Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

By Henning Gloystein SINGAPORE, May 16 : Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran. Brent crude futures were at $78.22 per barrel at 0644 GMT, down 21 cents, or 0.3 percent, from their last close. […]

Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

By Henning Gloystein SINGAPORE, May 16 : Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran. Brent crude futures were at $78.23 per barrel at 0445 GMT, down 20 cents, or 0.3 percent, from their last close. […]

OPEC says oil glut almost gone, makes supply pledge amid Iran worries

By Alex Lawler LONDON, May 14 : A global oil glut has been virtually eliminated, according to OPEC figures, thanks in part to an OPEC-led supply cut deal in place since January 2017 and fast-rising global demand. The deal between the Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia to cut […]

OPEC in no hurry to decide if extra oil needed to offset Iran – sources

By Alex Lawler LONDON, May 10 : OPEC is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran after the imposition of new U.S. sanctions, three sources familiar with the issue said, saying any loss in supply would take time. The Organization of […]

OPEC sees higher 2018 oil supply from rivals, stronger oil demand

By Ahmad Ghaddar LONDON, April 12 : OPEC on Thursday revised its forecast for supply growth from its rivals for 2018 by nearly three times more than its revised projection of growth in global oil demand. It said growth in non-OPEC oil supply was forecast to rise by a further 80,000 barrels per day this […]

Saudi Arabia to keep April crude oil exports under 7 mln bpd – ministry

By Rania El Gamal DUBAI, March 14 : Saudi Arabia plans to keep its crude oil production in April below 10 million barrels per day (bpd), and maintain exports under 7 million bpd, the energy ministry said on Wednesday, as the top OPEC producer wants to end a global supply glut and boost prices. Saudi […]