Saudis say output cuts unlikely to last beyond June
Oil traded near $52 a barrel as Saudi Arabia’s energy minister said it was unlikely OPEC would extend its supply cuts beyond June and the U.S. drilling expansion paused. Futures were little changed in...
View ArticleMarket coming into balance, OPEC says; Oil rises
Brent oil rose above $56 a barrel after OPEC members including Saudi Arabia said output cuts are bringing the market into balance, while the dollar weakened. Futures added 1.1 percent in London after...
View ArticleOPEC slashes production but sees higher U.S. output ahead
OPEC cut oil production in December by the largest amount in more than two years, but the cartel believes U.S. output will rise faster than previously expected. Crude production in Saudi Arabia and...
View ArticleSaudis say they have exceeded promised output cuts
Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets. The kingdom reported that it reduced output...
View ArticleSaudi energy minister strikes out at projections of peak oil demand
Khalid Al-Falih believes climate change policies and the advent of fuel-efficient technology haven’t quenched the world’s “insatiable thirst” for oil. Demand for oil, Saudi Arabia’s energy minister...
View ArticleAs oil exports boom in Iran, investment questions loom
More than a year after the United Nations lifted sanctions against Iran, crude exports from Iran have come roaring back. Iranian Oil Minister Bijan Namdar Zanganeh says the country exported more than 3...
View ArticleOPEC slashes output in March, expects shale comeback
OPEC producers took another 153,000 barrels a day off the market in March as part of its bid to drain the world’s oil glut. In the cartel’s monthly report released on Wednesday, independent sources...
View ArticleSaudi exports fall to 2105 low as production cuts take hold
Saudi Arabia, the world’s largest crude shipper, trimmed exports to a 21-month low in February as local refineries took advantage of more abundant supplies and processed a record amount of crude. Oil...
View ArticleOil falls on estimates of rising fuel supplies
Oil fell to the lowest in more than a month as the U.S. crude glut is seen moving to brimming fuel tanks. The drop intensified after Saudi Arabia signaled it’s faring better than expected with low...
View ArticleOil gives back gains as impact from Middle East dispute seen as limited
Oil erased earlier gains as a diplomatic clash involving OPEC members Saudi Arabia and Qatar was seen having limited impact on the group’s policy. Futures slipped 0.3 percent in New York, erasing an...
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