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(Andrey Rudakov/Bloomberg)

Russia open to meeting with major oil-producing countries

Last month, the price of oil fell below $30 a barrel, causing the ruble to plunge to record lows.

BP CEO: oil outlook ‘lower for longer, but not lower forever’

The oil-market crash cost BP more last year than the Deepwater Horizon disaster cost it in 2010.

Saudi, Venezuela and Mexico provide over half of all US waterborne crude imports

It is aptly ‘National Puzzle Day‘ today, and the crude complex is responding accordingly and puzzlingly rallying like a mad thing,  despite the weak fundamental backdrop and a super-strong dollar. This upside also comes despite the seeming repudiation of a production cut meeting next month; Russia’s energy minister Alexander Novak said they had been approached […]
Categories: Canada, Crude oil
(Andrey Rudakov/Bloomberg)

Crude soars on report of Russia, Saudi discussions on oil cuts

The discussions over production cuts are likely happening now because of the severe economic pain that Russia, one of the most resource-rich nations on the planet, has felt as oil prices have crashed.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, Jan. 20, 2016. U.S. stocks surged back to pare the biggest one-day selloff in five months, with the Dow Jones Industrial Average cutting a loss of 550 points by two-thirds as investors speculated the rout that's wiped more than $15 trillion from global equities has gone too far too fast. Photographer: Michael Nagle/Bloomberg

U.S. stocks open higher on earnings, oil prices

The price of oil rose 6 percent Thursday as the Russian government continued talks with Saudi Arabia and OPEC about cutting production.
Abdalla El-Badri, OPEC secretary-general, gestures as he speaks during a news conference following the 167th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Friday, June 5, 2015. The Organization of Petroleum Exporting Countries has exceeded its own target of 30 million barrels a day for 12 straight months. Photographer: Lisi Niesner/Bloomberg *** Local Caption *** Abdalla El-Badri

OPEC’s El-Badri calls on global oil producers to help curb glut

The head of the Organization of Petroleum Exporting Countries said he wants oil producers outside the group to assist in reducing the global oversupply, signaling once again that OPEC won’t make output cuts alone.
Saudi Aramco CEO Khalid Al-Falih said in an exclusive interview with the Houston Chronicle that hackers present major threats to oil companies. (Photo: Johnny Hanson/Houston Chronicle).

Saudi Aramco chairman defends oil giant’s possible IPO move

Khalid al-Falih said the potential listing of the world’s largest oil producer “is not for cash” but a “sign of the times.”
Nigerian oil minister Emmanuel Ibe Kachikwu (L) speaks during the 7th Gulf Intelligence UAE Energy Forum meeting in Abu Dhabi, on January 12, 2016.         
Kachikwu said that he expects an extraordinary meeting of the oil cartel in "early March" to address nosediving crude prices.

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OPEC nations talk oil policy at Davos

Nigeria’s oil minister, speaking on a panel at the World Economic Forum in the Swiss resort, said the Organization of Petroleum Exporting Countries needs to meet soon as crashing prices force the group to reconsider its current laissez-faire policy.

As crude’s crash punishes Venezuela, calls for OPEC help grow

Brent oil in London has dropped more than 60 percent since November 2014, when OPEC decided to refrain from cutting output in the face of a global oversupply in an effort to defend market share.

Crude market share battle between Saudi Arabia and Iran to heat up

One hundred and thirty-one years after the first rollercoaster was patented by L.A. Thompson, and the crude complex is aboard the big dipper once more. As global equity markets look set to enter bear market territory, and fears persist that the oil market could ‘drown in oversupply’, crude continues to tumble lower and lower. And […]
Categories: Asia, Crude oil, Middle East