Business News Algeria

  • *Saudi Arabia, Russia agreed in Sept to lift oil output- sources. *Saudi Arabia has raised output in Oct to 10.7 mln bpd. NEW YORK, Oct 3- Brent crude rose to a four-year high on Wednesday, as the market focused on upcoming U.S. sanctions on Iran while shrugging off the year's largest weekly build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian...

  • LONDON, Oct 3- Iran accused Saudi Arabia and Russia on Wednesday of breaking OPEC's agreement on output cuts by producing more crude, adding that the two countries would not be able to produce enough oil to make up for a reduction in Iranian exports. Reuters reported on Wednesday that Russia and Saudi Arabia struck a private deal in September to raise oil output to...

  • *Saudi Arabia, Russia agreed in Sept to lift oil output- sources. *Saudi Arabia has raised output in Oct to 10.7 mln bpd. NEW YORK, Oct 3- Oil rose more than 1 percent in volatile trade on Wednesday, touching a fresh four-year high as the market focused on upcoming U.S. sanctions on Iran and shrugged off the year's largest build in U.S. crude stockpiles and reports of higher...

  • MOSCOW/ DUBAI, Oct 3- Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said. The deal underlines how Russia and Saudi Arabia are increasingly deciding oil output policies bilaterally, before...

  • MOSCOW/ DUBAI, Oct 2- Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said. The sources said Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak agreed during a...

  • LONDON, Oct 2- OPEC and oil traders are now in fundamental disagreement about the market outlook and the standoff is fueling a sharp rise in prices that could spell trouble for the global economy over the next 18 months. The overall balance between supply and demand is "healthy" according to a statement from the Joint Ministerial Monitoring Committee of OPEC and...

  • DUBAI, Sept 27- Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude. President Donald Trump to cool oil prices ahead of a meeting in Algiers between a number of OPEC...

  • DUBAI, Sept 27- Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude. President Donald Trump to cool oil prices ahead of a meeting in Algiers between a number of OPEC...

  • *Saudis, Russia rule out immediate rise in production. NEW YORK, Sept 24- Global Benchmark Brent crude jumped more than 3 percent on Monday to a four-year high above $80 a barrel after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. The Organization of the Petroleum Exporting Countries and non- OPEC states, including top...

  • U.S. sanctions on Iran tightening global oil supply. NEW YORK, Sept 24- Global Benchmark Brent crude jumped more than 3 percent on Monday to a four-year high above $80 a barrel after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. The Organization of the Petroleum Exporting Countries and non- OPEC states, including top...

  • *U.S. sanctions on Iran tightening global oil supply. NEW YORK, Sept 24- Oil prices jumped more than 2 percent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. The Organization of the Petroleum Exporting Countries and non- OPEC states, including top producer Russia, gathered in Algiers...

  • The message from Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries, and its ally Russia is that there is no need for extra crude in the market. But the rise in prices doesn't seem to be an issue for Saudi Arabia, with Energy Minister Khalid al-Falih saying after a meeting of OPEC and its allies in Algiers at the weekend that...

  • *Market tightening ahead of new Iran sanctions. LONDON, Sept 24- Oil prices jumped more than 2 percent on Monday after OPEC declined to announce an immediate increase in production despite calls by U.S. OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday ruled out any immediate extra increase in output, effectively...

  • *Market tightening ahead of new Iran sanctions. LONDON, Sept 24- Oil prices rose 2 percent on Monday as U.S. sanctions restricted Iranian crude exports, tightening global supply, with some traders forecasting a spike in crude to as much as $100 per barrel. Commodity traders Trafigura and Mercuria said on Monday that Brent could rise to $90 per barrel by Christmas...

  • The message from Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries, and its ally Russia is that there is no need for extra crude in the market. But the rise in prices doesn't seem to be an issue for Saudi Arabia, with Energy Minister Khalid al-Falih saying after a meeting of OPEC and its allies in Algiers at the weekend that...

  • *Trump demanded OPEC boost output immediately. *Iran softens stance on possible OPEC output increase. "I do not influence prices," Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non- OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.

  • *Trump demanded OPEC boost output immediately. *Iranian oil supply decline raises pressure on OPEC. "I do not influence prices," Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non- OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.

  • *Trump demanded OPEC boost output immediately. "I do not influence prices," Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non- OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost. The price rally mainly stemmed from a decline in oil exports from OPEC member Iran due to...

  • *OPEC, allies meeting in Algiers as Iran sanctions bite. ALGIERS, Sept 22- OPEC and its allies reduced oil output in August as a drop in Iranian supply due to U.S. sanctions derailed their attempts to raise production to agreed levels, delegates said on Saturday as the energy producers prepared to hold talks in Algiers. On Friday, a source familiar with the...

  • DUBAI, Sept 20- OPEC and its allies are unlikely to agree an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent a spike in oil prices ahead of new U.S. sanctions on Iran, OPEC sources said. OPEC kingpin Saudi Arabia is worried that any sanctions-related spike in oil prices will trigger...