Brent crude at $70 as OPEC members reassure on cuts
Businessam StaffJanuary 15, 2018
Oil traded near the highest close in more than three years as Iraq echoed a call by the United Arab Emirates and other producers that the OPEC-led output cuts should continue, despite recent price gains. Futures were little changed in New York after rising 4.7 percent last week. The curbs have contributed to stability in […]
Iraq nears oil output capacity of 5 mln bpd, committed to OPEC cuts
Businessam StaffJanuary 15, 2018
Jabar al-Luaibi, Iraqi’s oil minister said Saturday that oil output capacity in the OPEC member country is nearing 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies. According to a report by Reuters, Luaibi said the supply cut agreement between OPEC […]
OPEC will try to talk prices down if oil tops $70, Goldman says
Businessam StaffJanuary 10, 2018
OPEC would try to talk down an oil rally above $70 a barrel to cushion the impact on the global economy and rival supplies, according to Goldman Sachs Group Inc. Oil has climbed to a three-year high above $69 in London amid OPEC production cuts, growing demand and political risks to supply. If prices keep […]
OPEC’s cheer over 2018 oil rally tinged by shale worries
Businessam StaffJanuary 9, 2018
Oil’s price rally this year to its highest since May 2015 may seem a source of glee for OPEC, but some in the producer group fear the gains could prompt shale companies to crank open their spigots and flood the market, according to report by Reuters. Benchmark Brent crude rose further above $68 a barrel […]
OPEC not keen on increased Brent crude prices above $60 pbd, Iran oil minister says
Businessam StaffJanuary 9, 2018
A key minister of OPEC has warned that the group risks overheating the oil market as crude prices head toward $70 a barrel. “Members of the Organization of Petroleum Exporting Countries are not keen on increased Brent crude prices above $60 a barrel because of shale oil,” Bijan Namdar Zanganeh, Iran oil minister said, according to […]
Oil prices near $62 as U.S. crude stockpiles seen declining
Businessam StaffJanuary 9, 2018
Oil steadied near $62 a barrel on estimates that U.S. crude stockpiles declined for an eighth week as the rebalancing of global markets continues. Futures added as much as 1.3 percent in New York to the highest intraday level in almost three years. U.S. inventories probably fell by 3.75 million barrels last week, according to […]
Oil trades near three-year high as doubts emerge over rally
Businessam StaffJanuary 5, 2018
Oil traded near the highest close in more than three years as U.S. crude stockpiles shrank for the seventh week, the longest run of declines since August, offsetting a rebound in production and rally from lows hit in December that was driven by tightening supply and political tensions in OPEC member Iran. Futures lost 0.4 percent, […]
Global hunt for new oil to slow even amid market boom
Businessam StaffJanuary 4, 2018
The global hunt for new sources of oil will slow by around $3bn this year even as oil prices climb to fresh highs not seen in over two years. The oil price is now more than two and a half times higher than the historic lows endured by oil companies two years ago, but they […]
Crude prices will rise in 2018, says Iraq’s oil minister
Businessam StaffDecember 26, 2017
Iraq’s Oil Minister Jabbar Al-Luaibi said he’s optimistic crude prices will increase in 2018, with global stockpiles falling and demand on the rise in China and India. “I am very optimistic that in the first quarter, oil markets will witness balance,” Luaibi told reporters in Baghdad, according to Bloomberg. The Organization of Petroleum Exporting Countries, […]
Oil market near two-week high after U.S. stockpiles plunge
Businessam StaffDecember 21, 2017
Oil traded near the highest close in more than two weeks after crude stockpiles in the world’s largest economy slid more than forecast to a two-year low. Futures fell 0.1 percent in New York after settling on Wednesday at the highest since Dec. 1. U.S. inventories fell 6.5 million barrels last week — more than […]