Oil Holds Advance With OPEC Mulling Delay to Production Hike
1 month, 2 weeks ago

Oil Holds Advance With OPEC Mulling Delay to Production Hike

Live Mint  

-- Oil steadied after an advance as OPEC delegates said the group was considering delaying restoring output, and Ukrainian drones attacked a crude-pumping station in Russia. However, Russian Deputy Prime Minister Alexander Novak said OPEC and its allies hadn’t discussed any deferral, according to Tass. “A drone strike on Kazakhstan’s export pipeline in Russia has provided the catalyst for some bearish sentiment to unwind,” said Yeap Jun Rong, market strategist for IG Asia Pte. Elsewhere, exports from Iraq’s semi-autonomous Kurdistan region could resume within a week, Iraqi Oil Minister Hayyan Abdul Ghani said.

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History of this topic

Oil prices steady as investors watch Russia-Ukraine ceasefire talks and OPEC+ output trends
1 week, 3 days ago

Oil prices steady as investors watch Russia-Ukraine ceasefire talks and OPEC+ output trends

Firstpost  

Market participants are also monitoring the impact from new Iran-related U.S. sanctions announced last week Oil prices held steady on Monday as investors assessed the outlook for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian oil to global markets. Both benchmarks settled higher on Friday and recorded a second consecutive weekly gain …

Oil prices decline as investors continue to fret over tariff impact
Trending News
3 weeks, 3 days ago

Oil prices decline as investors continue to fret over tariff impact

Live Mint  

By Florence Tan SINGAPORE, March 10 - Oil prices fell on Monday as concern about the impact of U.S. import tariffs on global economic growth and fuel demand, as well as rising output from OPEC producers, cooled investor appetite for riskier assets. WTI declined for a seventh successive week, the longest losing streak since November 2023, while Brent was down …

Oil extends gains on strong US demand hopes, Russia supply concerns
1 month, 1 week ago

Oil extends gains on strong US demand hopes, Russia supply concerns

Live Mint  

By Yuka Obayashi TOKYO, - Oil prices extended gains on Friday, headed for a weekly increase, as falling inventories of U.S. gasoline and distillate raised expectations of solid demand while concerns over supply disruptions in Russia lent support. U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week as seasonal maintenance at refineries led to lower processing, …

Oil prices give up early gains as uncertainty reigns over supply
1 month, 2 weeks ago

Oil prices give up early gains as uncertainty reigns over supply

Live Mint  

By Paul Carsten LONDON - Oil lost early gains on Tuesday and prices were back near their previous close in the face of uncertainty over how supply will be affected by Ukraine-Russia peace talks, international trade tariffs and OPEC crude output. "Each rally seems to find willing sellers, whether or not it is because of neighbouring technical numbers that keep …

OPEC+ to not consider delay of April oil supply hike to global markets: Russian Deputy PM Novak
1 month, 2 weeks ago

OPEC+ to not consider delay of April oil supply hike to global markets: Russian Deputy PM Novak

Live Mint  

OPEC+ producers are not considering delaying a series of monthly oil supply increases scheduled to begin in April 2025. Russian Deputy Prime Minister Alexander Novak told Russia's RIA state news agency that the Vienna-based oil-producing group would not delay the existing plan to increase the supply in global oil markets amid an oversupply from the US crude oil producers. Bloomberg …

Oil Steady After OPEC Once Again Delays Plan to Restore Output
3 months, 4 weeks ago

Oil Steady After OPEC Once Again Delays Plan to Restore Output

Live Mint  

-- Oil was steady after OPEC ’s decision to push back the revival of shuttered production by another three months failed to lift sentiment in a market that’s expected to suffer from a glut next year. “OPEC has given a robust indication that it continues to be willing to balance the oil market,” Morgan Stanley analysts including Martijn Rats said …

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting
Trending News
3 months, 4 weeks ago

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting

Firstpost  

OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market OPEC+ will delay its plan to raise oil output, currently set to start in January, during its online meeting on Thursday, an OPEC+ source told Reuters, to provide additional support …

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops
Trending News
4 months ago

