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Article 4550
Iraq backs output cuts into 2018, putting OPEC near agreement

OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement. The proposal is the latest attempt by oil producers from Saudi Arabia to Russia to prop up prices and revive their e ...

Crude rises on reported OPEC agreement to extend output cuts into 2018

Oil rose to the highest in a month as Saudi Arabia said all producers participating in output cuts agree on extending the deal through the first quarter of 2018. Futures climbed as much as 1.5 percent in New York after advancing 5.2 percent last week. Prolonging the cuts will help producers reach th ...

Saudi Aramco to sign deals with Houston oilfield services companies

Saudi Aramco plans to sign agreements with at least 10 companies including General Electric Co. and oil field-service businesses Schlumberger Ltd. and  Halliburton Co. when President Donald Trump visits Saudi Arabia, according to two people familiar with the matter. The world’s biggest crude oi ...

OPEC, Russia hint at extending output cuts into 2018; oil jumps

Oil jumped to its highest level in more than two weeks after Saudi Arabian and Russian energy ministers stoked expectations that production cuts might be extended for as much as nine months. Futures added as much as 3.8 percent in New York. While output curbs that started Jan. 1 are working, global ...

Oil demand recovers in India

India’s oil demand bounced back in April after falling for three consecutive months, recovering from the impact of the country’s move to withdraw high-value notes. Fuel consumption rose 3.3 percent to 16.79 million tons in April, according to the Oil Ministry’s Petroleum Planning and Analysis Cell. ...

Latest shale boom could put push U.S. oil output to record

U.S. crude production forecasts keep growing. The Energy Information Administration said domestic output will climb to a record 9.96 million barrels a day in 2018, up from 9.9 million barrels projected last month, according to the agency’s monthly Short-Term Energy Outlook released Tuesday. Producti ...

Saudis, Russians seek to quell glut fears and end oil’s slide

Oil lingered near $46 a barrel as Saudi Arabia and Russia sought to appease growing skepticism that a global supply glut is going away soon. Futures swung between gains and losses in New York on Monday after a rout last week erased the rally following OPEC’s deal to cut production in November. Saudi ...

Oil falls sharply on supply worries; OPEC gains gone

Crude’s losses accelerated, erasing gains sparked by OPEC’s November output agreement, as concerns over a supply glut mounted. U.S. stocks fluctuated after falling in oil’s tow as earnings boosted insurers. West Texas Intermediate crude fell more than 4 percent, plunging below $46 a barrel for the f ...

Oil falls on estimates of rising fuel supplies

Oil fell to the lowest in more than a month as the U.S. crude glut is seen moving to brimming fuel tanks. The drop intensified after Saudi Arabia signaled it’s faring better than expected with low prices. Futures closed 2.4 percent lower in New York. While U.S. crude supplies are forecast to have de ...

Cheniere ships LNG to Poland as Europe seeks less reliance on Russian gas

The U.S. is set to ship its first shale gas to a member of the former Soviet bloc as Europe seeks to cut its dependence on fuel from Russia. Poland’s state-owned PGNiG SA bought a spot liquefied natural gas cargo from Cheniere Energy Inc.’s Sabine Pass plant for delivery in June to the nation’s Balt ...

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