Tag: OPEC

Oil demand seen rising by Saudi’s al-Naimi as markets calm

Brent crude futures, a benchmark for more than half of the world’s oil, gained 3.6 percent this year, after plunging 48 percent in 2014.  More »

Oil boom’s end threatens pain for much of Latin America

Upheaval is taking place across much of Latin America, where oil prices have fallen by nearly half since September, threatening to pull the rug out from under a decade-long economic boom.  More »

Oil extends weekly loss as Libya opens pipeline

West Texas Intermediate lost as much as 2.5 percent after falling 4.6 percent last week.  More »

Saudi oil output rising amid fight for market share

Saudi Arabia, the world’s largest crude exporter, led the Organization of Petroleum Exporting Countries’ decision in November to maintain its output target to preserve market share, rather than cut supply to boost prices.  More »

Iran’s Khamenei threatens to halt oil sales if sanctions persist

Iran’s economy has languished under sanctions imposed over concerns that its nuclear program could lead to the development of atomic weapons.  More »

Saudi Arabia’s oil exports fell in 2014 in ‘tough year’

Saudi Arabia will maintain output, Oil Minister Ali Al-Naimi said in December, according to the state-run Saudi Press Agency.  More »

Oil rises to highest this year amid Libyan, Iraqi disruptions

West Texas Intermediate oil for March delivery rose 75 cents from Friday’s settlement to $53.53 a barrel on the New York Mercantile Exchange.  More »

OPEC producers cut oil prices to Asia in battle for market share

The cuts come after Saudi Arabia, the largest crude exporter, reduced pricing to Asia last week to the lowest in at least 14 years.  More »

Angola plans 25 percent budget cut as oil revenue plunges

Oil prices have slumped by more than half since June, threatening producers such as Angola, which relies on crude for almost all of its exports and more than two thirds of government income.  More »

Crude prices fall on increasing U.S. supply

After gaining more than $5 since Jan. 28, oil is still about half its June peak amid a global surplus that Iran’s oil minister estimates at 2 million barrels a day.  More »

IEA: North American cuts to bolster crude price

The IEA’s medium-term forecast comes a day after OPEC cut its forecast for U.S. oil production by 130,000 barrels a day.  More »

Biggest oil trader says fresh price drop possible on U.S. supply

As the U.S. pumps the most oil in three decades, OPEC has responded by maintaining its own output to keep market share.  More »

Global agency sees oil price recovery but no return to highs

The U.S. benchmark oil contract fell from nearly $110 a barrel last summer to under $45 this year before a recovery to around $53 in recent days.  More »

Citi: Oil could plunge to $20, and this might be ‘the end of OPEC’

Despite global declines in spending that have driven up oil prices in recent weeks, oil production in the U.S. is still rising, wrote Edward Morse, Citigroup’s global head of commodity research.  More »

Oil prices rise after OPEC cuts forecast for U.S. output

The group said it may boost global demand forecasts beyond this month’s slight increase amid rising U.S. gasoline use.  More »
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