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.
*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.
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...
*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...
*OPEC to study proposal to reduce output by 1.2 mln bpd. VIENNA, Nov 30- OPEC began on Wednesday debating a deal to curtail oil production in an effort to prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action. Ministers from the Organization of the Petroleum Exporting Countries met informally at 0700...
WTI CRUDE OIL FUTURES HIT DAY'S HIGH AT $46.94/ BBL AHEAD OF OPEC DECISION.
BRENT CRUDE OIL FUTURES RISE OVER 3 PCT TO SESSION HIGH AT $48.14/ BBL AS OPEC OPTIMISM BUILDS.
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.
*Iraq, Iran both say optimistic deal will be reached. *U.S. oil industry could gain from OPEC cut. SINGAPORE, Nov 30- Oil prices rose as much as 2 percent on Wednesday after an Iraqi delegate said that some form of deal would be reached between OPEC members who are meeting in Vienna to agree terms of a production cut to rein in oversupply.
VIENNA, Nov 30- OPEC began on Wednesday debating a deal to curtail oil production and prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action. On Tuesday, Iran wrote to OPEC saying it wanted Saudi Arabia to cut production by as much as 1 million barrels per day, much more than Riyadh is willing to offer, OPEC...
Asia stocks traded mixed, with oil prices in focus after fresh doubts over an OPEC production deal sent prices tumbling on Tuesday.
JBC Energy Founder, Johannes Benigni, weighs in on where he thinks oil prices are heading in the coming year.
JBC Energy Founder, Johannes Benigni, gives his thoughts on what to expect out of OPEC from its latest meeting in Vienna, and whether there will be a cut.
*Iran, Iraq resist Saudi pressure to cut output. *U.S. oil industry could gain from OPEC cut. SINGAPORE, Nov 30- Oil markets edged up in nervous trading on Wednesday ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014..
United Arab Emirates oil minister, Suhail al Mazroui tells CNBC that the oil market will eventually correct itself.
Financial markets are on edge Wednesday as OPEC wavers on a plan announced nearly two months ago to cut crude oil output.
United Arab Emirates Oil Minister, Suhail al Mazroui, talks about the barriers facing OPEC at present, and what the oil cartel wants to achieve at the meeting.