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
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.
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
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
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
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
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,
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