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops

Live Mint  

-- Oil was little changed as traders watched for clues on OPEC ’s supply plans ahead of a key meeting this Thursday. “Despite the ongoing cross-currents we’ve hit a fair value that looks sticky for the short-term” with Brent at current levels, said Chris Weston, head of research for Pepperstone Group. “For now, the oil market is happy to massage …

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
4 months ago

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts

Live Mint  

International crude oil prices edged lower in the previous session to log a weekly decline of more than three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as the Organisation of Petroleum Exporting Countries and its allies is expected to extend output cuts. According to news …

Oil Drifts Lower in Thin Trading on Cease-Fire, OPEC Delay
4 months ago

Oil Drifts Lower in Thin Trading on Cease-Fire, OPEC Delay

Live Mint  

-- Oil drifted lower in thin post-holiday trading on uncertainty about OPEC ’s production plans and the durability of a truce between Israel and Lebanon-based Hezbollah. “The market appears to be brushing off concerns that the delay in the OPEC meeting signals internal disagreements within the group,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. Prices have …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
4 months, 1 week ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

Russian deputy PM says global oil market will be balanced from second half of 2024
8 months, 2 weeks ago

Russian deputy PM says global oil market will be balanced from second half of 2024

The Hindu  

Russian Deputy Prime Minister Alexander Novak said on Monday the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support …

OPEC Plus will continue oil output cuts as prices remain unchanged
1 year, 9 months ago

OPEC Plus will continue oil output cuts as prices remain unchanged

India TV News  

The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC Plus, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia. In April, Saudi …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 9 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 10 months ago

Oil prices remain steady as high inventories balance US debt bill development

Live Mint  

Oil prices held steady on Thursday as news of rising inventories in the largest oil consumer in the world overshadowed likely pauses in US interest rate hikes and the passage of the crucial vote on the US debt ceiling bill. While US West Texas Intermediate crude declined by 16 cents, or 0.23%, to $67.93, Brent crude futures dropped 17 cents, …

OPEC+ agrees to keep output levels unchanged
2 years, 3 months ago

OPEC+ agrees to keep output levels unchanged

The Hindu  

Major oil-producing countries led by Saudi Arabia and Russia agreed on December 4 to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week. OPEC+ described its October decision to cut as one "which was purely driven by market considerations", adding that it had been "the necessary and …

U.S. terms OPEC+ decision on oil production a ‘mistake’, says it has favoured Russia
2 years, 5 months ago

U.S. terms OPEC+ decision on oil production a ‘mistake’, says it has favoured Russia

The Hindu  

The move of the OPEC and its allies to cut oil production is a “mistake” and a “short-sighted” decision that has favoured the Russians and the U.S. is going to re-evaluate its ties with Saudi Arabia, the White House has said. Members of the Organisation of the Petroleum Exporting Countries and their Russia-led allies earlier this month agreed on a …

Saudis say US sought 1 month delay of OPEC+ production cuts
2 years, 5 months ago

Saudis say US sought 1 month delay of OPEC+ production cuts

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia said Thursday that the U.S. had urged the …

‘Balanced, thoughtful’: Russia praises OPEC for production cut
2 years, 5 months ago

‘Balanced, thoughtful’: Russia praises OPEC for production cut

Al Jazeera  

US fears a spike in gasoline prices ahead of the midterm elections after OPEC+ decision to cut oil production by two million barrels per day starting in November. Russia praised OPEC+ on Sunday for agreeing to sharply cut oil production and fight what it called the “mayhem” sown by the United States in global energy markets. The 13-nation OPEC+ group’s …

OPEC+ makes big oil cut to boost prices; pump costs may rise
2 years, 5 months ago

OPEC+ makes big oil cut to boost prices; pump costs may rise

Associated Press  

FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. The group said the decision was based on the “uncertainty that surrounds the global …

OPEC+ makes big oil cut to boost prices; pump costs may rise
2 years, 5 months ago

OPEC+ makes big oil cut to boost prices; pump costs may rise

The Hindu  

The OPEC+ alliance of oil-exporting countries decided on Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. The decision comes as oil trades well below its summer peaks because of fears that major …

