At around 0300 GMT, US benchmark West Texas Intermediate (WTI) […]
