International Organizations OPEC

  • A pump jack and pipes at an oil field near Bakersfield, California.

    U.S. crude futures briefly hit a 2019 high on Friday but later retreated along with benchmark Brent oil as worries about the global economy and robust U.S. production put a brake on prices.

  • *OPEC has 2.8 mln bpd of spare capacity. LONDON, March 15- The oil market will flip into a modest deficit from the second quarter of this year, with OPEC possessing a hefty supply cushion to prevent any price rally in case of possible supply disruptions, the International Energy Agency said on Friday. Solid growth in non- OPEC oil output led by the United States should...

  • An anti-government demonstrator stands next to a national flag during an opposition protest blocking the Francisco Fajardo highway in Caracas on May 27, 2017.

    A nationwide power failure in crisis-stricken Venezuela could trigger "serious disruption" to the oil market, the IEA warned on Friday.

  • LONDON, March 15- The oil market will flip into a modest deficit from the second quarter of this year, with OPEC possessing a hefty supply cushion to prevent any price rally in case of possible supply disruptions, the International Energy Agency said on Friday. Solid non- OPEC oil output growth led by the United States should ensure demand is met, the IEA said.

  • *OPEC has led supply cuts since start of year. *U.S. sanctions against Venezuela, Iran further tighten market. SINGAPORE, March 15- Oil prices edged up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter.

  • *OPEC has led supply cuts since start of year. *U.S. sanctions against Venezuela, Iran further tighten market. SINGAPORE, March 15- Oil prices were stable on Friday, propped up by production cuts led by OPEC and as U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019..

  • MOSCOW, March 14- Russian Energy Minister Alexander Novak will not attend a monitoring panel of OPEC and non- OPEC oil-producing countries scheduled for Monday in Baku, two sources familiar with his plans told Reuters. They said his deputy, Pavel Sorokin, would represent Russia at the Joint Ministerial Monitoring Committee in the Azeri capital.

  • *Venezuela, under U.S. sanctions, leads OPEC production lower. *OPEC compliance with supply-cutting deal rises in Feb. "While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non- OPEC supply forecast for this year," OPEC said in the report.

  • *Venezuela, under U.S. sanctions, leads OPEC production lower. OPEC, Russia and other non- OPEC producers, an alliance known as OPEC+, are reducing output by 1.2 million bpd from Jan. 1 for six months. "While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non- OPEC supply forecast for this year," OPEC said in the...

  • LONDON, March 14- OPEC on Thursday cut the forecast of global demand for its crude this year as rivals boost production, building a case to extend a supply-cutting deal with Russia and other allies beyond the first half of 2019.. OPEC, Russia and other non- OPEC producers, an alliance known as OPEC+, agreed in December to reduce output by 1.2 million bpd from Jan. 1 to...

  • Oil drilling operations in west Texas.

    Brent and West Texas Intermediate crude oil futures hit four-months highs on Thursday, as a production curb agreement by OPEC and its partners along with U.S. sanctions on Iran and Venezuela tightened global supplies.

  • SYDNEY, March 14- Oil prices nudged higher on Thursday to sit just off a four-month high reached in the previous session as investors focused on global production cuts and supply disruptions in Venezuela. "OPEC continues to cut output amid ongoing supply issues, while the situation in Venezuela remains bleak," ANZ Bank said in a research note.

  • CARACAS/ MARACAIBO, Venezuela, March 13- President Nicolas Maduro's government scrambled on Wednesday to return power to western Venezuela following heavy looting in the country's second largest city, while China offered to help the OPEC- member nation end its worst blackout on record. Power had returned to many parts of Venezuela after a nationwide outage...

  • *FTSE 250 up 0.2 pct. The FTSE 100 was flat while the FTSE 250 was up 0.2 percent. Oil heavyweights Shell and BP gained on the main bourse as oil prices rose on ongoing supply cuts from producer group OPEC and U.S. sanctions against Iran and Venezuela.

  • CARACAS/ PUNTO FIJO, Venezuela, March 13- V enezuela's main oil export terminal, Jose, has resumed operations after a power outage halted activities, according to two sources familiar with the matter and Refinitiv Eikon data. The port halted exports, the lifeblood of the OPEC nation's economy, after a massive blackout that began last week. "The terminal has...

  • The oil tanker 'Devon' prepares to transfer crude oil from Kharg Island oil terminal to India in the Persian Gulf, Iran, on March 23, 2018.

    A State Department official on Iran says the oil market supply forecast for 2019 will exceed demand globally this year by 400,000 barrels, giving the U.S. more room to be aggressive on sanctions and try to take Iranian crude supply to zero.

  • OPEC Secretary General Mohammad Barkindo

    OPEC is seeking to change the way Americans think about the group, under threat of anti-OPEC legislation in Congress.

  • Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain.

    Oil prices rose on Wednesday, buoyed by a large U.S. inventories drawdown and as sanctions stall exports from Venezuela.

  • Bob Dudley, CEO, BP

    BP CEO Bob Dudley said anti-OPEC legislation under discussion in the House that would make it illegal under US law for foreign nations to work together to limit fossil fuel supplies and set prices, would have serious and unpredictable consequences

  • OPEC Secretary General on Saudi Arabia's oil production, Venezuela and NOPEC

    Mohammed Barkindo, OPEC Secretary General, joins CNBC's Brian Sullivan to discuss Venezuela and Saudi Arabia's oil production and the NOPEC legistlation passing through Congress at CERAWeek in Houston, Texas.