OPEC+ Approves Large Oil Cutback That Could Scramble Midterms, Boost Russia
2 years, 5 months ago

OPEC+ Approves Large Oil Cutback That Could Scramble Midterms, Boost Russia

Huff Post  

FILE - The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. via Associated Press FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise …

OPEC+ makes small trim to world oil supplies as prices fall
2 years, 6 months ago

OPEC+ makes small trim to world oil supplies as prices fall

Associated Press  

FRANKFURT, Germany — OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices — along with the cost of gasoline, to drivers’ delight. Since then, growing worries about slumping future demand have helped send oil prices down from June peaks …

OPEC agrees to produce slightly more oil as recession fears loom
2 years, 8 months ago

OPEC agrees to produce slightly more oil as recession fears loom

CNN  

London CNN Business — The world’s oil-exporting countries have agreed to a tiny increase in output next month amid fears that a global recession will crimp demand. Brent crude and West Texas Intermediate crude — the North American benchmark — both rose initially on Wednesday after OPEC’s announcement, as oil investors expected a bigger increase in production. “As a production …

OPEC+ oil boost likely not much help to high gasoline prices
2 years, 9 months ago

OPEC+ oil boost likely not much help to high gasoline prices

Associated Press  

NEW YORK — The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. Before that, it had been adding about 432,000 barrels per day monthly to put oil back on the market …

OPEC+ alliance boosts oil production as energy prices soar
2 years, 10 months ago

OPEC+ alliance boosts oil production as energy prices soar

Associated Press  

LONDON — The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices. “The United States will continue to use all tools at our disposal to address energy prices pressures.” Biden administration officials have recently visited Saudi …

OPEC backs bigger output boost amid Russian isolation
2 years, 10 months ago

OPEC backs bigger output boost amid Russian isolation

The Hindu  

Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports. However, pressure has been rising for the 23-strong cartel to boost output and seek to stabilise prices, which have hit record highs since Russia invaded Ukraine, …

Oil extends four weeks of gains amid tight supply
2 years, 10 months ago

Oil extends four weeks of gains amid tight supply

Al Jazeera  

The rise in energy costs has contributed to rampant inflation, stoking investor concerns that growth will slow. Oil extended four weeks of gains amid tight fuel supplies and a weaker dollar, though elevated prices are fanning concerns that the world economy may be heading for a recession. The Biden administration is considering tapping a little-used emergency diesel fuel reserve to …

OPEC sticks to modest boost in oil despite war jitters
3 years ago

OPEC sticks to modest boost in oil despite war jitters

Associated Press  

LONDON — OPEC and allied oil producers including Russia decided Thursday to stick to a modest increase in the amount of crude they pump to the world, a step that supports higher prices even as the Biden administration plans to try to lower them by releasing oil from strategic reserves. To combat high gasoline prices — averaging $4.24, up $1.38 …

Oil ‘emergency’: Work from home and drive slower, IEA says
3 years ago

Oil ‘emergency’: Work from home and drive slower, IEA says

CNN  

New York CNN Business — Governments around the world must consider drastic steps to slash oil demand in the face of an emerging global energy crisis caused by Russia’s invasion of Ukraine, the International Energy Agency warned on Friday. The recommendations for advanced economies like the United States and European Union would aim to offset the feared loss of nearly …

Oil prices rises as market weighs OPEC filling Russia supply gap
3 years ago

Oil prices rises as market weighs OPEC filling Russia supply gap

The Hindu  

Oil prices rose on March 10 following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine. UAE Energy Minister Suhail al-Mazrouei said on Twitter late on Wednesday his country is committed to the existing agreement …

OPEC sticks to plan of gradual output hikes as crude soars
3 years, 1 month ago

OPEC sticks to plan of gradual output hikes as crude soars

Associated Press  

NEW YORK — The leaders of OPEC and its oil-producing allies are sticking with their plan to gradually increase oil production while Russia’s invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing. The OPEC+ coalition of oil producers — made up of OPEC members led by Saudi Arabia and non-cartel members led by …

The U.S. and 30 other nations are releasing oil from reserves to try to calm markets
3 years, 1 month ago

The U.S. and 30 other nations are releasing oil from reserves to try to calm markets

