GO
Loading...

OPEC

More

  • UPDATE 4-Oil slips below $86 on global oversupply Monday, 20 Oct 2014 | 7:58 AM ET

    *OPEC ministers due to meet in Vienna on Nov. 27. Abundant global oil supplies, particularly of very high quality, light oil, coupled with a gloomy economic outlook from Europe to China pushed Brent last week below $83, to its lowest since 2010. Oil prices are down more than 25 percent since June. Saudi Arabia, Kuwait and Iran have all indicated reluctance to change...

  • *Saudi Arabia, Kuwait stop production at Khafji oilfield. LONDON, Oct 20- Brent crude steadied around $86 a barrel on Monday, holding on to a rally from near four-year lows last week on news of a cut in Saudi- Kuwait oil output. But the news was cited as a positive factor by some traders at a time when crude oil production exceeds demand and ahead of an OPEC meeting on Nov. 27...

  • *Libya should be exception to any OPEC cut- official. So far, Libya is among a minority in the Organization of the Petroleum Exporting Countries, and the only one of the four African OPEC members, to call for an OPEC cut, adding to signs that such a move is unlikely. "OPEC is facing a challenge to remove the surplus from the market so the price will return to normal levels,"...

  • *OPEC shows no sign of willingness to cut output. U.S. crude was down 80 cents at $80.98 a barrel, after falling below $80 for the first time since June 2012 to a low of $79.78. "And despite us seeing a floor around $80, even this floor might come into danger if we don't have any signal from OPEC any time soon."

  • LONDON, Oct 16- How far do oil prices need to fall to curb the investment in shale production and stem the destruction of demand? The two most popular methods for identifying a potential floor are the fiscal breakeven prices for OPEC members and the marginal costs for North American shale producers, but both approaches have severe limitations.

  • *OPEC shows no sign of willingness to cut output. LONDON, Oct 16- Oil fell more than $1 a barrel on Thursday to a four-year low below $83 a barrel as growing concerns over the global economy stretched a four-month rout. "And despite us seeing a floor around $80, even this floor might come into danger if we don't have any signal from OPEC any time soon."

  • CARACAS, Oct 15- Oil prices will rebound after hitting a "floor," President Nicolas Maduro said on Wednesday, insisting the current rout in crude markets will not harm Venezuela's economy or social spending plans. "The price of oil will hit its floor, and it will rise again," Maduro said after being asked at a news conference how the OPEC nation plans to deal with falling...

  • NEW YORK, Oct 15- Saudi Arabia effectively started a global oil price war this month aimed at quickly denting U.S. oil output. At stake is not just the fate of a U.S. drilling frenzy that has transformed the North American energy picture and powered the U.S. economy, but the shape of the global market as OPEC leader Saudi Arabia hopes to take share from U.S. producers.

  • NEW YORK, Oct 15- The cost for insuring Venezuelan sovereign debt against default or restructuring surged on Wednesday as global oil prices swooned to a 27- month low before rebounding, illustrating rising investor concerns over the OPEC member nation's ability to service its debt. In addition they would have to pay $500,000 annually, for the duration of the...

  • "The current market situation doesn't suit anyone, neither consumers nor producers," Eulogio Del Pino told an oil conference on Venezuela's Margarita Island. Venezuela is calling for an emergency meeting of the Organization of the Petroleum Exporting Countries- prior to its next scheduled Nov. 27 gathering- to halt the slide in oil prices to their lowest level...

  • *OPEC shows no sign of cutting output to defend oil prices. LONDON, Oct 15- Brent crude bounced off a four-year low on Wednesday to above $85 a barrel, a level that was still down 25 percent since June, as a drop in the value of the dollar attracted some cautious buying in the oil market. U.S. crude gained 40 cents a barrel to $82.24, rebounding by more than $2 after hitting a...

  • *OPEC shows no sign of cutting output to defend oil prices. LONDON, Oct 15- Brent crude hit a new four-year low on Wednesday before recovering to just under $85 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply. Brent for November delivery touched a fresh post-2010 low of $83.37, down $1.67, before recovering to around $84.80 by...

  • COLUMN-Oil market proves mightier than OPEC: Kemp Wednesday, 15 Oct 2014 | 8:21 AM ET

    "If the shale revolution can be sustained in the United States, and successfully exported to other countries, some combination of OPEC production cuts or lower oil prices to encourage demand and forestall more investment, will be inevitable by 2015-16," I wrote last year. "The massive rise in prices means Saudi Arabia will face intense competition from shale," I...

  • Expect short run on depressed oil prices: Expert     Wednesday, 15 Oct 2014 | 8:07 AM ET

    John Hofmeister, former Shell Oil president, shares his outlook on oil as prices get crushed.

  • UPDATE 5-Oil falls to $84, near 4-year low, on oversupply Wednesday, 15 Oct 2014 | 7:55 AM ET

    *OPEC shows no sign of cutting output to defend oil prices. LONDON, Oct 15- Brent crude fell to a fresh 47- month low on Wednesday before recovering to around $84 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply. "There's broad acceptance by the market that Saudi Arabia is willing to let prices go lower.

  • *OPEC shows no sign of cutting output to defend oil prices. LONDON, Oct 15- Brent crude fell to a fresh 47- month low on Wednesday, dipping below $84 a barrel as faltering global growth curbed demand for fuel at a time of heavy oversupply. "There's broad acceptance by the market that Saudi Arabia is willing to let prices go lower.

  • *OPEC shows no sign of cutting output to defend oil prices. SINGAPORE, Oct 15- Brent crude edged higher on Wednesday, holding above $85 a barrel after its biggest daily fall in three years in the previous session, a drop of nearly $4 that pushed prices to the lowest since late 2010 in an oversupplied market. Comments from core OPEC members, including Saudi Arabia,...

  • NEW YORK, Oct 15- Saudi Arabia effectively started a global oil price war this month aimed at quickly denting U.S. oil output. At stake is not just the fate of a U.S. drilling frenzy that has transformed the North American energy picture and powered the U.S. economy, but the shape of the global market as OPEC leader Saudi Arabia hopes to claw share from U.S. producers.

  • Brent recovers above $85 after biggest fall in three years Wednesday, 15 Oct 2014 | 12:55 AM ET

    *OPEC shows no sign of cutting output to defend oil prices. SINGAPORE, Oct 15- Brent edged higher above $85 a barrel on Wednesday, recovering from its biggest daily fall in three years, a drop that pushed prices to the lowest since late 2010 as traders scrambled to keep up with the downward momentum. Comments from core OPEC members, including Saudi Arabia, Kuwait and...

  • Behind the overnight slump in oil prices     Tuesday, 14 Oct 2014 | 9:23 PM ET

    Matt Smith, Commodity Analyst at Schneider Electric, attributes the steep declines in oil prices to the IEA's downgrade in oil consumption and reluctance by OPEC to cut output.