oil output

OPEC Agrees First Output Cut Since 2008, Details Unclear

By Ahmad Ghaddar, Alex Lawler and Rania El Gamal VIENNA, Nov 30  – OPEC has agreed its first limit on oil output since 2008, an OPEC source told Reuters after Saudi Arabia said it was prepared to accept “a big hit” on production and agree to arch-rival Iran freezing output at pre-sanctions levels. Brent crude futures

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Saudis Could Raise Oil Output Again as Sparring With Iran Returns

By Rania El Gamal, Alex Lawler and Dmitry Zhdannikov DUBAI/LONDON, Nov 4 (Reuters) – Old disputes between Saudi Arabia and rival Iran resurfaced at a meeting of OPEC experts last week, with Riyadh saying it could raise oil output steeply to bring prices down if Tehran refuses to limit its supply, OPEC sources say. Clashes

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East Libyan Oil Firm AGOCO’s Output Rises to 320,000 BPD

BENGAHZI, Libya, Oct 3 – Libya’s Arabian Gulf Oil Company (AGOCO) said on Monday that its production had risen to 320,000 barrels per day (bpd), up from about 290,000 bpd late last week, helping to push the country’s production above 500,000 bpd. The increase followed a rise in production at the Sarir field to around

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Iran Supports Any Move to Stabilize Oil Market: Rouhani

DUBAI, Sept 18 – Iran’s President Hassan Rouhani said Tehran supports any move to stabilise the global oil market and lift prices, the Iranian oil ministry news agency SHANA quoted him as saying on Sunday. “Instability and falling oil prices are harmful to all countries, especially oil producers,” Rouhani was quoted as saying by SHANA.

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OPEC Deal a Tough Task, as Oil Output Freeze Expectations Rise

By Rania El Gamal and Alex Lawler DUBAI/LONDON, Aug 15 – OPEC will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles to a deal. Riyadh sharply raised

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Saudi, Iran Set to Clash Over OPEC Oil Output Targets

By Shadia Nasralla and Alex Lawler VIENNA, June 2 – OPEC is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday, with Riyadh trying to revive coordinated action and set a formal oil output target but Tehran rejecting the idea. Tensions between the Sunni-led kingdom and the Shia Islamic

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Gulf OPEC Members Seek Joint Action on Oil Output

By Rania El Gamal and Shadia Nasralla VIENNA, June 1 – Gulf OPEC members including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers when the group meets on Thursday, a senior OPEC source said, but Iran signalled the country was not ready for any such pact. “The Gulf

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Saudi-Iran Tensions Scupper Deal to Freeze Oil Output

By Rania El Gamal and Reem Shamseddine DOHA, April 18 – A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices. The development will revive oil industry fears

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Low Oil Prices: A New Opportunity for Gulf Cooperation

BY Omar Al Ubaydli When the founders of the Organization of the Petroleum Exporting Countries (OPEC), convened in Baghdad in 1960, they made life difficult for themselves by violating virtually all of the ideal conditions for operating a cartel. That is why, 55 years later, Saudi Arabia has made the right decision by maintaining its production,

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April Oil Freeze Meeting May Go Ahead Without Iran

By Rania El Gamal and Alex Lawler March 16 – Oil producers including Gulf OPEC members still support holding a meeting next month to discuss a deal to freeze output even without Iran, OPEC sources said, as political pressure to prop up prices increases. On Monday, Russian Energy Minister Alexander Novak said after talks in

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