×

International Organizations OPEC

  • VIENNA, Nov 30- The Organization of the Petroleum Exporting Countries has agreed its first oil output cuts since 2008, an OPEC source told Reuters on Wednesday. The source said the agreement was in line with an accord reached in Algiers in September. OPEC member Algeria was proposing to set a new production ceiling at 32.5 million barrels per day, down from...

  • *Expectations of OPEC deal drive U.S. yields higher. LONDON, Nov 30- The dollar edged up on Wednesday as a surge in oil prices encouraged expectations of rises in inflation and U.S. The dominant factor on Wednesday was widespread anticipation of a deal that would curb OPEC oil output that sent crude prices 7 percent higher in morning trade in London.

  • *OPEC discussing output cut of 1.4 mln bpd- source. *Iraq, Iran both say optimistic deal will be reached. LONDON, Nov 30- Oil prices jumped more than 8 percent on Wednesday to a five-week high as some of the world's largest oil producers gathered in Vienna to try to agree a production cut that could be bigger than expected.

  • *Oil prices jumped 8.4 percent after Saudi Arabia's energy minister said the OPEC and other producers, gathered in Vienna, were close to a deal. *Wall Street is on track for its best month since March, riding on a record rally that was sparked by Donald Trump's victory of the U.S. presidential election. *A U.S. Commerce Department report at 8:30 a.m. ET is likely to show...

  • *Oil prices jumped 8.4 percent after Saudi Arabia's energy minister said the OPEC and other producers, gathered in Vienna, were close to a deal. *Wall Street is on track for its best month since March, riding on a record rally that was sparked by Donald Trump's victory of the U.S. presidential election. *A U.S. Commerce Department report at 8:30 a.m. ET is likely to show...

  • *Oil prices soar as OPEC meets. LONDON, Nov 30- Euro zone government bond yields fell on Wednesday on expectations the European Central Bank would step in and buy Italian government bonds should this weekend's referendum go against Prime Minister Matteo Renzi. The yield on Italy's 10- year bond fell 3 basis points to 1.95 percent before rising to 1.96 percent.

  • Saudi Arabia's Energy Minister Khalid al-Falih arrives for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016.

    Saudi Arabia's minister of energy told CNBC that he was relatively optimistic that OPEC could agree a deal to curtail oil production.

  • HAMBURG/ SINGAPORE, Nov 30- Chicago soybean, wheat and corn futures rose on Wednesday, supported by a sudden surge in crude oil prices as several OPEC members signaled a possible deal to cut production. The Chicago Board of Trade's most active January soybean contract climbed 0.5 percent to $10.47-3/ 4 a bushel by 1117 GMT after closing down 1.2 percent in...

  • *Saudi Falih says OPEC close to reaching deal. *Iran says Russia would cut if OPEC reaches deal. Falih also said OPEC was focusing on reducing output to a ceiling of 32.5 million barrels per day, or cutting by more than 1 million bpd, and hoped Russia and other non- OPEC members would contribute a cut of another 0.6 million bpd.

  • *Iraq, Iran both say optimistic deal will be reached. LONDON, Nov 30- Oil prices jumped more than 7 percent on Wednesday as some of the world's largest oil producers gathered in Vienna to agree on a production cut that could be bigger than expected. The Organization of the Petroleum Exporting Countries started a meeting at 0900 GMT on Wednesday at its Vienna...

  • *Oil soars amid signals of OPEC production cut. LONDON, Nov 30- Oil jumped more than 6 percent and the dollar, U.S. bond yields and stocks all pushed higher on Wednesday as signals from OPEC suggested the group was closing in on a deal to cut production. Combined with fresh concern about China's banking system, a stress test for British banks and a raft of euro zone data,...

  • *Saudi Falih says OPEC close to reaching deal. *Iran says Russia would cut if OPEC reaches deal. Falih also said OPEC was focusing on reducing output to a ceiling of 32.5 million barrels per day, or cutting by more than 1 million bpd, and hoped Russia and other non- OPEC members would contribute a cut of another 0.6 million bpd.

  • Whall: OPEC deal needed for its credibility

    Charles Whall, Investec Asset Management portfolio manager, discusses the OPEC meeting of oil ministers in Vienna and the likelihood that a deal will be reached.

  • The Saudi Oil Minister Khaled al-Faleh.

    CNBC's Steve Sedgwick reports from the OPEC meeting in Vienna on the likelihood of a production deal.

  • *Saudi Falih says OPEC close to reaching a deal. *OPEC to study proposal to cut output by 1.2 mln bpd. Falih also said OPEC was focusing on reducing output to a ceiling of 32.5 million barrels per day, or cutting by more than 1 million bpd, and hoped Russia and other non- OPEC members would contribute a cut of another 0.6 million bpd.

  • NEW YORK/ HOUSTON, Nov 30- In a corner of the prolific Bakken shale play in North Dakota, oil companies can now pump crude at a price almost as low as that enjoyed by OPEC giants Iran and Iraq. The steep slide in costs could encourage more U.S. shale output if OPEC members cut supplies, undermining the producer group's ability to boost prices. OPEC ministers meet...

  • *Iraq, Iran both say optimistic deal will be reached. *U.S. oil industry could gain from OPEC cut. LONDON, Nov 30- Oil jumped more than 5 percent on Wednesday, after the Saudi oil minister said an agreement among OPEC members on cutting output was close, putting the price on course for its biggest one-day move since April.

  • *Oil prices soar as OPEC meets. LONDON, Nov 30- Euro zone government bond yields fell on Wednesday on expectations the European Central Bank would step in and buy Italian government bonds should this weekend's referendum go against Prime Minister Matteo Renzi. Uncertainty before Wednesday's OPEC meeting bolstered the price move, but a Reuters report on...

  • Concerns were also growing about China, where a growing liquidity squeeze caused by Beijing's efforts to support the yuan is already spilling into global commodity markets. MSCI's emerging equity index rose 0.3 percent thanks to oil's 2 percent surge before a crucial OPEC producers' meeting, but it has lost 5 percent in November. Most currencies were down...

  • *Decision from OPEC meeting may move markets. LONDON, Nov 30- The dollar edged up on Wednesday as U.S. The dollar hit its highest level against a basket of major currencies for almost 14 years last week, after a boost from Donald Trump's shock U.S. election win that drove debt yields higher on expectations of more fiscal spending, higher inflation and a faster pace of...