NPR  

The U.S. and 30 other nations are releasing oil from reserves to try to calm markets Enlarge this image toggle caption Nam Y. Huh/AP Nam Y. Huh/AP The United States and other members of the International Energy Agency are releasing 60 million barrels of oil from their strategic petroleum reserves after crude prices surged following Russia's invasion of Ukraine. So …

OPEC+ snubs Biden’s plea to pump more oil
3 years, 4 months ago

OPEC+ snubs Biden’s plea to pump more oil

Al Jazeera  

The cartel agreed to stick to its original plan to hike output by 400,000 bpd, rejecting calls to loosen the taps to cool prices. OPEC and its allies on Thursday decided to stick to their original plan to boost output by 400,000 barrels per day, rejecting pleas by United States President Joe Biden to pump more oil to cool red-hot …

Oil surges to highest since 2014 as OPEC sticks to supply plan
3 years, 5 months ago

Oil surges to highest since 2014 as OPEC sticks to supply plan

Live Mint  

Oil in New York jumped to the highest since 2014 with OPEC+’s decision to proceed to hike output gradually surprised some investors who expected a bigger increase in the wake of a shortage of natural gas. The decision comes as the world’s biggest oil company, Saudi Aramco, said the global natural-gas crisis has boosted demand for crude by 500,000 barrels …

OPEC steadily adds back production as economy recovers
3 years, 7 months ago

OPEC steadily adds back production as economy recovers

Associated Press  

FRANKFURT, Germany — The OPEC oil producers’ cartel and allied non-member countries led by Russia signed off Wednesday on gradually increasing production as the global economy and demand for fuel continue to recover from the worst of the coronavirus pandemic. The cartel and its allies are gingerly restoring deep cuts made last year, when lockdowns and travel restrictions caused demand …

OPEC+’s balancing act between crude optimism and pandemic risk
4 years, 1 month ago

OPEC+’s balancing act between crude optimism and pandemic risk

Al Jazeera  

The big question when OPEC and its allies meet on Thursday is whether they’ll decide oil demand has recovered enough to loosen the taps again. The Organization of the Petroleum Exporting Countries and its allies led by Russia, an alliance dubbed OPEC+, could discuss allowing as much as 1.5 million barrels per day back onto the global market. That’s a …

Stocks week ahead: $3 gasoline could be around the corner – unless OPEC and Russia start pumping more oil
4 years, 1 month ago

Stocks week ahead: $3 gasoline could be around the corner – unless OPEC and Russia start pumping more oil

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. New York CNN Business — OPEC and Russia’s unprecedented production cuts last spring lifted oil prices out of a death spiral. Indeed, sources within OPEC+ told Reuters last week that an output increase of half a million barrels per day beginning in April is possible without …

OPEC+ talks stretch to Tuesday with majority against supply hike
4 years, 2 months ago

OPEC+ talks stretch to Tuesday with majority against supply hike

Al Jazeera  

Talks between OPEC and its allies led by Russia will stretch into Tuesday with a majority of the group’s members including Saudi Arabia opposed to Moscow’s proposal to increase oil output next month. In Monday’s video conference, the initial negotiating position of Saudi Energy Minister Prince Abdulaziz bin Salman was to reverse the 500,000 barrel-a-day production increase the group made …

Oil rises ahead of US elections and as Europe locks down
4 years, 5 months ago

Oil rises ahead of US elections and as Europe locks down

Al Jazeera  

Lockdowns in Europe and uncertainty over a US election could mean oil market volatility may be on the horizon. “With plenty to worry about in the oil market – lockdowns, Libya, Iran, shale resilience – such a move lower is not surprising,” Goldman Sachs crude analysts wrote in a Sunday note. “This is consistent with our ‘patient bulls’ view that …

OPEC+ pledges to support oil markets in pandemic’s second wave
4 years, 5 months ago

OPEC+ pledges to support oil markets in pandemic’s second wave

Al Jazeera  

Another wave of coronavirus infections could clobber demand and depress prices once again. OPEC and allied producers on Monday pledged action to support the oil market as concerns mounted that a second wave of COVID-19 infections could hobble demand and an earlier plan to raise output from next year would further depress prices. Already, Russian President Vladimir Putin and Saudi …

