International Organizations OPEC

  • West Texas Intermediate crude oil futures were trading up 3 cents at $52.51 per barrel at 0058 GMT. Oil has drawn support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the agreement between the Organization of the Petroleum Exporting Countries and other producers. Under the agreement, OPEC,...

  • NEW YORK, Jan 17- U.S. oil prices hit their biggest discount to global benchmark Brent crude in five months on Tuesday as President-elect Donald Trump said an oil import tax plan would be too complex and as a global deal to reduce supply hits Middle East output. A glut in global supply had limited the appetite for crude from the United States until late last year, even...

  • Commodities tomorrow:

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

  • *Russia oil production to reach record high in 2017- Reuters poll. *Rising U.S. production seen offsetting OPEC cuts- U.S. NEW YORK, Jan 17- Oil prices were little changed on Tuesday as a decline in the U.S. dollar and comments by Saudi Arabia that it would adhere to OPEC's commitment to cut output.

  • A pump jack and pipes at an oil field near Bakersfield, California.

    Gains were capped by forecasts for rising U.S. and Russian production and skepticism that OPEC as a whole would comply with output cuts.

  • Too much OPEC optimism?

    Helima Croft, RBC Capital Markets, gives her view on oil as the OPEC production cut deal is in early days.

  • *Russia oil production to reach record high in 2017- Reuters poll. *Rising U.S. production seen offsetting OPEC cuts- U.S. NEW YORK, Jan 17- Oil prices edged higher on Tuesday propped up by a decline in the U.S. dollar and comments by Saudi Arabia that it would adhere to OPEC's commitment to cut output.

  • *Russia oil production to reach record high in 2017- Reuters poll. *Rising U.S. production seen offsetting OPEC cuts- U.S. NEW YORK, Jan 17- Oil prices were little changed on Tuesday as forecasts for record production out of Russia in 2017 helped offset earlier gains related to a decline in the U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to...

  • *Iraq's share of OPEC production cut is 210,000 bpd. *Export data points to steady shipments from northern Iraq. LONDON, Jan 17- Oil exports from Iraq's southern terminals have fallen so far in January, according to loading data and an industry source, a sign that OPEC's second-largest producer is following through on the group's decision to cut output.

  • *Rising U.S. production seen offsetting OPEC cuts. LONDON, Jan 17- Oil prices rose on Tuesday, supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Brent crude futures, the international benchmark for oil prices, were up 76 cents at $56.52 a barrel by 1451 GMT, having risen earlier by more than $1 to a session high...

  • *Production cuts deal with OPEC expires end-June. The Organization of the Petroleum Exporting Countries and other oil producers, led by Russia, agreed last month to cut their oil output during the first six months of the year to prop up prices. Russia, among the world's biggest oil producers, plans to reduce output by 200,000 barrels per day in the first quarter and...

  • *Rising U.S. production seen offsetting OPEC cuts. LONDON, Jan 17- Oil prices rose on Tuesday, supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Brent crude futures, the international benchmark for oil prices, were up 66 cents at $56.52 a barrel by 1304 GMT.

  • *Rising U.S. production seen offsetting OPEC cuts. LONDON, Jan 17- Oil prices rose on Tuesday, supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Brent crude futures, the international benchmark for oil prices, were up 77 cents at $56.63 per barrel at 1020 GMT.

  • *Refinery outages hit crude demand just as OPEC cuts production. The higher Asian refining margins have beat back concerns that profits would fall as crude oil prices gained as the Organization of the Petroleum Exporting Countries and non- OPEC producers began to implement their agreed production cuts from January to reduce global oversupply.

  • SINGAPORE, Jan 17- Oil prices were mixed on Tuesday, supported by Saudi Arabia saying it would adhere to a commitment to cut output, but held back by rising U.S. production and skepticism that OPEC as a whole would comply with its commitments to reduce supplies. Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it...

  • SINGAPORE, Jan 17- Oil prices were mixed on Tuesday, supported by Saudi Arabia saying it would adhere to a commitment to cut output, but held back by rising U.S. production and scepticism that OPEC as a whole would comply with its commitments to reduce supplies. Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it...

  • *Rising U.S. production seen offsetting OPEC cuts. SINGAPORE, Jan 17- Oil dipped on Tuesday on lingering concerns over global fuel oversupply due to rising U.S. output and doubts that OPEC and other producers would adhere to commitments to cut output in an effort to balance markets and prop up prices. Brent crude futures, the international benchmark for oil prices,...

  • This strategist is optimistic about OPEC in the short term

    Compliance in the oil production cut has been good but this might not last in the longer term, says Wayne Gordon at UBS.

  • CALGARY, Alberta, Jan 16- Oil prices settled up on Monday, as Saudi Arabia's commitments to reducing production offset a report forecasting U.S. output would again rise this year. Russia and other key exporters outside OPEC have said they will also cut output. Saudi Energy Minister Khalid al-Falih said on Monday the country will adhere strictly to its output...

  • The Organization of the Petroleum Exporting Countries has agreed to cut production by 1.2 million barrels per day to 32.5 million bpd from Jan. 1 in an attempt to clear a global oversupply that has depressed prices for more than two years. Russia and other key exporters outside OPEC have said they will also cut output. Saudi Arabia's Energy Minister Khalid...