Saudi, Russia Closing in on Record Oil Cut Deal
OPEC and it allies held talks on Thursday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15% of global supplies, to support prices hammered by the coronavirus crisis, sources involved in the discussions said.They said the plan included cuts of about 5 million…
Iran Oil Minister says China's Virus Impacted Oil Demand
Iranian Oil Minister Bijan Zanganeh said on Monday that the spread of China's new coronavirus had hit oil demand and called for an effort to stabilise oil prices, Iran's official news agency IRNA reported.The minister also said Iran would agree to an earlier OPEC meeting if the rest of the group's members agreed to oil production cuts.
Oil Falls as Coronavirus Hits Demand
Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support.Brent crude was down $1 at $55.62 a barrel by 1434 GMT, its lowest since January last year.U.S.
Oil surges as China Pushes Tariff Rollbacks
Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 p.m. EST (1756 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 1.2%, to $57.22 a barrel.China is pushing U.S.
Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks
Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions over a deeper output cut next month.Brent crude futures for January rose 91 cents to $62.60 a barrel by 1429 GMT, erasing earlier losses. December U.S.
Iran Will Not Comply with 'Illegal' US Sanctions -Oil Minister
Iranian Oil Minister Bijan Zanganeh said on Thursday U.S. sanctions against his country were "fully illegal" and Tehran would not comply with them.Zanganeh, speaking at a joint news conference in Baghdad with Iraqi Oil Minister Thamer al-Ghadhban, said Iran would not discuss the volume or destination of its oil exports while it remained under U.S.
CNPC Replacing Total in South Pars Gas Project
China’s state-owned CNPC has replaced France’s Total in Iran's multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Sunday."China's CNPC has officially replaced Total in phase 11 of South Pars but it has not started work practically. Talks need to be held with CNPC ...
Oil Prices Rise as Iranian Crude Exports Fall
Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC's third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico because of Hurricane Michael.Benchmark Brent crude jumped by $1.13 a barrel to a high of $85.04 before easing back to $84.56, up 65 cents, by 1330 GMT.
Tehran Says Saudi Arabia Unable to Replace Lost Iranian Oil
Iran's Oil Minister Bijan Zanganeh has dismissed as "nonsense" claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market."(Mohammed) bin Salman's remarks and such bragging can only satisfy (U.S. President Donald) Trump. No one else will believe him.
Oil Prices Surge After OPEC Rebuffs Trump
Oil prices jumped more than 2 percent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.The Organization of the Petroleum Exporting Countries and non-OPEC states…
What Saudi Arabia Does Now is Key for Global Crude Markets: Russell
If it were possible to boil the crude oil market down to just one determining factor for the coming months, it would be this: What will Saudi Arabia actually do? The Saudis appear to have emerged as the winners from last week's meeting of the Organization of the Petroleum Exporting Countries (OPEC)…
OPEC Agrees to Modest Oil Supply Hike
OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.However, the decision confused some in the market as OPEC gave opaque targets for the increase…
Iran says US exit from deal will not impact its oil
Iranian Oil Minister Bijan Zanganeh said on Thursday that U.S. President Donald Trump's decision to quit a multinational nuclear deal would not affect Tehran's oil exports."Trump's decision will not have any impact on our oil export ... that era is history now," he told state television.Trump announced a U.S.
Iran's Oil Exports Fall in May, when US Quit Nuclear Deal
Iran's crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of U.S. sanctions may be deterring buyers.The estimates from Geneva-based Petro-Logistics also suggest Iranian oil buyers are not rushing to cut volumes from OPEC's third-largest producer. The U.S.
OPEC Strives for New Deal as Iran Wary of Output Hike
OPEC's leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet rising global demand, with Iran still signalling it would support only a modest increase in supply.The Organization of the Petroleum Exporting Countries meets on Friday…
Total Will Lose Entire Investment if it Pulls Out of South Pars
France's Total will lose all of its investment if it pulls out of a deal with Iran to develop South Pars, the world's largest gas field, the Iranian oil minister said on Tuesday. "If Total, without the enforcement of Security Council sanctions, announces that it has the intention to leave the contract…
OPEC Agrees Oil Cut Extension to End of 2018
OPEC agreed on Thursday to extend oil output cuts until the end of 2018 as it tries to finish clearing a global glut of crude while signalling it could exit the deal earlier if the market overheats. Non-OPEC Russia, which this year reduced production significantly with OPEC for the first time…
Oil, Briefly Up On Lower Rig Counts, Falls on U.S. Output Outlook
Oil prices fell on Monday on expectations that U.S. output will rise this year, erasing earlier gains buoyed by lower weekly U.S. rig counts and falling U.S. unemployment. Brent crude futures were at $64.04 per barrel at 1353 GMT, down 45 cents from their previous close. U.S. West Texas Intermediate (WTI) crude futures were down 54 cents to $61.50 a barrel.
OPEC to Stick to Supply Curbs Despite Oil Rally to $71
OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output. OPEC, Russia and several other non-OPEC producers…
India to offer $3-4 bln Development Plan for Giant Iran Gas Field
India is set to offer a $3-4 billion development plan for the Farzad B gas field to Iran next week after Tehran reduced the scope of the project, two sources familiar with the matter said. Relations between the two countries, which have long held deep trade ties, were strained last year after…