Oil up after OPEC sources say Saudi crude output fell

By Stephanie Kelly New York, Aug 6 : Oil futures rose today after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the United States prepares to reinstate sanctions against major exporter Iran. Brent crude futures rose 94 cents to $74.15 a barrel, a 1.3 percent gain, […]

OPEC sees lower 2019 demand for its oil, points to surplus returning

By Alex Lawler LONDON, July 11 : OPEC on Wednesday forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to a market surplus returning despite an OPEC-led pact to restrain supplies. Giving its first 2019 forecasts in a monthly report, the Organization of the […]

Don’t blame OPEC, oil producer group says of Trump criticism

By Marcy Nicholson CALGARY, Alberta, July 9 : The president of OPEC on Monday defended the oil producer group against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame. Trump has accused the Organization of the Petroleum Exporting Countries in recent weeks of driving gasoline prices higher […]

Oil prices fall as Trump demands OPEC “reduce pricing now”

By Henning Gloystein SINGAPORE, July 5 : Oil prices fell on Thursday after U.S. President Donald Trump sent a strident tweet demanding that OPEC cut prices for crude. Brent crude futures were at $77.70 per barrel at 0250 GMT, down 54 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude […]

Russia-Saudi oil cooperation to bring stability to markets – RDIF’s Dmitriev

By Dmitry Zhdannikov VIENNA, June 25 : The joint deal by OPEC and other oil-producing allies to raise output demonstrates the strength of the Russia-Saudi energy alliance, which will help stabilise the market for many years to come, the head of Russia’s sovereign wealth fund said on Monday. The Organization of the Petroleum Exporting Countries […]

OPEC meets Russia and allies to agree oil output boost

By Ahmad Ghaddar and Vladimir Soldatkin VIENNA, June 23 : OPEC meets Russia and other allies on Saturday to clinch a new deal raising oil output, a day after agreeing a production hike within the group itself but confusing the market as to how much more oil it will pump. The Organization of the Petroleum […]