International Organizations OPEC

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  • The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said. The agency cut its forecast for 2016 oil demand growth, which now stands at 1.17 million barrels per day following a five-year high of 1.6 million in 2015,...

  • *Chances of OPEC/ non- OPEC deal very low. LONDON, Feb 9- The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said. "Persistent speculation about a deal between OPEC and leading non- OPEC producers to cut output appears to...

  • *Mideast OPEC producers fight for market share in Asia. DUBAI, Feb 9- Iraq has raised the March official selling price for Basra Light crude to Asia by $0.20 to minus $2.60 a barrel against the average of Oman/ Dubai quotes from the previous month, the State Oil Marketing Organization said. Basra Heavy to Asia in the same month was priced at minus $6.30 a barrel to Oman/...

  • NEW YORK, Feb 9- U.S. oil and gas pipeline companies including Williams Companies Inc and Kinder Morgan Inc have contracts worth billions of dollars that might be at risk as Chesapeake Energy Corp aims to slash its debts amid collapsing energy prices. But with oil prices at their lowest in 12 years due to a global supply glut with OPEC unwilling to slow production,...

  • The survey came after Sunday's meeting between Saudi Arabia's oil minister, Ali al-Naimi, and his Venezuelan counterpart produced no tangible signs that OPEC and non- OPEC suppliers were ready to meet to discuss the price slump in oil. U.S. crude settled below $30 a barrel, finishing down $1.20 at $29.69. "Everyone's fearing new builds in crude," said Donald Morton,...

  • No tangible signs emerged from a meeting on Sunday between Saudi Arabia's oil minister Ali al-Naimi and his Venezuelan counterpart that OPEC and non- OPEC suppliers were ready to meet to discuss the price slump. Hopes of an accord to shore up prices which are languishing close to 2003 have dimmed over the past week, but the meeting between cash-strapped...

  • No tangible signs emerged from a meeting on Sunday between Saudi Arabia's oil minister Ali al-Naimi and his Venezuelan counterpart that OPEC and non- OPEC suppliers were ready to meet to discuss the price slump. After a flurry of diplomacy over the last two weeks about a possible production cut roiled oil markets, Sunday's meeting between cash-strapped...

  • *U.S. shale, OPEC complicate oil price recovery. PARIS/ BRUSSELS, Feb 8- Green power is cheap enough to compete with fossil fuels and will buck the trend of falling investment in oil and gas as it can offer long-term returns sheltered from political risk, investors and industry analysts say. The differences this time include the depth of uncertainty over any oil...

  • UPDATE 5-Oil prices slide, supply overhang in focus Monday, 8 Feb 2016 | 7:19 AM ET

    *Focus shifting to Fed testimony, IEA, EIA and OPEC data. *Iran says European buyers agreed to lift its crude. Global benchmark Brent futures were down 68 cents at $33.38 at 1212 GMT, while U.S. crude futures lost 81 cents to $30.08.

  • *Focus shifting to Fed testimony, IEA, EIA and OPEC data. LONDON, Feb 8- Crude oil prices eased in thin trade on Monday as a meeting between OPEC producers Saudi Arabia and Venezuela showed little indication that steps would be taken to boost prices. Saudi Arabia's oil minister Ali al-Naimi discussed cooperation between members of the Organization of the...

  • TOKYO, Feb 8- Crude oil futures were mixed in early Asian trade on Monday after a meeting between OPEC producers Saudi Arabia and Venezuela to discuss coordination on prices ended with few signs there would be steps taken to boost prices. Brent crude futures, the global benchmark was down 9 cents at $33.97 at 0039 GMT. Saudi Arabia's oil minister Ali al-Naimi...

  • NEW YORK, Feb 5- Oil prices ended the week lower in choppy trading on Friday, snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut. After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi...

  • NEW YORK, Feb 5- Oil prices were little changed in choppy trading on Friday, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut. After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi counterpart Ali al-Naimi in...

  • *Iran says it supports meeting between OPEC, other producers. *Venezuela oilmin meets with counterparts in Qatar, Oman. NEW YORK, Feb 4- Oil fell 2 percent in volatile trading on Thursday, as support from a weakening dollar was overshadowed by scepticism that cash-strapped OPEC member Venezuela's effort to lobby crude producers for joint output cuts would...

  • Qatar's Energy Minister Mohammed al-Sada is the current holder of the rotating OPEC presidency. Del Pino later met Oman's Oil Minister Mohammad bin Hamad al-Rumhy, who "reiterated his support of the actions Venezuela has taken to stabilize the market," according to statements from the Oil Minister and state oil company PDVSA, over which Del Pino presides.

  • *Iran says it supports meeting between OPEC, other producers. NEW YORK, Feb 4- Oil prices were volatile on Thursday, reversing earlier gains as scepticism that cash-strapped OPEC member Venezuela's effort to lobby crude producers for output cuts would succeed offset a weakening dollar. Venezuelan Oil Minister Eulogio del Pino said he had a "good and productive"...

  • These are early signs of capitulation for oil Thursday, 4 Feb 2016 | 1:07 PM ET
    A worker checks a valve at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia.

    Early signs of capitulation by oil producers could mean a bottom is getting closer.

  • *Iran says it supports meeting between OPEC, other producers. Crude added to the previous session's 7 percent jump after an Iranian official was quoted as saying Tehran supported a meeting between OPEC and other oil producers. "Headlines continue to fly about an OPEC/ non- OPEC meeting.

  • *OPEC's Venezuela lobbies for producer meet to cut output. Crude rebounded from an earlier decline after an Iranian official was quoted as saying Tehran supported a meeting between OPEC and other oil producers- raising hopes they could take action to support prices despite widespread scepticism in the market. "Headlines continue to fly about an OPEC/ non- OPEC...

  • Qatar's Energy Minister Mohammed al-Sada is the current holder of the rotating OPEC presidency. Cash-strapped OPEC member Venezuela has been calling for an emergency meeting of producers to discuss steps to prop up prices, which are close to their lowest since 2003.. On Wednesday, Iranian news agency Shana quoted Del Pino as saying six producing countries,...