International Organizations OPEC

  • *Libya's National Oil Company declares force majeure. *Kuwait, Iran cut price for January oil supplies to Asia. LONDON, Dec 11- Oil edged higher on Tuesday, clawing back some of the previous day's hefty losses as a modest show of strength in global stocks, a slightly weaker dollar and an unplanned supply outage in OPEC member Libya lent support.

  • LONDON, Dec 10- The weakening outlook for oil consumption coupled with rising output from U.S. shale and softer than expected U.S. sanctions on Iran have convinced most traders the market is moving into a period of oversupply. In the run up to last week's OPEC meeting in Vienna, hedge fund managers had little confidence in the organisation's ability to cut...

  • *OPEC and partners agree to 1.2 mln bpd cut from January. *OPEC- led output deal to be signed in three months- UAE minister. NEW YORK, Dec 10- Oil fell nearly 2 percent on Monday, echoing the weakness in global stock markets as the focus returned to demand growth concerns and the crude prices erased some of the gains made last week on an OPEC- led decision to cut output.

  • ABU DHABI, Dec 10- A general cooperation agreement between OPEC and non- OPEC countries will be signed in three months' time in Saudi Arabia, the UAE's energy minister said on Monday. In a separate deal on Friday, the Organization of the Petroleum Exporting Countries and some non- OPEC producers including heavyweight Russia said they would cut oil supply by 1.2...

  • ABU DHABI, Dec 10- A general cooperation agreement between OPEC and non- OPEC countries will be signed in three months' time in Saudi Arabia, the UAE's energy minister said on Monday. In a separate deal on Friday, the Organization of the Petroleum Exporting Countries and some non- OPEC producers including heavyweight Russia said they would cut oil supply by 1.2...

  • ABU DHABI, Dec 10- A cooperation agreement between OPEC and non- OPEC countries on cutting oil output will be signed in three months' time in Saudi Arabia, the UAE's energy minister said on Monday. On Friday, the Organization of the Petroleum Exporting Countries and some non- OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million...

  • A worker prepares to lift drills by pulley in the Permian basin outside of Midland, Texas.

    Citi believes international oil prices will average $60 a barrel in 2019, remaining near current levels as OPEC production cuts encourage U.S. drillers to put more oil on the market.

  • ABU DHABI, Dec 10- Qatar's exit from OPEC "won't affect production moving forward," the UAE's energy minister said on Monday in Abu Dhabi. Suhail al-Mazrouei said the UAE did not understand Qatar's decision to remove itself from OPEC, which the Qatari minister of state for energy affairs said last week was a strategic one. Qatar, one of OPEC's smallest oil producers...

  • Conoco will spend most of its capex in Alaska and Canada, it said. The 2019 production views come as global oil markets struggle with oversupply, resulting in producer group OPEC and other key exporters agreeing to cut their crude output from January. Both kept their capital spending budget roughly flat- $2.9 billion for Hess and $6.1 billion for Conoco.

  • *Brent up as OPEC to curb supply by 800,000 bpd from January. *Group of non- OPEC members led by Russia to cut 400,000 bpd. Prices rose 3 percent on Friday after the Organization of the Petroleum Exporting Countries and some non- OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day.

  • LAUNCESTON, Australia, Dec 10- The key concept in the wake of the decision to reduce crude oil output by OPEC and its allies is "balance". What this means for the price of crude oil is less than certain, although it's likely that OPEC and its allies will take the view that the $60.06 a barrel that Brent crude closed at the day before the Dec. 7 output deal was reached is too...

  • DUBAI, Dec 10- Saudi Arabia's oil exports have hit a record high in November, according to data from a leading tanker-tracking company, ahead of an OPEC supply cut deal takes effect next month when shipments from the kingdom are set to fall by more than 1 million barrels per day. Geneva- based Petro-Logistics, which tracks oil supply from OPEC members and other major...

  • LONDON, Dec 10- The weakening outlook for oil consumption coupled with rising output from U.S. shale and softer than expected U.S. sanctions on Iran have convinced most traders the market is moving into a period of oversupply. In the run up to last week's OPEC meeting in Vienna, hedge fund managers had little confidence in the organisation's ability to cut...

  • *Brent up as OPEC to curb supply by 800,000 bpd from January. *Group of non- OPEC members led by Russia to cut 400,000 bpd. Prices rose 3 percent on Friday after the Organization of the Petroleum Exporting Countries and some non- OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day.

  • BAGHDAD, Dec 10- Iraqi Oil Minister Thamer Ghadhban said on Monday he expected the fall in oil prices to stop and for prices to rise over time, adding that if OPEC had not cut production, prices would have dropped to $45- 50 per barrel. Speaking about the recent Kirkuk oil deal with the semi-autonomous Kurdistan Regional Government, Ghadhban said state oil marketer...

  • BAGHDAD, Dec 10- Iraqi Oil Minister Thamer Ghadhban said on Monday he expected the fall in oil prices to stop and for prices to rise over time, adding that if OPEC had not cut production, prices would have reached $45- 50 per barrel.

  • *Brent up as OPEC to curb supply by 800,000 bpd from January. *Group of non- OPEC members led by Russia to cut 400,000 bpd. Prices surged after the Organization of the Petroleum Exporting Countries and some non- OPEC producers including heavyweight Russia on Friday said they would cut oil supply by 1.2 million barrels per day, with an 800,000- bpd reduction planned...

  • *OPEC to curb supply by 800,000 bpd from January. Group of non- OPEC members led by Russia to cut 400,000 bpd. Prices surged on Friday after the Organization of the Petroleum Exporting Countries and some non- OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million barrels per day, with an 800,000- bpd reduction planned by...

  • LAUNCESTON, Australia, Dec 10- The key concept in the wake of the decision to reduce crude oil output by OPEC and its allies is "balance." What this means for the price of crude oil is less than certain, although it's likely that OPEC and its allies will take the view that the $60.06 a barrel that Brent crude closed at the day before the Dec. 7 output deal was reached is too...

  • *OPEC to curb supply by 800,000 bpd from January. *Group of non- OPEC members led by Russia to cut 400,000 bpd. Prices surged on Friday after the Organisation of the Petroleum Exporting Countries and some non- OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC- members and...