APPEC-Weak Oil Demand Affects Singapore Industry Gathering
Next week, the largest gathering of energy traders in Asia will be dominated by discussions about the weak demand for oil in Asia and China as well as the plans of OPEC+ producers in order to reduce supply. APPEC 2024 is organised by S&P Global Commodity Insights and will begin on Monday, in Singapore. More than 1,000 participants are expected to attend from more than 50 countries.
Qatar to Leave OPEC
Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide.Doha, one of OPEC's smallest oil producers but the world's biggest liquefied natural gas (LNG) exporter…
As Oil Prices Weather Storm, OPEC Looks for Long-term Boost from Harvey
For veteran OPEC officials, Hurricane Harvey's impact on global oil markets is one of the strangest things they have seen. The storm has led to some of the biggest disruptions to U.S. energy infrastructure; yet it has failed to boost crude prices. In contrast with previous major hurricanes such as Katrina in 2005, Harvey has actually…
Oil Comeback for Cut-Exempt Producers Weighs on Markets
Libya, Nigeria added equivalent of half OPEC cuts since October; Atlantic Basin awash with crude. OPEC's battle against an oil glut is under threat as unsold crude from members Nigeria and Libya, which are exempt from a global production-cutting deal, is swamping the Atlantic Basin. Nigeria has more than 60 million barrels of unsold crude…
Oil Slips as OPEC Prepares to Extend Output Cuts
Oil prices fell on Thursday as OPEC prepared to extend limits to production by nine months to March 2018 in an attempt to drain a glut that has depressed markets for almost three years. The cuts are likely to be shared again by a dozen oil exporters outside OPEC led by top producer Russia, which reduced output in tandem with the Organization of the Petroleum Exporting Countries from January.
Oil Falls as OPEC Mulls Extended Output Cuts
Delegate says OPEC decides to extend output cuts for 9 months, but rising U.S. output threatens to undermine OPEC-led cuts. Oil prices fell on Thursday as OPEC ministers met to decide how long to extend oil production cuts in an attempt to drain a global glut that has depressed markets for almost three years. One OPEC delegate at the…
Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way.
OPEC in New Push to Clinch First Deal to Curb Output Since 2008
As far as OPEC decision-making is concerned, Algeria, which plays host to oil ministers next week, has always been the land of surprises. The last two meetings of the Organization of the Petroleum Exporting Countries (OPEC) held in Algeria -- in 2004 and 2008 -- shocked the market with unexpected production cuts to prop up prices.
Statoil's Exploration Chief Sees Supply Crunch Coming
Oil companies are not exploring enough and heading for a supply crunch in the coming decades, Statoil's exploration chief said on Tuesday. The industry has been slashing jobs, projects and investments to cope with a 60-percent decline in crude prices since mid-2014, including the exploration needed to find new reserves to replace old ones.
Oil Nears 11-Year Low on Worsening Glut
Brent trades less than $0.5/b above 2008 crisis lows; new supply to hit markets early 2016 as Iran boosts output. Oil prices fell for a seventh straight session on Monday, coming close to 11-year lows, on growing fears that the global oil glut would worsen in the months to come in a pricing war between leading OPEC and non-OPEC producers.
Platts Adding to Dubai Price Marker in 2016
Platts mulls adding al-Shaheen, Murban for Dubai delivery. Oil pricing agency Platts is expected to announce by the end of this year which of two Middle East crude grades it will add to its Dubai benchmark in 2016 to boost the liquidity of its price assessment process, sources with knowledge of the matter said. Platts has already made…
Derivitive Markets: Get used to cheap oil
Oil prices will stay low for years to come, derivatives markets say, keeping a lid on inflation and helping boost global growth. Oil has more than halved in value over the last year, thanks to huge oversupply, and many oil companies, particularly in the United States, say they may soon have to rein in production, tightening supply, unless the market recovers.
Oil Up on China, Greece News; Demand Worries Weigh
Oil prices set to come under further pressure. Market awaits news on Iran nuclear talks. LONDON, July 10 (Reuters) - Oil prices rose on Friday, lifted by a rebound in Chinese stock prices and hopes of a breakthrough in the Greek debt crisis, but worries about oversupply and slowing demand limited gains. Brent crude oil was up 56 cents at $59.17 a barrel by 1100 GMT.
Brent rises Ahead of OPEC Meeting
Dollar slips against euro and index; Saudi Arabia's Naimi expects demand to improve. Oil prices rose on Tuesday in response to a weaker dollar and expectations that OPEC producers will maintain their group production target at its current level and resist pressure for an increase. The dollar fell against the euro and a basket of currencies…
Oil Above $67, Stockpiles Counter Economic Worries
Headwinds in world's top economies weigh on outlook for demand; U.S. crude stocks fell for 2nd week. Oil prices steadied above $67 a barrel in choppy trading on Thursday as the market shook off concerns surrounding the overall glut of crude in the Atlantic Basin. The focus turned to last week's drawdown in U.S. crude stockpiles and spot demand for crude oil in Asia, sidestepping questions surrounding U.S.
Oil off 2015 Highs, Iraq Exports Record Volume
Iraq exports reach 3.08 million bpd in April. Crude futures rise more than 20 percent in April. Oil prices edged lower on Friday, easing off 2015 highs after Iraq said its crude oil exports hit a record in April, keeping Middle East production well above demand. The two crude global benchmarks rose between 20 and 25 percent in April…
Brent Falls Below $54 on Output, Iran
Kuwait says OPEC must keep output steady. Brent crude oil fell below $54 a barrel on Friday and was on track for its third straight weekly loss, hurt by worries of rising supplies from OPEC and the United States. Intensive efforts to clinch a deal between world powers and Iran over its nuclear programme fed concerns that freeing up its flow of oil exports would pile more pressure on the market.
Brent Rises Despite 7th Straight Monthly Drop
Brent headed for seventh month of losses; renewed violence in Iraq supports prices. Oil rose above $49 a barrel on Friday, supported by renewed violence in Iraq but with a persistent global supply glut keeping the market on course for a seventh straight month of declines, its longest bear run on record. Benchmark Brent crude prices have kept within a band of $45-$50 a barrel since hitting a six-year low on Jan.
Oil at 5-Year Low, Currencies Battered
Oil hits five-year low, leads commodities rout; Oil-linked rouble, ringgit plumb record lows. Oil prices hit five-year lows on Monday as slowing factory activity in China and Europe added to the impact of OPEC's decision to maintain supply, hammering resource-linked stocks and currencies. Russia's rouble was down 8 percent from Friday's Moscow close…
China Ups Crude Purchases, Bolstering Reserves
Strategic reserves seen at 30 days, double official plan; China secretive on reserves, but target may be 90 days. China is estimated to be holding double the amount of crude in its strategic reserves than its official plan has revealed, as the world's top energy consumer takes advantage of a dive in prices to strengthen its position in the global oil market.
