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International Organizations OPEC

  • Oil jack pumps are pictured in the Kern River oil field in Bakersfield, Calif.

    OPEC may extend its oil supply-reduction pact with non-members if global crude inventories fail to drop to a targeted level, sources said.

  • The Eagle Ford crude oil tanker sails out of the NuStar Energy dock at the Port of Corpus Christi in Texas.

    The U.S. sent a record 7 million barrels of oil out into the world market last week, at a time when OPEC members have cut back.

  • *OPEC could extend or deepen cuts if global glut persists. *OPEC, others promised to cut 1.8 million bpd in H1. OPEC's supply pact could be extended by May if all major producers showed "effective cooperation," an OPEC source told Reuters.

  • *Iraq's share of OPEC production cut is 210,000 bpd. LONDON, Feb 16- Oil exports from Iraq's southern terminals have edged lower so far in February, according to loading data and an industry source, a sign that OPEC's second-largest producer is keeping a lid on shipments following a commitment to cut output. During negotiations on the supply cut by OPEC and non- OPEC...

  • *OPEC, others promised to cut 1.8 million bpd in H1. *OPEC could extend or deepen cuts if global glut persists. LONDON, Feb 16- Oil prices rose on Thursday after OPEC sources said the group could extend its oil supply-reduction pact with non-members and might even apply deeper cuts if global crude inventories failed to drop to a targeted level.

  • *OPEC, others have already promised to cut 1.8 million bpd in H1. *OPEC could extend or even deepen cuts if global glut persists. LONDON, Feb 16- Oil prices rose on Thursday after OPEC sources said the group could extend its oil supply-reduction pact with non-members and might even apply deeper cuts if global crude inventories failed to drop to a targeted level.

  • *OPEC, others have already promised to cut 1.8 million bpd in H1. *OPEC could extend or even deepen cuts if global glut persists. LONDON, Feb 16- Oil prices rose on Thursday after OPEC sources said the group could extend its oil supply-reduction pact with non-members and might even apply deeper cuts if global crude inventories failed to drop to a targeted level.

  • RIYADH, Feb 16- OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said. The group, together with Russia and other non- OPEC oil producers, agreed late last year to cut output by 1.8 million barrels per day to reduce a price-sapping glut.

  • *OPEC, other exporters promise to cut 1.8 million bpd in H1. LONDON, Feb 16- Oil prices steadied on Thursday as record crude and gasoline inventories in the United States dragged on prices, though OPEC supply cuts helped to support the market. Brent crude was up 10 cents at $55.85 a barrel by 1005 GMT.

  • *OPEC, other exporters promise to cut 1.8 million bpd in H1. LONDON, Feb 16- Oil prices steadied on Thursday as record crude and gasoline inventories in the United States dragged on prices, though OPEC supply cuts helped to support the market. Brent crude was up 15 cents at $55.90 a barrel by 0920 GMT.

  • *OPEC, other producers plan to cut 1.8 million bpd in H1. SINGAPORE, Feb 16- Oil dipped on Thursday as rising fuel inventories and crude production in the United States dragged on prices although ongoing supply cuts led by producer group OPEC prevented the market from slumping further. The Organization of the Petroleum Exporting Countries and other producers...

  • *OPEC, other producers plan to cut 1.8 million bpd in H1. SINGAPORE, Feb 16- Oil held steady on Thursday, supported by ongoing supply cuts led by producer group OPEC, while rising fuel inventories and crude production in the United States dragged on prices. The Organization of the Petroleum Exporting Countries and other producers including Russia have agreed to...

  • Don't expect $70 oil: Expert

    Richard Gorry, MD at JBC Energy Asia, says OPEC is trying to protect oil prices on the downside rather than rebalance the market.

  • SINGAPORE, Feb 16- Oil prices held steady on Thursday, supported by ongoing supply cuts led by producer group OPEC, although rising fuel inventories and crude production in the United States weighed on sentiment. Brent crude futures were trading at $55.73 per barrel at 0209 GMT, down just 2 cents from their last close. The Organization of the Petroleum Exporting...

  • Charlie Munger, Berkshire Hathaway

    Instead of extracting it so aggressively, the U.S. should leave it until the Middle East runs out of oil, the billionaire says.

  • Bond traders at CME Group

    U.S. government debt prices fell as investors focused on the testimony of the Federal Reserve's top official and digested economic data.

  • Oil jack pumps are pictured in the Kern River oil field in Bakersfield, Calif.

    Oil prices were choppy on Wednesday after a government report showed a large rise in U.S. crude inventories.

  • High OPEC compliance with supply cuts supports prices. The bearish pressure from the U.S. government data was offset by evidence that OPEC and other producing countries were complying with agreed-upon supply cuts. "There's a certain resilience in price- forward expectations that we are going to reduce supplies globally is holding the market," said Gene...

  • NEW YORK, Feb 15- Oil prices fell slightly on Wednesday as record high U.S. crude and gasoline inventories fed concerns about a glut, but trade was choppy and losses were limited by evidence that OPEC and other producing countries were complying with agreed-upon supply cuts. U.S. crude stocks soared by 9.5 million barrels last week, the U.S. Energy Information...

  • *Room for non- OPEC countries to cut output further, Oman says. NEW YORK, Feb 15- Oil turned negative Wednesday, as falling gasoline futures weighed down crude prices on concerns that oversupply in the U.S. would limit the effect of OPEC's record compliance with its supply-cut accord. U.S. crude stocks rose 9.5 million barrels last week, the U.S. Energy Information...