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International Organizations OPEC

  • *Saudi Arabia, Abu Dhabi are both cutting supplies. LONDON, Jan 6- Oil prices fell on Friday, reversing earlier gains, on concerns that not all OPEC producers will cut output in line with an agreement reached in November, and a stronger U.S. dollar. While top exporter Saudi Arabia, along with fellow Gulf members Abu Dhabi and Kuwait, have shown signs of cutting...

  • *Iran exempted from OPEC output cut agreement. LONDON, Jan 6- Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalising on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data. The oil sold in recent months has gone to buyers in Asia including...

  • *Iran exempted from OPEC output cut agreement. LONDON, Jan 6- Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalizing on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data. The oil sold in recent months has gone to buyers in Asia including...

  • DUBAI, Jan 6- Gulf OPEC member Kuwait has reduced oil production in January to around 2.707 million barrels per day, meeting its output target under an OPEC supply cut agreement, a Kuwaiti oil official said on Friday. It joins Saudi Arabia, the world's top oil exporter and biggest OPEC producer, which also cut production this month by at least 486,000 bpd to its...

  • *Saudi Arabia, Abu Dhabi are both cutting supplies. LONDON, Jan 6- Oil prices edged higher on Friday as output cuts by OPEC members met with lingering concern that other producers could try to shirk their share of planned decreases aimed at curbing global oversupply. Production cuts by OPEC kingpin Saudi Arabia and signs that it plans further trims have helped...

  • *Saudi Arabia, Abu Dhabi are both cutting supplies. LONDON, Jan 6- Oil prices edged higher by mid-morning on Friday as signs of output cuts by OPEC members met with lingering concern that other producers could try to shirk their share of planned decreases aimed at curbing global oversupply. Production cuts by OPEC kingpin Saudi Arabia and signs that it plans...

  • LONDON, Jan 6- OPEC and non- OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day in the first six months of 2017.. Saudi Arabia and its Gulf allies are expected to implement most of their cuts immediately, but other producers both within and outside the Organization of the Petroleum Exporting...

  • *Saudi Arabia, Abu Dhabi are both cutting supplies. "Since the OPEC cut announcement, oil prices are above the $54 per barrel level which we believe is the... cash breakeven for the sector in 2017," U.S. investment bank Jefferies said. Friday's dips came after prices increased the previous day following reports of supply cuts from Saudi Arabia and Abu Dhabi coming into...

  • Oil markets to continue tightening: Expert

    Thomas Hilboldt at HSBC talks about how the OPEC and non-OPEC production cuts will lead to further tightening in the oil markets.

  • *Some doubt OPEC will lower production as much as promised. NEW YORK, Jan 5- Oil prices rose on Thursday in an up-and-down session, lifted by news that Saudi Arabia had cut production to meet OPEC's agreement to reduce output after prices fell on data showing a surprisingly large increase in U.S. gasoline and distillate inventories. Oil has rallied 23 percent since...

  • Commodities tomorrow:

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

  • A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma.

    Oil prices rose in an up-and-down session, lifted by news Saudi Arabia had cut production to meet OPEC's agreement to cut output.

  • NEW YORK, Jan 5- Saudi Arabia cut oil output in January by at least 486,000 barrels per day to 10.058 million bpd, fully implementing OPEC's agreement to reduce output, according to a Gulf source familiar with Saudi oil policy. OPEC agreed to output cuts as of Jan. 1 that would bring production to 32.50 million bpd, in the first such decision since 2008.

  • *Some doubt OPEC will lower production as much as promised. NEW YORK, Jan 5- Oil prices rose on Thursday in an up-and-down session, lifted by news that Saudi Arabia had cut production to meet OPEC's agreement to cut output after falling on data showing a surprisingly large increase in U.S. gasoline and distillate inventories. Oil has rallied 23 percent since...

  • U.S. benchmark crude more than doubled in price since hitting a 13- year low in February last year to reach $55 a barrel on Tuesday, helped by producer group OPEC agreeing in late November to co-ordinate production cuts. "A lot of the budgets that we saw in the latter part of last year were factoring in a $50 oil environment and now we have touched $55 and have more...

  • *Saudi Arabia talks supply reductions with customers. *Some doubt OPEC will lower production as much as promised. NEW YORK, Jan 5- Oil prices slipped on Thursday after a surprisingly large increase in U.S. inventories of gasoline and distillates, slamming the brakes on an early rally on news that Saudi Arabia had started talks with customers about reducing crude...

  • TORONTO, Jan 5- Canada's main stock index on Thursday extended a rally that brought it near to an all-time high, as resource stocks rose with higher commodity prices and financial shares pushed higher. The energy group climbed 0.2 percent as oil prices rose after Saudi Arabia started talks with customers about a reduction in crude sales to support a plan by OPEC...

  • Jan 5- Saudi Aramco has started talks with customers globally to discuss possible cuts of 3 percent to 7 percent in February crude loadings to comply with OPEC production cuts, four sources with knowledge of the matter said on Thursday. The Organization of the Petroleum Exporting Countries agreed in late November to cut production in the first half of 2017 to...

  • *Some doubt OPEC will lower production as much as promised. LONDON, Jan 5- Oil prices rose on Thursday after Saudi Arabia started talks with customers about a reduction in crude sales to support a plan by OPEC to lower global supply. Investors have been suspicious that OPEC may not cut as much as promised, but several sources told Reuters on Thursday the world's...

  • *Loonie touches its strongest since Dec. 14 at C $1.3255. Prices of oil, one of Canada's major exports, rose after Saudi Arabia started talks with customers about a reduction in crude sales to support a plan by OPEC to reduce global supply. The currency's weakest level of the session was C $1.3312, while it touched its strongest since Dec. 14 at C $1.3255.