OPEC+ to boost oil production next month
4 years, 8 months ago

OPEC+ to boost oil production next month

Al Jazeera  

After three months of output curbs to offset demand blow from COVID-19 pandemic and price war, OPEC+ set to taper cuts. OPEC and its allies will restore some oil supplies next month, but the impact will be “barely felt” as demand recovers from the coronavirus crisis, said Saudi Arabia’s Energy Minister. “As we move to the next phase of the …

Oil prices slip as wary traders eye upcoming OPEC Plus meeting, to discuss extending record production cuts beyond June-end
4 years, 10 months ago

Oil prices slip as wary traders eye upcoming OPEC Plus meeting, to discuss extending record production cuts beyond June-end

Firstpost  

The price falls in oil come after front-month Brent and WTI prices posted their strongest monthly gains in years in May Singapore: Oil prices fell nearly 1 percent on Monday as traders hedged bets with the Organization of the Petroleum Exporting Countries considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. The …

Russia has no objection to earlier OPEC Plus meeting; Saudi Arabia to extend record cuts till year-end: Report
4 years, 10 months ago

Russia has no objection to earlier OPEC Plus meeting; Saudi Arabia to extend record cuts till year-end: Report

Firstpost  

Algeria, which currently holds the presidency of the the Organization of the Petroleum Exporting Countries, has proposed the meeting planned for 9-10 June be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait. The lack of Russian opposition to an earlier date could indicate that it is moving closer to an agreement with OPEC’s …

OPEC+ approves historic oil deal amid coronavirus pandemic
4 years, 11 months ago

OPEC+ approves historic oil deal amid coronavirus pandemic

Al Jazeera  

After four days of marathon talks, the group agreed to reduce output by 9.7 million barrels per day for May-June. OPEC, Russia and other oil-producing nations agreed on Sunday to cut output by a record amount, representing around 10 percent of global supply, to support oil prices amid the coronavirus pandemic. The group, known as OPEC+, agreed to reduce output …

Russia ‘playing with fire’ as OPEC+ talks collapse
5 years ago

Russia ‘playing with fire’ as OPEC+ talks collapse

Al Jazeera  

With no output curbs as coronavirus hammers demand, oil prices could go into ‘free fall’, say analysts. Talks between OPEC and its allies collapsed and oil plunged 10 percent on Friday as a meeting in Vienna ended in acrimony between the cartel and Russia, marking a dramatic about-face for a diplomatic alliance that has held considerable sway over global oil …

Crude rises after three session of losses on short-covering, hopes for deeper output cut by OPEC
5 years, 1 month ago

Crude rises after three session of losses on short-covering, hopes for deeper output cut by OPEC

Firstpost  

Crude prices inched higher on Wednesday as investors covered short positions after three sessions of losses and eyed potential supply cuts, even as fears of a coronavirus pandemic deepened Tokyo: Crude prices inched higher on Wednesday as investors covered short positions after three sessions of losses and eyed potential supply cuts, even as fears of a coronavirus pandemic deepened. “Investors …

Don’t rush us, OPEC: Russia wants more time to mull output cuts
5 years, 1 month ago

Don’t rush us, OPEC: Russia wants more time to mull output cuts

Al Jazeera  

OPEC, which is led by Saudi Arabia, is recommending deep production cuts to offset dent in demand from the coronavirus. Russia said on Friday that it needs more time to decide whether to join any additional oil output cuts recommended by a technical committee from the Organization of the Petroleum Exporting Countries in response to the coronavirus outbreak. Russian Minister …

Russia drags its feet on deeper oil output cuts sought by OPEC+
5 years, 1 month ago

Russia drags its feet on deeper oil output cuts sought by OPEC+

Al Jazeera  

OPEC+ committee recommends slashing output by 600,000 bpd to offset the impact of the coronavirus on oil demand. A technical committee meeting of the Organization of the Petroleum Exporting Countries and its allies is recommending a provisional cut in oil production to buoy prices as the spread of the coronavirus saps oil demand. The Joint Technical Committee is not a …

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