Business News Iraq

  • A file photo showing a Libyan oil worker from the Libyan National oil and gas company checks an oil pipelines at the Zawiya oil installation in Zawiya, Libya.

    OPEC slashed production in December, delivering a bullish signal to the market one month before the producer group officially began a fresh round of output cuts.

  • Khalid Al-Falih, Saudi Arabia's energy and industry minister, arrives ahead of the 174th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Friday, June 22, 2018.

    OPEC members, along with several non-OPEC countries like Russia, in December agreed on output cuts totaling 1.2 million barrels per day.

  • LAUNCESTON, Australia, Jan 10- The emerging dynamic for crude oil markets this year is the struggle between OPEC and its allies for higher prices against the vocal push for low prices from U.S. This is likely because Asian refiners will bear the brunt of lower supplies from OPEC's Middle East producers, as well as Russia, while at the same time being unable to take...

  • LAUNCESTON, Australia, Jan 10- The emerging dynamic for crude oil markets this year is the struggle between OPEC and its allies for higher prices against the vocal push for low prices from U.S. This is likely because Asian refiners will bear the brunt of lower supplies from OPEC's Middle East producers, as well as Russia, while at the same time being unable to take...

  • *U.S., China to hold trade talks on Jan. 7-8. *OPEC supply cuts boost market sentiment. NEW YORK, Jan 4- Oil rose 2 percent on Friday after proposed trade talks between the United States and China eased some fears about a global economic slowdown, but gains were capped after the United States reported a sharp build in refined product inventories.

  • *U.S., China to hold trade talks on Jan. 7-8. *OPEC supply cuts also supporting oil prices. LONDON, Jan 4- Oil rose to around $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.

  • HOUSTON, Jan 3- OPEC crude cargoes leaving for the United States in December dropped to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm Kpler show. Oil cargoes departing from OPEC nations to the United States fell to 1.63 million barrels per day last month, down from 1.80 million bpd in November and 1.78 million bpd in...

  • *Saudi Arabia may cut Feb heavy crude prices to Asia. *OPEC oil output posts biggest drop since 2017 on Saudi move. NEW YORK, Jan 3- Oil prices were near flat on Thursday in a session of volatile trade, pressured by concerns that slowing global economic growth could dent demand but drawing support from signs that Saudi Arabia is cutting crude output.

  • *Saudi Arabia may cut Feb heavy crude prices to Asia. *OPEC oil output posts biggest drop since 2017 on Saudi move. NEW YORK, Jan 3- Oil prices edged lower in choppy trade on Thursday, pressured by concerns about slowing global economic growth that could dent demand for crude but drawing support from signs of output cuts by Saudi Arabia.

  • LONDON, Jan 3- Oil prices rebounded on Thursday after an early slide, helped by dollar weakness and signs of output cuts by the world's top crude exporter Saudi Arabia that eased concerns about a glut. "The feeling is that OPEC is delivering on cuts," SEB head of commodities Bjarne Schieldrop said, citing a Bloomberg survey showing Saudi Arabia had cut production...

  • *Apple cuts sales forecast on weakening China, dollar plunges. West Texas Intermediate crude oil futures dropped 35 cents to $46.19 a barrel by 0900 GMT. "We did not foresee the magnitude of the economic deceleration, particularly in Greater China," Apple chief executive Tim Cook said.

  • *Saudi Arabia expected to cut Feb physical crude prices. China's Shanghai crude oil futures, launched only in March 2018, have since late last year established a slight but steady price premium over the Brent benchmark, last trading at 379.8 yuan per barrel. In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude...

  • *Saudi Arabia expected to cut Feb physical crude prices. *Apple cuts sales forecast on weakening China, dollar plunges. In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by up to 50 cents a barrel due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday.

  • *Saudi Arabia expected to cut Feb physical crude prices. *Apple cuts sales forecast on weakening China. In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by up to 50 cents a barrel due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday.

  • *Apple cuts sales forecast on weakening China. *U.S.-dollar tumbles against Japan's yen. West Texas Intermediate crude oil futures were at $45.93 per barrel at 0152 GMT, down 61 cents, or 1.3 percent, from their last settlement.

  • NEW YORK, Jan 2- Oil prices rose about 2 percent in choppy trading on Wednesday, supported by a slight recovery on Wall Street, even as concerns remained about weakening global economic growth which could hurt demand for oil. Brent crude futures gained $1.11, or 2.1 percent, to settle at $54.91 a barrel, after trading between $52.51 and $56.56. However, manufacturing...

  • *China factory activity shrinks for first time in over 2 years. Brent crude futures rose $2.38 to $56.18 a barrel, a 4.4 percent gain, by 11:27 a.m. EST after earlier falling as low as $52.51. However, disappointing manufacturing data from China earlier added to ongoing concerns about a slowing global economy and increased output out of countries like Russia.

  • *China factory activity shrinks for first time in over 2 years. Brent crude futures rose $1.69, or 3.2 percent, to $55.46 a barrel by 10:59 a.m. EST after earlier falling as low as $52.51. However, disappointing manufacturing data from China earlier added to ongoing concerns about a slowing global economy and increased output out of countries like Russia.

  • *Russian, U.S. output set records, Iraq boosts exports. By Alex Lawler and Noah Browning. LONDON, Jan 2- Oil fell towards $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non- OPEC producers and concerns about an economic slowdown that could weaken demand.

  • *Russian, U.S. output set records, Iraq boosts exports. LONDON, Jan 2- Oil fell towards $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non- OPEC producers and due to concerns about an economic slowdown that could weaken demand. "The omens are far from encouraging," said Stephen Brennock of oil broker PVM, citing rising non- OPEC supply and the...