International Organizations OPEC

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  • NEW YORK, Feb 11- Bank shares dragged Wall Street lower on Thursday on concerns the a slowing global economy will continue to pressure interest rates, but energy shares helped the market pare losses on a report that OPEC may move to cut oil production.

  • *WSJ report of likely OPEC production cut helps pare losses. Prices came off session lows in post-settlement trade after the Wall Street Journal quoted UAE's energy minister as saying OPEC was ready to cooperate on production cuts. Most traders were skeptical, noting that Venezuela and Russia recently called in vain for OPEC and other major oil producers to...

  • NEW YORK, Feb 11- Bank shares dragged Wall Street lower on Thursday on concerns the slowing global economy will continue to pressure down interest rates, while energy shares helped pare losses on a report that OPEC may move to cut oil production. The S&P 500 touched its lowest in two years before bouncing back after the Wall Street Journal reported OPEC was ready...

  • *Iran seen as stumbling block, unlikely to agree-sources. Top exporter Saudi Arabia might be warming to the idea, though it was too early to say whether the kingdom would give its blessing because any deal depends mainly on a commitment by Iran to restrict its plan to boost exports, the sources said. The proposal of a production "freeze" at current levels was floated...

  • Commodities tomorrow: Crude oil prices under pressure Wednesday, 10 Feb 2016 | 3:00 PM ET
    Commodities tomorrow:

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.

  • Why oil goes lower first: McNally Wednesday, 10 Feb 2016 | 2:06 PM ET
    Why oil goes lower first: McNally

    Bob McNally, The Rapidan Group founder, thinks oil prices go even lower in the short-term, saying we have a "bust first, before a boom."

  • *Russia's Sechin floats idea of oil output cuts. NEW YORK, Feb 10- Oil prices seesawed in choppy trade on Wednesday, with U.S. crude slipping and Brent paring gains as worries about a global supply glut offset data showing a surprise drop in U.S. crude stockpiles. OPEC data pointed to a larger oil supply surplus on the world market this year than previously thought, as...

  • Iran's oil minister said Tehran was ready to negotiate with Saudi Arabia and Kremlin oil tsar Igor Sechin proposed producing countries cut output by 1 million barrels per day- without saying whether non- OPEC member Russia would do so. While traders and delegates from OPEC doubt any deal between the group and rival producers- which would be the first in over a...

  • Russia's Sechin floats idea of oil output cuts Wednesday, 10 Feb 2016 | 8:54 AM ET
    Crude oil refining in Russia

    The head of Rosneft floated the idea of an output cut by oil-producing countries to prop up sagging prices but fell short of saying whether Moscow take part.

  • Iran's oil minister said Tehran was ready to negotiate with Saudi Arabia and the Kremlin's oil tsar Igor Sechin proposed producing countries reduce output by 1 million barrels per day- without saying whether non- OPEC member Russia would cut. While traders and delegates from OPEC doubt any deal between the group and rival producers- which would be the first in...

  • *Iran says open to cooperation with Saudi Arabia. LONDON, Feb 10- Oil rose towards $31 a barrel on Wednesday after four days of declines, supported by the prospect of OPEC and rival producers cooperating to tackle a supply glut that has sent prices to a 12- year low. Iran's oil minister said Tehran was ready to negotiate with Saudi Arabia and the Kremlin's oil tsar...

  • UPDATE 1-Russia's Sechin floats idea of oil output cuts Wednesday, 10 Feb 2016 | 5:15 AM ET

    *Says oil price drop driven by OPEC decision. Oil prices have slumped more than 70 percent to near $30 a barrel over the past 18 months as supply exceeded demand by up to 2 million bpd after OPEC, seeking to drive higher-cost producers out of the market, decided not to cut production. Struggling oil-producing countries have urged OPEC leader Saudi Arabia in recent...

  • Oil rebounds in Asia as Iran talk raises hopes Tuesday, 9 Feb 2016 | 10:58 PM ET
    A worker grabs a nozzle at a PTT gas station in Bangkok, Thailand, January 5, 2016.

    Oil prices rose sharply in Asian trade on Wednesday on glimmers of hope of a producer cut-back and after a steep sell-off overnight.

  • NYMEX-Crude oil rebounds after steep selloff Tuesday, 9 Feb 2016 | 8:18 PM ET

    *U.S. crude for March delivery was 47 cents higher at $28.41 a barrel by 0113 GMT. *The front-month Brent contract was 50 cents higher at $30.82 a barrel, after it had closed $2.56, or 7.8 percent, down on Tuesday. *Meanwhile, the International Energy Agency predicted the world will store unwanted oil for most of 2016 as declines in U.S. output take time and that OPEC is...

  • 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,...

  • 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 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,...

  • 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,...

  • 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...