Tag Archives: OPEC

Despite Saudi signals, OPEC unlikely to deliver all promised oil cuts

OPEC is unlikely to deliver fully on its target to cut production despite Saudi Arabia saying it had trimmed more than it had committed to, OPEC delegates say, but compliance of 80 percent would be good and as low as 50 percent acceptable. The Organisation of the Petroleum Exporting Countries is planning to cut its output by 1.2… Read More »

Oil rallies to best week in years after OPEC output deal

Oil prices rallied for their best week in at least five years on Friday, steadying above $51 a barrel, following OPEC’s decision to cut crude output to rein in a global glut that has weighed on prices for more than two years. After the deal was announced on Wednesday, the market focused on the implementation and impact of… Read More »

Oil prices stable on planned OPEC cut, but current glut still weighs

Brent crude oil prices steadied above $50 a barrel on Monday, supported by a planned production cut by exporter club OPEC, but still under pressure from an overhang in supply that currently exceeds consumption. International benchmark Brent crude futures LCOc1 were trading at $50.25 per barrel at 0651 GMT, up 6 cents from their last close, although U.S.… Read More »

Opec plans fresh oil price talks says energy minister

Oil producers in the Opec group of countries will make another attempt this week to reverse a slump in crude prices, according to Algeria’s energy minister. Noureddine Bouterfa said there would be an informal gathering of Opec members on the sidelines of an energy conference in Algiers on Wednesday. “We will not come out of the meeting empty-handed,”… Read More »

OPEC points to larger 2017 oil surplus as rivals keep pumping

OPEC raised its forecast of oil supplies from non-member countries in 2017 as new fields come online and U.S. shale drillers prove more resilient than expected to cheap crude, pointing to a larger surplus in the market next year. Demand for crude from the Organization of the Petroleum Exporting Countries will average 32.48 million barrels per day (bpd)… Read More »