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  • *OPEC meeting in Vienna does not agree output targets. The positive tone of the Organization of the Petroleum Exporting Countries meeting in Vienna on Thursday assuaged concerns over an intensified battle for market share between rivals Saudi Arabia and Iran. "The meeting removed a substantial concern and downside risk from the market as Saudi Arabia made it...

  • Ewald Nowotny

    ECB board governor Evald Nowotny tells CNBC that compromise is not a good avenue for central banks who believe in the path they have set.

  • *In his first OPEC meeting, Falih pledges "no shocks". *Saudi energy minister says OPEC has role in balancing markets. Intense diplomacy by the soft-spoken Falih at his first OPEC meeting- with his speech peppered by words such as "gentle approach," "no shocks" and "consensus"- has persuaded Alekperov that OPEC is more alive than dead.

  • VIENNA, June 3- OPEC's strategy of letting the oil market balance itself is working as investment in the industry is falling and any recovery will take time to bring new supplies, a senior Iraqi oil official said on Friday. "OPEC let the market work and so far they are succeeding, because it's affected investment," Falah Alamri, the head of Iraq's State Oil Marketing...

  • VIENNA, June 3- Iraq has positively surprised oil majors by starting quickly to repay accumulated debts, the head of Russia's Lukoil said, pledging more investment to allow OPEC's second-largest producer to maintain stellar output growth. Iraq has become the world's fastest-growing oil producer with output up 50 percent since it signed contracts worth tens...

  • *OPEC meeting in Vienna does not agree output targets. The positive tone of the Organization of the Petroleum Exporting Countries meeting in Vienna on Thursday assuaged concerns over an intensified battle for market share between rivals Saudi Arabia and Iran. "The meeting removed a substantial concern and downside risk from the market as Saudi Arabia made it...

  • *OPEC meeting in Vienna does not agree output targets. SINGAPORE, June 3- Brent oil prices held around $50 a barrel on Friday following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel. Analysts still took away positives from the meeting in Vienna, as Saudi Arabia...

  • *OPEC meeting in Vienna does not agree output targets. SINGAPORE, June 3- Brent oil prices held around $50 a barrel on Friday following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel. Analysts still took away positive aspects from the meeting in Vienna, as Saudi...

  • LAUNCESTON, Australia, June 3- There are two ways of looking at the OPEC meeting in Vienna, and neither is wrong. The April gathering in Doha, which included non- OPEC major Russia, was widely viewed as a debacle because the market had expected a production freeze to be agreed and instead they got an acrimonious breakdown between Gulf rivals Saudi Arabia and Iran.

  • *Brent closes above $50 a barrel for first time in 7 months. *OPEC meeting diluted by no output cap; Saudis pledge no ramp up. NEW YORK, June 2- Oil prices edged higher on Thursday, with Brent settling above $50 a barrel the first time in seven months, after the latest drawdown in U.S. crude stockpiles offset OPEC's failure to set a ceiling for its output.

  • "The fact that OPEC has decided to elect a secretary-general today after so many years of haggling is in itself a positive signal not only to the market but to the international community that OPEC is back, stronger," Barkindo told a small group of reporters after OPEC's meeting. OPEC had since 2012 been looking for a replacement for the current secretary-general,...

  • *No output cap by OPEC; Saudis pledge no oversupplies either. NEW YORK, June 2- Oil prices rose on Thursday, with Brent returning to above $50 a barrel, after data showing a weekly drawdown in U.S. crude stockpiles offset OPEC's decision not to set a ceiling for its production. "It was more a definitive day for the EIA than OPEC," said Carl Larry, director of business...

  • *Market down earlier as OPEC failed to set output ceiling. NEW YORK, June 2- Oil prices rose on Thursday after data showing a weekly drawdown in U.S. crude stockpiles helped crude markets recover from OPEC's decision not to set a ceiling for its production. Market participants had followed the OPEC meeting in Vienna for signs the group may revive its collective...

  • OPEC is not the first cartel that has sought to manage the global price of a commodity and serve the interest of its members, but at 56 years old and still going, it has outlived all of them. But after nearly two years of letting the market determine global prices, and of members failing to agree on any production targets or cuts, the future of OPEC has come into question,...

  • *OPEC ends meeting without output ceiling. NEW YORK, June 2- Oil prices fell more than 1 percent on Thursday as the Organization of the Petroleum Exporting Countries ended a recent meeting without setting a ceiling for its production. Market participants had followed OPEC's gathering in Vienna for signs of agreement on reviving the group's collective output...

  • NEW YORK, June 2- Oil prices fell more than 1 percent on Thursday as the Organization of the Petroleum Exporting Countries ended its meeting without any apparent change in its crude production policy. Market participants had followed OPEC's gathering in Vienna for signs of agreement on reviving the group's collective output quota proposed by Saudi Arabia or...

  • VIENNA, June 2- The European Central Bank chose not to give Greece access to its cheap money on Thursday, saying it would wait until Athens had tied up a number of loose ends in its agreement with international lenders. At a news conference in Vienna, ECB President Mario Draghi said the bank had discussed the issue of reinstating a' waiver' allowing the ECB to accept...

  • VIENNA, June 2- The European Central Bank remains ready for any outcome from Britain's referendum on membership of the European Union on June 23- but it hopes the British stay in, ECB President Mario Draghi said on Thursday. "The ECB has a view whereby the UK should remain in the European Union because the European Union will benefit from its permanence, and we...

  • *Decision on loans to Greece postponed. VIENNA/ FRANKFURT, June 2- The European Central Bank on Thursday nudged up its expectations for growth and inflation in the euro area this year, but kept its main interest rate unchanged in negative territory and said it would press on with its unprecedented stimulus effort. Speaking after a meeting of the Bank's governing...

  • VIENNA, June 2- European Central Bank President Mario Draghi said on Thursday the euro zone's economy was improving and that stimulus in the pipeline would add to this. "Economic recovery is gradually proceeding," he told a news conference in Vienna. The ECB is buying 80 billion euros of assets per month, trying to boost inflation, which has missed its target of close...