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International Organizations OPEC

  • KUWAIT, March 25- Iraqi Oil Minister Jabar Ali al-Luaibi said on Saturday the market is a decisive factor in deciding whether to extend into the second half of this year a global agreement on reducing oil output. The Organization of the Petroleum Exporting Countries and 11 other leading oil producers including Russia agreed in December to cut their combined...

  • *OPEC to meet in Kuwait for monitoring meeting. NEW YORK, March 24- Oil rose modestly on Friday in a spate of late-day activity, but fell on the week as concerns persisted over an excess of crude. The official said the expected drop, in line with OPEC's agreement, could help draw down U.S. inventories that stood at a record 533 million barrels last week- stocks that have in...

  • A man stands near gas burning off from a well in Saudi Arabia.

    U.S. crude broke a four-day losing streak in thin trade on Friday, but posted a weekly loss as concerns persisted over an excess of crude.

  • loomed@ HOUSTON/ CARACAS, March 24- A gasoline shortage in OPEC member Venezuela was exacerbated by an increase in government-sanctioned fuel exports to foreign allies and an exodus of crucial personnel from state-run energy company PDVSA, according to internal PDVSA documents and sources familiar with its operations. Leftist-run Venezuela sells its...

  • LONDON, March 24- No evidence has emerged of cheating on the OPEC/ non- OPEC production agreement so far. Charles Goodhart was a Bank of England official and he was expressing the bank's frustration that any measure of the money supply it started targeting ceased to be a good target soon after it was chosen. The question is whether OPEC and non- OPEC countries will...

  • OPEC to meet in Kuwait for monitoring meeting. West Texas Intermediate crude futures were up 3 cents at $47.73 a barrel by 11:25 a.m. EDT, set for a more than 2 percent loss on the week. The official said the expected drop, in line with OPEC's agreement, could help draw down U.S. inventories that stood at a record 533 million barrels last week- stocks that have in part...

  • A gas flame is seen in the desert near the Khurais oilfield, near Riyadh, Saudi Arabia.

    An official says Saudi Arabia's U.S. oil exports are falling and will stay low, but other data suggest the drop is only temporary.

  • *But OPEC supplies to Asia up more than 5 pct since January. *OPEC to meet in Kuwait for monitoring meeting. LONDON, March 24- Oil edged higher on Friday, boosted by hopes that an OPEC output cut was beginning to balance a long-oversupplied market, but benchmark prices were on track for weekly losses as concerns persisted over an excess of crude.

  • *But OPEC supplies to Asia up more than 5 pct since January. *OPEC to meet in Kuwait for monitoring meeting. LONDON, March 24- Oil edged higher on Friday, boosted by hopes that an OPEC output cut was beginning to balance a long-oversupplied market, but benchmark prices were on track for weekly losses as concerns persisted over an excess of crude.

  • LONDON, March 24- Oil edged higher on Friday, boosted by hopes that an OPEC output cut was beginning to balance a long-oversupplied market, but benchmark prices were on track for weekly losses as concerns persisted over an excess of crude. Benchmark Brent crude futures were at $50.86 per barrel at 1040 GMT, up 30 cents from their last close. West Texas Intermediate...

  • *OPEC favours cuts extension, counts on Russia- sources. Oil prices have risen since November when the Organization of the Petroleum Exporting Countries reached its first deal to lower output since 2008, with some non- OPEC producers, including Russia, joining the move. As oil prices are still under pressure, OPEC sources told Reuters this week that Russia and...

  • The model is very different from most other OPEC and non- OPEC producers that rely more heavily on spot sales to refiners and traders. And Saudi Arabia's commitment to reduce production under the accord with other OPEC and non- OPEC countries reached towards the end of 2016 creates a tension with its customer-focused strategy. In fact, Aramco has so far cut...

  • *OPEC cuts began on Jan. 1 but stockpiles still climbing. OPEC's largest producer, Saudi Arabia, expects crude exports to the United States in March will fall by around 300,000 barrels per day from February, in line with the supply-cut agreement OPEC struck in November, a Saudi energy ministry official said. OPEC has broadly met its commitments to reduce output, but...

  • *OPEC cuts began on Jan. 1 but stockpiles still climbing. Benchmark Brent crude oil settled at $50.56 a barrel, down 8 cents on the day and holding above Wednesday's slide to $49.71, its lowest level since Nov. 30 when OPEC announced plans to cut output. OPEC has broadly met its commitments to reduce output, but non- OPEC producers have yet to fully deliver on pledged...

  • Commodities tomorrow:

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

  • L-R) Chief Financial Officer Zhong Hua, Chairman and CEO Yang Hua and President Yuan Guangyu of China National Offshore Oil Corporation (CNOOC) attend a news conference on the company's interim results in Hong Kong, China March 23, 2017.

    The three largest liquefied natural gas buyers worldwide signed an agreement to cooperate in "joint procurement."

  • Pipelines and oil storage tanks in Cushing, Okla.

    Oil prices were lower on Thursday as the market remained under pressure from bloated U.S. crude inventories and rising output.

  • *OPEC cuts began on Jan. 1 but stockpiles still climbing. Benchmark Brent crude oil was trading at $50.57 a barrel by 11:49 a.m. EDT, down 7 cents on the day and holding above Wednesday's slide to $49.71, its lowest level since Nov. 30 when OPEC announced plans to cut output. OPEC has broadly met its commitments to reduce output, but non- OPEC producers have yet to fully...

  • *OPEC cuts began on Jan. 1 but stockpiles still climbing. OPEC has broadly met its commitments to reduce output, but non- OPEC producers have yet to fully deliver on pledged cuts and U.S. shale oil producers have been pumping more oil after crude prices recovered from last year's drop below $30. Oil ministers from OPEC and some non- OPEC states meet on Sunday in Kuwait,...

  • Prices of oil, one of Canada's major exports, hovered above four-month lows, with a recovery reined in by investor concerns that Organization of the Petroleum Exporting Countries-led supply cuts were not yet reducing record U.S. crude inventories. The vote on a Republican healthcare plan is seen as a litmus test of President Donald Trump's ability to...