Tag Archives: output

UK industrial output weaker than expected

The UK’s industrial output rose by much less than expected in April, according to official data. Output rose by just 0.2% in the month, much lower than the 0.8% increase forecast by economists. Manufacturing output – a key component of overall industrial output – grew by 0.2%, which was also much weaker than expected. Separate figures from the… Read More »

Exclusive: Venezuela’s PDVSA sees 2017 oil output stuck near historic lows – document

Venezuelan state energy company PDVSA projects oil production will remain near 23-year lows in 2017, an internal document shows, suggesting more hardship ahead for the crisis-wrought OPEC member country. Cash-squeezed PDVSA, which accounts for nearly all of Venezuela’s export revenues and is the socialist government’s financial motor, saw production tumble by nearly 10 percent in 2016 due to… Read More »

Oil prices jump on new output deal

Oil prices have surged after oil producing countries that are not Opec members agreed to cut output. Brent crude jumped to $57.89 a barrel – the highest since July 2015 – before falling back to $56.55, although that was still a gain of 4.1% on the day. On Saturday, non-Opec countries agreed to cut their output by 558,000… Read More »

Oil prices fall as production creeps up ahead of announced 2017 output cut

Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated. Brent crude futures were trading at $53.89 per barrel at 0132 GMT, down 57 cents, or… 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 »

Saudi remarks on oil surge test prospects for output freeze

Saudi Arabia’s top oil official, Deputy Crown Prince Mohammed bin Salman, said Riyadh could boost output immediately and almost double it long term, in comments that could threaten the signing of a global production freeze deal planned for Sunday. The second in line to the throne of the world’s largest crude exporter added in remarks to Bloomberg that… Read More »

Oil exporters set to discuss output freeze

The world’s leading oil exporters could be finally about to take action following the fall in prices. Members of the exporters’ group Opec, together with some other oil producers, are meeting in Qatar on Sunday to discuss freezing output. They want to push up the price of crude oil, which is less than half what it was in… Read More »

UK industrial output fall prompts growth fears

The UK’s industrial output fell 0.5% in February from a year earlier, the biggest decline since August 2013. Office for National Statistics (ONS) figures also showed manufacturing output fell by 1.1% from January, and was down 1.8% from a year earlier. The weaker-than-expected figures have raised fears over the performance of the UK economy. Separate figures from the… Read More »

Oil edges up after Kuwait talks up output freeze plan

Oil prices edged higher on Tuesday after Kuwait’s insistence that major producers will agree to freeze output this month even as Iran balks at the plan. Gains in crude prices were limited as traders awaited U.S. industry data later in the afternoon that was likely to show another record high in crude inventories in the United States. A… Read More »