U.S. and Gulf Allies Face Task Protecting Oil Shipping Lanes
The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said.Even then, the conventional naval and air capabilities of…
Oil Up On Saudi and OPEC Cuts
Oil prices gained nearly 3 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by U.S. sanctions against Iran and Venezuela.Brent crude futures were up $1.65…
Saudi Arabia to Trim Oil Exports Further in February
Top oil exporter Saudi Arabia plans to lower its shipments further in February as it follows through on a global deal to cut output to prevent a build-up in supplies.Saudi Energy Minister Khalid al-Falih told a news conference…
US Oil Drillers Cut Most Rigs Since May 2016
U.S. drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter for the first time in history.Energy companies cut 10 oil rigs in the week to Dec.
Oil Rises as Saudi Arabia Seeks to Tackle Oversupply
Oil prices rose on Monday after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year.Saudi Arabia, the world's largest oil exporter, said…
Oil Gains after Saudi Paves the Way for an Output Cut
Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.Saudi Arabia…
Oil Rises as Fuel Drawdown Sparks Rebound
Saudi assurance on oil supplies, economic worries weigh as two China state refiners to skip Iran oil bookings for November. Oil prices jumped on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S.
Oil Rises Towards $77 After Slide, Demand Outlook Weighs
Oil rose towards $77 a barrel on Wednesday after hitting a two-month low as the focus returned to looming U.S. sanctions on oil exporter Iran, although concern about a weaker demand outlook weighed.In a sign Iranian exports will drop further once the sanctions take effect on Nov.
Oil Slips Below $80 After Saudi Pledges Rapid Output Rise
Oil slipped below $80 a barrel on Monday as Saudi Arabia pledged to raise its crude production to a record, two weeks before U.S. sanctions potentially choke off Iranian crude supplies.Saudi Energy Minister Khalid al-Falih told…
Bill Allowing US to Sue OPEC Drawing Renewed Interest
With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.A U.S. Senate…
Trump Calls Saudi's King to Discuss Oil Supplies
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 state news agency SPA reported.The call comes days after the U.S.
Oil Holds Just Below $80, Supported by Supply Concerns
Brent oil prices eased modestly on Wednesday but stayed near their highest level this year, supported by concerns that producers may fail to cover a supply shortfall once U.S. sanctions on Iran come into force in November.Brent…
Denmark Swings to Net Oil Importer as North Sea Production Dips
A 25-year period for Denmark as a net oil exporter is set to end this year following output declines in the North Sea, the country's energy agency said on Thursday after slashing its long-term oil production forecast.The Danish…
Oil Slips as Focus Shifts to Demand in Coming Months
Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a.m. EDT (1518 GMT). U.S.
Saudi Arabia Resumes Oil Exports through Red Sea Lane
Top oil exporter Saudi Arabia said on Saturday it has resumed all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb.Saudi Arabia halted temporarily oil shipments through the lane on July 25 after attacks…
Oil Gains After Surprise Drop in Saudi Crude Output
Oil rose on Monday after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow, although the price is still almost 10 percent below its 2018 high of more than $80 a barrel.Markets also anticipated…
Brazil Calls Oil Auction, Seeks to Export Oil in a Year
Brazil's government will seek to sell 14.4 million barrels of oil cargo this month, while the state company managing the development of the pre-salt oil exploration aims to export its own oil in a year's time, the firm's head said on Thursday.The tender of oil cargo…
Oil Prices Pare Gains After Earlier Rise on Saudi News
Oil prices traded broadly unchanged on Thursday after an announcement that Saudi Arabia would suspend some oil shipping in the Red Sea had initially sent prices higher.Brent futures had risen 19 cents to $74.12 a barrel by 1305 GMT…
Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks
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 escalation in tensions in the…
Africa's Richest Man Arranges $4.5 Bln of Financing for Oil Refinery
Africa's richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.Dangote, who built his fortune in cement…
