Oil fell on oversupply worries despite OPEC deal
Businessam Staff
May 30, 2017
Oil prices fell on Tuesday on concerns that output cuts by the world’s big exporters may not be enough to drain a global glut that has depressed the market for almost three years. According to Bloomberg, Benchmark Brent crude LCOc1 dropped $1.10 a barrel, or more than 2 percent, to a low of $51.19 before […]
OPEC is falling short on its promise to do ‘whatever it takes’ to stabilize oil prices
Businessam StaffMay 29, 2017
Few days back, 25th March, OPEC met market expectations by extending the OPEC and non-OPEC crude oil production cuts enacted on November 30, 2016 by nine months and 24 petroleum producing nations agreed to keep the cuts at 1.8 million barrels a day, believing that the market is already re-balancing. At their joint statement, OPEC and […]
OPEC ponders how to co-exist with U.S. shale oil
Businessam StaffMay 26, 2017
First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas. The history of the relationship between OPEC and the U.S. shale oil industry has evolved a great deal since the cartel discovered it had a surprise rival emerging in a core market for its oil […]
Oil traders punish OPEC for promising too much
Businessam StaffMay 26, 2017
As OPEC’s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 […]
Nigeria LNG launches three-cargo sell tender – sources
Businessam StaffMay 26, 2017
Nigeria’s liquefied natural gas (LNG) export facility has launched a tender to sell three cargoes loading during June, trade sources said, Reuters reports. Bids for the tender are due on June 1 and the specific cargo loading dates are June 14, June 20-June 30, and June 25-July 4, the trade sources said.
OPEC disappointment hits oil, stocks; sterling down on UK vote jitters
Businessam StaffMay 26, 2017
Oil prices weakened on Friday, prompting a move away from riskier assets and depressing Asian stocks, after an OPEC agreement to extend cuts in crude production for a further nine months disappointed investors who had bet on bigger output cuts. In the currency market, sterling GBP=D3 fell 0.5 percent to $1.288, its biggest one-day slide […]
OPEC considering whether to cap Nigerian oil output – delegates
Businessam StaffMay 25, 2017
OPEC is debating on Thursday whether to include Nigeria in its pact to restrict oil production, two OPEC delegates said. Nigeria and Libya, both suffering from unrest, were excluded from production caps agreed by OPEC and non-OPEC producers in December last year and effective from January until June 2017. Saudi Energy Minister Khalid al-Falih said […]
All eyes on Vienna as oil drops; growth hits pound
Businessam StaffMay 25, 2017
Oil retreated from a five-week high as investor attention turned from the U.S. Federal Reserve’s somewhat dovish message to the gathering of major crude producers in Vienna. The pound fell after disappointing output data. West Texas oil swung between gains and losses before sliding as Saudi Arabia signaled Thursday’s meeting won’t produce a deeper cut than […]
OPEC considers extending oil output cut to March 2018
Businessam StaffMay 24, 2017
OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December […]
OPEC, non-OPEC could deepen oil cuts –Kuwait
Businessam StaffMay 24, 2017
OPEC and non-member oil producers could deepen output cuts or extend them for a year when they meet in Vienna this week as they seek to clear a global stocks overhang and prop up the price of crude, Kuwait said on Wednesday. The top oil producer in OPEC, Saudi Arabia, favours extending the output curbs […]