International Organizations OPEC

  • *OPEC supply cuts, Venezuela sanctions tighten market. LONDON, Feb 19- Oil was close to its 2019 high of almost $67 a barrel on Tuesday, supported by OPEC- led supply cuts although gains were capped by concerns about slowing economic growth that could hit demand. U.S. sanctions against OPEC members Iran and Venezuela have also tightened the market.

  • Secretary General of OPEC, Mohammed Barkindo (R), Russia Energy Minister Alexander Novak (L), Saudi Arabia's Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih (C) hold a joint press conference during the 173rd Ordinary Meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria on November 30, 2017.

    The two countries have attempted to raise prices by agreeing supply cuts while at the same time the U.S. has increased output.

  • *OPEC supply cuts, Venezuela sanctions tighten market. LONDON, Feb 19- Oil stayed within sight of its 2019 high of almost $67 a barrel on Tuesday, supported by OPEC- led supply cuts although concern about slowing economic growth that would curb demand weighed. U.S. sanctions against OPEC members Iran and Venezuela have also tightened the market.

  • *Traders wait for U.S.- China trade talks this week. *Overall, oil markets relatively tight due to OPEC supply cuts. SINGAPORE, Feb 19- Oil prices hovered just below 2019 highs on Tuesday as traders waited for the outcome of U.S.- China trade talks this week, while supply cuts led by producer group OPEC meant markets were relatively tight.

  • SYDNEY, Feb 19- U.S. oil prices hit a three-month high on Tuesday, buoyed by production cuts led by the Organization of the Petroleum Exporting Countries. West Texas Intermediate crude futures were at $55.95 per barrel at 0034 GMT, up 36 cents, or 0.7 percent, from their last settlement. "OPEC and other major producers have done their part to stabilize prices by...

  • *Term deal to help IOC diversify away from OPEC suppliers. NEW DELHI/ SINGAPORE, Feb 18- Indian Oil Corp, the country's top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its chairman said on Monday. IOC is the first Indian state refiner to buy U.S. oil under...

  • *Rising U.S. output could undermine OPEC efforts. SINGAPORE, Feb 18- Oil prices fell on Monday after climbing to their highest this year earlier in the session as China reported automobile sales in January fell for a seven month, raising concerns about fuel demand in the world's second-largest oil user. International Brent crude futures were at $66.20 per barrel...

  • US inflation could be much higher than the market expects: JP Morgan

    Hannah Anderson of J.P. Morgan Asset Management says the underlying trends for consumer inflation in the U.S. are still moving upwards, and could go "much higher" than the market expects.

  • BASRA, Iraq, Feb 16- Iraq has lowered production at its giant Majnoon oilfield to 104,000 barrels per day this month from 220,000 bpd in January, in line with an OPEC supply agreement, a senior oil ministry source told Reuters on Saturday.

  • LONDON, Feb 15- Brent crude oil climbed above $65 a barrel to its highest this year as OPEC- led supply cuts and this week's announcement of a higher than expected cut by Saudi Arabia encouraged investors. The Organization of the Petroleum Exporting Countries and allies led by Russia started voluntary production cuts last month, aiming to tighten the market.

  • LONDON, Feb 15- Brent crude oil climbed above $65 a barrel to its highest this year as OPEC- led supply cuts and this week's announcement of a higher than expected cut by Saudi Arabia encouraged investors. The Organization of the Petroleum Exporting Countries and allies led by Russia started voluntary production cuts last month, aiming to tighten the market.

  • *Brent tops $65 a barrel for the first time this year. LONDON, Feb 15- Brent crude oil briefly reached 2019 highs above $65 a barrel on Friday as OPEC- led supply cuts and this week's announcement of a higher than expected cut by Saudi Arabia encouraged investors. The international oil benchmark rose as high as $65.10, pushing past $65 for the first time this year.

  • DUBAI, Feb 15- Saudi Aramco has shut put of its Safaniyah offshore oilfield after a main power cable was cut by a vessel's anchor, a source familiar with the matter said on Friday. Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by supply cuts led by the Organization of the Petroleum Exporting Countries and the partial shutdown of the...

  • DUBAI, Feb 15- Saudi Aramco has partially shut its Safaniyah offshore oilfield after a main power cable was cut by a vessel's anchor, a source familiar with the matter said on Friday. Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by supply cuts led by the Organization of the Petroleum Exporting Countries and the partial shutdown of...

  • *Brent tops $65 per barrel for first time this year. SINGAPORE, Feb 15- Brent crude oil prices slipped away from 2019 highs above $65 per barrel reached earlier on Friday, as economic concerns countered OPEC- led supply cuts and a partial shutdown of Saudi Arabia's biggest offshore oil field. Brent rose as far as $65.10, pushing past the $65 mark for the first time this...

  • *Brent tops $65 per barrel for first time this year. SINGAPORE, Feb 15- Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by OPEC- led supply cuts and a partial shutdown of Saudi Arabia's biggest offshore oil field. Brent rose as far as $65.10, pushing past the $65 mark for the first time this year, before falling back to $64.77 by 0623 GMT.

  • DUBAI, Feb 15- Saudi Aramco has partially shut its Safaniyah offshore oilfield after a main power cable was cut by a vessel's anchor, a source familiar with the matter said on Friday. Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by supply cuts led by the Organization of the Petroleum Exporting Countries and the partial shutdown of...

  • *Brent tops $65/ barrel for first time this year. SINGAPORE, Feb 15- Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by OPEC- led supply cuts and a partial shutdown of Saudi Arabia's biggest offshore oil field. Brent rose as high as $65.10, pushing past the $65 mark for the first time this year, before edging back to $64.89 a barrel by 0531 GMT.

  • SINGAPORE, Feb 15- Oil prices rallied on Friday, with Brent crude futures hitting fresh 2019 highs amid U.S. sanctions against Venezuela and Iran and supply cuts led by the Organization of the Petroleum Exporting Countries. OPEC and some non-affiliated suppliers including Russia are withholding supply in order to tighten the market and prop up prices.

  • BRENT CRUDE OIL FUTURES RISE ABOVE $65 PER BARREL FOR THE FIRST TIME IN 2019 AS MARKET TIGHTENS AMID OPEC-LED SUPPLY CUTS.