Oil prices rose to near recent highs on Wednesday as data showed OPEC has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal. Brent futures, the international benchmark for oil prices, were at $61.32 per barrel at 0759 GMT, up 38 cents, or 0.6 percent, since their […]
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The oil market is now well into a cyclical upswing and within the next year the narrative about “rebalancing” is likely to be replaced by one about “tightening”. Rebalancing started well before the production pact between the Organization of the Petroleum Exporting Countries (OPEC) and its allies went into effect in January. OPEC has been […]
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The fog has been cleared ahead of OPEC’s next policy meeting by Saudi Arabia and Russia declaring their support for extending a global deal to cut oil supplies for another nine months, OPEC’s secretary general told Reuters on Friday. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut output […]
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OPEC Secretary-General Mohammad Barkindo said on Thursday there is no doubt that in the wake of efforts by global oil producers to curb production, the crude market is re-balancing, and doing so at an accelerating pace. “There is no doubt that this market is rebalancing at an accelerating pace,” Barkindo said in a speech at […]
Read More OPEC will discuss extending production cuts that have boosted oil prices and imposing output quotas on all cartel members at a November meeting in Vienna, an Emirati minister said Monday. United Arab Emirates Energy Minister Suheil al-Mazrouei said the oil market had rebalanced after OPEC and non-OPEC producers agreed to cut output in a historic […]
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Nigeria is pumping less than 1.8 million barrels per day (bpd) of crude, its oil minister, Ibe Kachikwu said on Friday, meaning the country is sticking to an output cap agreed under an OPEC-led deal to limit output. The Organization of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output until next […]
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Oil prices ended nearly 1 percent higher on Friday, close to their highest levels in months, as major producers meeting in Vienna said they may wait until January before deciding whether to extend output curbs beyond the first quarter. “I believe that January is the earliest date when we can actually, credibly speak about the […]
Read More Oil prices settled up 2 percent on Wednesday despite a rise in U.S. crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. Brent crude futures rose $1.06, or 1.9 percent, to $56.20 a […]
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Nigeria is very unlikely to join OPEC’s cuts in oil production before March, its oil minister said on Wednesday. Emmanuel Ibe Kachikwu also told reporters that an extension to the cartel’s cuts, which are an attempt to stabilise oil prices, was possible since volumes of oil stocks were still a challenge. “I will not be […]
Read More OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need […]
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Hurricane Harvey may achieve in global crude oil markets in a few days what OPEC and its allies have struggled to achieve in months – a tightening of supplies and a rise in prices. Harvey, which has been downgraded to a tropical storm, hit the coast of Texas on Friday as the most powerful hurricane […]
Read More The Nigeria’s oil production, excluding condensates, was slightly below 1.8 million barrels per day in July, the country’s oil minister said on Thursday. Emmanuel Ibe Kachikwu, speaking on the sidelines of an event in the capital, Abuja, said there had been issues with aging pipelines. “We continue to have challenges, some of our pipelines are […]
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