Brent crude at $70 as OPEC members reassure on cuts

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

Jabar al-Luaibi, Iraqi's oil minister

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

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

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 […]

Oil prices near $62 as U.S. crude stockpiles seen declining

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

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

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

Jabbar Al-Luaibi , Iraq’s Oil Minister

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

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 […]