Monday, September 16, 2019

High Oil Prices News

Oil at Six-week High

BP, the second-largest oil producer in the US Gulf of Mexico by volume, is shutting all production at its four Gulf platforms, including Na Kika (pictured). (File photo: BP)

Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in…

Oil Hits 2019 High

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Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington…

Oil Slips from Five-Month High

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Oil slipped from a five-month high above $71 a barrel on Tuesday as Russian comments signalling the possible easing of a supply-cutting deal with OPEC countered concern that violence in Libya could…

Oil Hits Five-month High

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Oil prices rose to a five-month high on Monday, driven by expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela.International…

Oil Gains as OPEC Sticks to Supply Cuts

File Image: CREDIT AdobeStock / © scanrail

OPEC cuts expected to remain despite Trump pressure. Separately, oil supported by unexpected drop in U.S. inventories.Oil rallied for a second day on Wednesday, buoyed by an unexpected decline in U.S.

Oil and Gas Execs Expect to Boost Spending

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The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry…

Oil Prices Fall 2% on Rising Supply and Trade War

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Oil prices fell more than 2 percent on Tuesday on signs of rising supply and concerns that global economic activity and fuel demand would be hit by a deepening U.S.-China trade dispute.Benchmark…

Trump Calls Saudi's King to Discuss Oil Supplies

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U.S. President Donald Trump called Saudi Arabia's King Salman on Saturday and they discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth, Saudi…

Russia's Energy Minister: High Oil Prices Benefit No One

Alexander Novak (Photo: Gazprom)

Russian Energy Minister Alexander Novak told Rossiya state TV that high oil prices are not beneficial to anyone, after the OPEC and non-OPEC group of oil-producing countries ruled out any immediate…

Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks

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Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an…

​ Brent Tilts into the Red, but U.S.-China Trade Truce Limits Losses

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Brent crude oil declined on Monday, surrendering early gains, though the prospect of an easing in trade tensions between the United States and China helped to stem losses.Brent crude futures eased by 12 cents to $78.39 a barrel by 1352 GMT…

Oil Hits $80, Highest Since Nov 2014, on Iran Concerns

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Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening…

As Trump Targets Energy Rules, Oil Companies Downplay their Impact

President Donald Trump (Official White House photo)

President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S.

Venezuela Meets Creditors in Bid to Dodge Default

Venezuela opens talks with creditors on Monday to renegotiate a crippling debt that has left citizens sifting through garbage for food, as the once-prosperous OPEC nation seeks to avert a default…

Oil Falls on Doubts Over OPEC, Pipeline Restart

Oil prices dipped on Tuesday, weighed down by uncertainty over the outcome of an OPEC meeting next week at which an extension to its price-supporting oil output cuts will be discussed. Brent crude…

Congo Seeks Debt Relief From Trading Houses

IMF pushing Congo to renegotiate debt; loans primarily came from Trafigura, Glencore. Congo Republic is set to become the latest African country to start debt relief talks with trading houses after…

Oil Prices Soar After OPEC Output Deal, Brent Hits 16-mnth High

Oil prices rose more than 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to speed up the rebalancing of a long-oversupplied market.

Trump Rails Against Oil Prices, OPEC Pushes Back

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U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place…

Oil Prices Fall as Dollar Hits 14-year High

Oil prices fell on Thursday as the dollar rallied in the wake of a rise in U.S. interest rates, despite forecasts of a tighter oil market in 2017 due to planned output cuts. The dollar neared a…

Sanctions spell the end of OPEC output deal

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President Donald Trump’s decision to withdraw from the nuclear agreement with Iran marks the end of the current output agreement between OPEC and its allies.OPEC is likely to insist the current agreement remains in effect…