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International Organizations OPEC

  • 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...

  • Russia and other key exporters outside OPEC have said they will also cut output. But global oil production remains high and, with inventories near record levels in many areas, investors doubt that OPEC and its allies can trim output enough to push up prices. "Cuts by OPEC and non- OPEC countries have just started and it will take some time for them to filter through,"...

  • Russia and other key exporters outside OPEC have said they will also cut output. But global oil production remains high and, with inventories near record levels in many areas, investors doubt that OPEC and its allies can trim output enough to push up prices. "Cuts by OPEC and non- OPEC countries have just started and it will take some time for them to filter through,"...

  • Global uncertainty as a result of a looming Trump presidency has caused the IMF to leave its growth forecasts unchanged for 2016 and 2017.

  • Russia and other key exporters outside OPEC have said they will also cut output. But global oil production remains high and, with inventories near record levels in many areas, investors doubt that OPEC and its allies can trim output enough to push up prices. "Cuts by OPEC and non- OPEC countries have just started and it will take some time for them to filter through,"...

  • An oil pumpjack operates near Williston, North Dakota.

    Oil was pressured by doubts that large oil producers will reduce production and on expectations that U.S. production would increase.

  • DUBAI, Jan 16- Iran's oil minister said that he was confident the OPEC and non- OPEC members would commit to the output cut deal agreed in November, noting that prices of oil would rise further as a result. "I am certain that the OPEC and non- OPEC members will cut oil output as committed. The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output...

  • Russia and other key exporters outside OPEC have said they will also cut output. But global oil production remains high and, with inventories near record levels in many areas, investors doubt that OPEC and its allies can trim output enough to push up prices. "Cuts by OPEC and non- OPEC countries have just started and it will take some time for them to filter through,"...

  • SINGAPORE, Jan 16- Oil prices were steady on Monday, supported by a weaker dollar, although doubts that OPEC and other producers would fully implement announced crude output cuts held the market back. Brent crude futures, the international benchmark for oil prices, were trading at $55.40 per barrel at 0758 GMT, within 0.1 percent from their last close.

  • SINGAPORE, Jan 16- Oil prices inched up on Monday, supported by a weaker dollar and expectations that OPEC and other producers will cut output as part of a deal to curb global oversupply. Brent crude futures, the international benchmark for oil prices, were trading at $55.64 per barrel at 0344 GMT, up 19 cents from their last close. "Oil pricing will be driven this week...

  • SINGAPORE, Jan 16- Oil prices inched up on Monday, supported by a weaker dollar and expectations that OPEC and other producers will cut output as part of a deal to curb global oversupply. OPEC has said it would cut its output by 1.2 million barrels per day to 32.50 million bpd from Jan. 1, and Russia as well as other non- OPEC members are planning to cut about half as much.

  • CARACAS, Jan 15- Venezuela will next week circulate a new proposal to crude producers in a bid to support oil prices, President Nicolas Maduro said on Sunday, without providing details. The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million barrels per day to 32.5 million bpd for the first six months of 2017, in addition...

  • CARACAS, Jan 15- Venezuela's hard currency income fell 60 percent in 2016 compared with the previous year, President Nicolas Maduro said on Sunday, blaming low oil prices. The country with the world's largest crude reserves receives over 90 percent of its foreign income from oil, whose price has fallen since mid-2014, worsening a recession in the OPEC country.

  • The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed by independent producers such as Russia, Oman and Mexico. Prices fell on Friday and ended the week 3 percent lower on lingering doubts over the extent of OPEC cuts, with...

  • *Libya's oil production up to 750,000 bpd- deputy PM. NEW YORK, Jan 13- Oil prices fell on Friday and ended the week 3 percent lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the economic health of the world's second-largest oil consumer, China, after it reported the steepest falls in overall exports since 2009..

  • *Britain's FTSE extends historic winning streak. *Oil falls on China concerns, set for weekly drop on OPEC doubts. NEW YORK, Jan 13- European stocks advanced on Friday, while the S&P 500 and Nasdaq rose in line with gains in U.S.

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

    Oil prices fell on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the economic health of China.

  • Trucks operate in the open-pit mine of PT Freeport's Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia.

    The global supercycle in commodities that has lost steam in recent years shows signs of revving up again, Jodie Gunzberg says.

  • ABU DHABI, Jan 13- OPEC's Secretary-General has confidence in the commitment of oil producers who agreed to an output cut deal last month to ease a global glut that has depressed crude prices and hurt exporting countries' revenues. And Iraq, OPEC's second-largest producer, said it too had reduced production and exports and it was fully committed to the agreement.

  • *Many analysts expect OPEC cut compliance of 50-80 pct. NEW YORK, Jan 13- Oil prices fell on Friday and were on track to end the week lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the economic health of the world's second-largest oil consumer, China, after it reported the steepest falls in overall exports since 2009..