GO
Loading...

OPEC

More

  • *OPEC March output surges 810,000 bpd on Saudi, Iraq boost. NEW YORK, April 16- Crude oil prices jumped to fresh 2015 peaks on Thursday, turning higher on news that a tribal group made up of former Al Qaeda militants took control of a major southern oil terminal in Yemen. "The report on Al Qaeda forces taking over facilities in Yemen sent prices up," said Phil Flynn, analyst...

  • *OPEC March output surges 810,000 bpd on Saudi, Iraq boost. But on Thursday, OPEC said in its monthly report that its own output surged by 810,000 barrels per day in March, even as low prices start to weigh on U.S. production. "There is some profit taking, but the confirmed OPEC production increase... has to weigh on prices to some degree," said John Kilduff, partner at Again...

  • NEW DELHI, April 16- An Indian delegation will visit Iran this week to scout for investment opportunities ahead of an anticipated nuclear deal between the OPEC- member and world powers that would soften sanctions against the country, sources privy to the plan said. India is Iran's biggest oil client after China although its imports from Tehran have declined...

  • *OPEC March output surges 810,000 bpd on Saudi, Iraq boost. In a monthly report on Thursday, OPEC said demand for its oil this year would be 80,000 barrels per day higher than previously thought as lower prices curb supplies in the United States and other non-member countries. OPEC refused to cut its output in 2014 despite a price collapse, seeking to slow...

  • LONDON, April 16- OPEC said on Thursday demand for its oil this year would be higher than previously thought as its strategy of letting prices fall to hurt other producers begins to take effect. But the monthly report from the Organization of the Petroleum Exporting Countries also confirmed industry estimates of a surge in OPEC production in March, led by higher...

  • And Venezuela's oil minister Asdrubal Chavez met in Caracas with the local ambassadors of eight OPEC members plus Indonesia on Wednesday, the ministry said. Nearly four months of sub- $60 a barrel crude oil prices is weighing heavily on cash-strapped producers such as Venezuela and Russia, who failed to coax OPEC into cutting output last November.

  • Oil rally challenges Wall Street's bearish views Wednesday, 15 Apr 2015 | 5:21 PM ET
    A worker prepares to lift drills by pulley to the main floor of Endeavor Energy Resources Big Dog Drilling Rig 22 in the Permian basin outside of Midland, Texas.

    The idea that crude oil could crater in the next couple of weeks is being challenged as oil futures bounce off 2015 highs and are now up 17 percent this month.

  • CARACAS, April 15- Venezuela said ambassadors of various OPEC countries, including Saudi Arabia, were meeting the country's oil minister Asdrubal Chavez in Caracas on Wednesday. "Ambassadors of Saudi Arabia, Algeria, Ecuador, Iraq, Kuwait, Nigeria, Qatar, Iran and Indonesia are present," the Oil Ministry said in a tweet. The Oil Ministry's twitter feed said the group...

  • Crude continues climb   Wednesday, 15 Apr 2015 | 4:00 PM ET
    Commodities tomorrow: Crude continues climb

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Traders are looking for oil's upside momentum to continue after a smaller than expected EIA inventory build.

  • *OPEC production surges to 31.02 mln bpd- IEA. LONDON, April 15- Oil prices jumped more than a dollar on Wednesday after a lower than expected build of crude oil stocks in the United States. Crude stocks there rose 1.29 million barrels to 483.69 million barrels in the week to April 10, the U.S. Energy Information Administration said on Wednesday, against a forecast of a...

  • Oil supply buffer could halve as OPEC output rises Wednesday, 15 Apr 2015 | 10:41 AM ET

    LONDON, April 15- An oil supply shortage may be the last thing on investors' minds right now, but the ability of OPEC producers to cope with an unexpected surge in demand is diminishing fast, analysts and forecasters say. "A much thinner oil supply buffer could be developing," said Virendra Chauhan, oil analyst at London- based market consultancy Energy Aspects.

  • *Russian delegation to meet OPEC in Vienna in June. Russia has stepped up contacts with OPEC after oil prices plunged last year, however it has dismissed any suggestion it might cut output to prop up prices, saying it is technically impossible to idle production due to the harsh climate in Siberia, the heartland of Russian oil production. The fall in price of oil,...

  • What matters to markets Wednesday Wednesday, 15 Apr 2015 | 7:00 AM ET
    Traders work on the floor of the New York Stock Exchange.

    Early morning earnings reports from major financial companies and a few economic reports could set the tone for Wednesday's markets.

  • Blast of financial earnings, oil and economics Wednesday, 15 Apr 2015 | 6:02 AM ET
    Traders work on the floor of the New York Stock Exchange.

    Early morning earnings reports from major financial companies and a few economic reports could set the tone for Wednesday's markets.

  • *OPEC output surges in March, may be sustained in April. LONDON, April 15- World oil markets may take longer to tighten than expected due to a surge in OPEC supply and a potential rise in Iranian exports, even as demand shows signs of strength, the International Energy Agency said on Wednesday. OPEC production surged to 31.02 million barrels per day in March, almost a...

  • Russia says is in "unprecedented" consultations with OPEC Wednesday, 15 Apr 2015 | 3:44 AM ET

    MOSCOW, April 15- Russia's energy ministry has been holding active consultations with the Organization of Petroleum Exporting Countries and Latin American oil producers which Deputy Prime Minister Arkady Dvorkovich described on Wednesday as "unprecedented". Russia has tried to forge closer ties with OPEC after oil prices plunged. Moscow is expected to...

  • SEOUL, April 15- South Korea's imports of Iranian crude doubled in March from a year earlier but the country's oil shipments from the OPEC country in the first quarter of this year fell 16 percent year- on-year to meet international sanction requirements. Iran and the United States, Britain, France, Russia, China, and Germany reached a preliminary deal on Iran's...

  • Commodities tomorrow: US crude will slow

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude closed above $53 today, mostly due to geopolitical instability and EIA data showing shale output was down.

  • CARACAS, April 14- Venezuela's state oil company PDVSA has offered to buy oil and gas producer Harvest Natural Resources Inc's stake in the Petrodelta joint venture, a source close to PDVSA said on Tuesday. The company has twice been poised to sell its minority stake but said the OPEC country blocked the transaction. In 2013 a deal with Indonesia's oil company...

  • IRAN OIL MINISTER BIJAN ZANGANEH SAYS OPEC SHOULD CUT "AT LEAST 5 PERCENT" FROM ITS DAILY OUTPUT TARGET- SHANA NEWS AGENCY.