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International Organizations OPEC

  • North Sea oil rig `Gullfaks C' in bad weather

    Oil is on track to break through the key psychological level of $50 a barrel after a ninth straight rise in U.S. crude stockpiles.

  • *OPEC cut 40 pct more in Feb. than pledged in deal- Kuwait. NEW YORK, March 8- Oil prices plunged 5 percent to their lowest levels this year on Wednesday as U.S. crude inventories surged to a new record high, stoking concerns a global glut could persist even with OPEC attempting to prop up prices with output curbs. "We're seeing some' GMO trading', or' Get-Me-Out' type trading,"...

  • A Shell Oil facility in Carson, California

    U.S. crude inventories rose by 8.2 million barrels in the last week, quadruple analysts' expectations.

  • Helpful when crude is stable in a band: Pro

    At CERAWeek, CNBC's Brian Sullivan speaks with Osmar Abib, Credit Suisse, and Charlie Leykum, CSL Capital Management, about the state of the oil market and private equity.

  • UAE Energy Minister: This is what we would want to see before the OPEC cut is extended

    At CERAWeek, CNBC's Brian Sullivan speaks with Suhail al Mazrouei, United Arab Emirates minister of energy, about the state of the oil market and the compliance with the OPEC production cut.

  • *OPEC cut 40 pct more in Feb than pledged in oil deal- Kuwait. *Saudi says too early to talk of extending OPEC cut. NEW YORK, March 8- Oil prices plunged 4 percent to the lowest in nearly seven weeks on Wednesday as U.S. crude inventories surged to a new record high, feeding concerns a global could persist even with OPEC output curbs.

  • HOUSTON, March 8- Financially strapped oil producers are spending billions to boost production before it's clear that recent crude price gains brought on by OPEC output cuts can be sustained. For now, U.S. producers are taking advantage of the price increase spurred by OPEC's production cuts to boost their output. Some of the oil they are pumping would not have...

  • Saudi says too early to talk of extending OPEC cut. NEW YORK, March 8- Oil prices fell more than 1 percent on Wednesday after the U.S. Department of Energy reported a much larger increase than expected in domestic crude inventories, feeding concerns the supply glut could persist even as OPEC seeks to prop up prices with output curbs. "This report runs the gamut in...

  • *Canadian dollar at C $1.3462, or 74.28 U.S. cents. *Loonie touches its weakest since Dec. 30 at C $1.3470. barrel after an industry report pointed to a large rise in crude inventories in the United States, renewing oversupply concerns despite OPEC output curbs.

  • *Saudi says too early to talk of extending OPEC cut. LONDON, March 8- Oil dropped further below $56 a barrel on Wednesday after an industry report pointed to a large rise in crude inventories in the United States, renewing oversupply concerns despite OPEC output curbs. If the API report of an inventory rise is confirmed by the U.S. Energy Information Administration...

  • *Saudi says too early to talk of extending OPEC cut. LONDON, March 8- Oil dropped further below $56 a barrel on Wednesday after an industry report pointed to a large rise in crude inventories in the United States, renewing oversupply concerns despite OPEC output curbs. If the API report of an inventory rise is confirmed by the U.S. Energy Information Administration...

  • Saudi says too early to talk of extending OPEC cut. LONDON, March 8- Oil dropped further below $56 a barrel on Wednesday after an industry report pointed to a large rise in crude inventories in the United States, renewing oversupply concerns despite OPEC output curbs. If the API report of an inventory rise is confirmed by the U.S. Energy Information Administration...

  • SINGAPORE, March 8- Oil futures fell in Asian trade on Wednesday after industry data pointed to a potential ninth straight week of inventory builds, renewing concerns about an oversupply of oil despite output curbs by OPEC and non- OPEC members. If prices dip below $50 a barrel, OPEC will cut more; if it goes above $55 the U.S. will produce more, "said Jonathan Barratt,...

  • SINGAPORE, March 8- Oil futures fell in Asian trade on Wednesday after industry data pointed to a potential ninth straight week of inventory builds, renewing concerns about an oversupply of oil despite output curbs by OPEC and non- OPEC members. If prices dip below $50 a barrel OPEC will cut more; if it goes above $55 the U.S. will produce more, "said Jonathan Barratt,...

  • SINGAPORE, March 8- Oil futures fell in Asian trade on Wednesday after industry data pointed to a potential ninth straight week of inventory builds, renewing concerns about an oversupply of oil despite output curbs by OPEC and non- OPEC members. If prices dip below $50 a barrel OPEC will cut more; if it goes above $55 the U.S. will produce more, "said Jonathan Barratt,...

  • (L-R): OPEC Secretary General Mohammad Barkindo, Mexican Deputy Secretary of Energy for Hydrocarbons Aldo Flores-Quiroga , Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih and Russian Energy Minister Alexander Novak.

    OPEC and non-OPEC oil producers, in an impromptu press briefing, reaffirmed their commitment to their production agreement.

  • HOUSTON, March 7- The Organization of the Petroleum Exporting Countries is moving to bring U.S. shale producers and hedge funds into widening talks about how best to tame a global oil glut. Last November, OPEC took initial steps to widen its market reach as it sought to end a two-year price war, striking a historic agreement with 13 non-member countries, including...

  • Robert Dudley, chief executive officer of BP Plc, speaks during the 2017 CERAWeek by IHS Markit conference in Houston, Texas, on March 7, 2017.

    Persistently low oil prices will keep BP on a "strict capital diet" for years to come, Bob Dudley said.

  • Iraq's oil minister Jabbar Ali Hussein Al-Luiebi

    Iraq Oil Minister Jabbar Ali Al-Luiebi said he expects his country to reach an output milestone sooner than the market forecast.

  • HOUSTON, March 7- The United Arab Emirates is accelerating its oil production cuts and expects to meet its commitment to reduce output by 139,000 barrels per day by June, its energy minister said on Tuesday. Suhail bin Mohammed al-Mazrouei told Reuters on the sidelines of the CERAWeek conference in Houston that the OPEC member cut more production last month...