opec

Iran Parliament Clears Oil, Foreign Ministers for Rouhani’s New Cabinet

By Babak Dehghanpisheh BEIRUT, Aug 20 – The Iranian parliament voted on Sunday to keep the oil and foreign ministers, two of pragmatist President Hassan Rouhani’s key members of cabinet, in their posts. Oil Minister Bijan Zanganeh has been credited with the boost in Iran’s crude output since many global sanctions were lifted last year

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Saudi Calls OPEC Members to Stick to Limits, Sees Oil Demand Up

By Katya Golubkova, Vladimir Soldatkin and Rania El Gamal ST PETERSBURG, Russia, July 24 – OPEC leader Saudi Arabia said on Monday the group would quickly address weak compliance with output cuts by some OPEC states and would monitor rising production from Nigeria and Libya, which have been exempted from the curbs. OPEC has agreed

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Business Outlook: ‘Make or Break’ for OPEC

 By Ole Hansen Hedge funds and oil traders in general have had a difficult quarter, particularly given the Opec/non-Opec production cut deal’s failure to boost prices. The outlook for gold, however, is more bullish given geopolitical uncertainties and policy risks. “We maintain a bullish outlook for gold in the belief that the risk to the

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Oil Slips on Worries Mideast Rift Could Undermine OPEC Cuts

By Christopher Johnson LONDON, June 6 – Oil prices fell further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by OPEC to tighten the market. Benchmark Brent crude oil was 15 cents a barrel lower at $49.32 by 0755

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Oil Slips as More U.S. Drilling Outweighs OPEC-led Cuts

By Libby George LONDON, May 29 – Oil prices slipped on Monday as further increases in U.S. drilling activity undercut an OPEC-led push to tighten supply. Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of

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Cost of Pump-at-Will Oil Policy Spurred Saudi OPEC U-Turn

By Rania El Gamal and Dmitry Zhdannikov DUBAI/LONDON, Dec 15  – Saudi Arabia has long said it could produce as much as 12 million barrels per day (bpd) of oil if needed, but that pump-at-will claim – which would require huge capital spending to access spare capacity – has never been tested. Sources say the

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The Oil Guru

In an interview with Newsweek Middle East, international oil expert and World Bank Consultant Dr. Mamdouh Salameh expected crude prices to reach $60 per barrel by this year’s end or as early as next year, before rising to $70/barrel in 2017. According to Salameh, Saudi Arabia’s past policy of flooding the oil market with supply

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OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

By Vladimir Soldatkin, Rania El Gamal and Alex Lawler VIENNA, Dec 10  – OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the

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Saudis Order Oil Cuts to U.S., Europe Before non-OPEC Talks

By Rania El Gamal, Alex Lawler and Vladimir Soldatkin VIENNA, Dec 9 – Saudi Arabia has told its U.S. and European customers it will reduce oil deliveries from January, as Russia said it was confident non-OPEC producers would fully join OPEC’s output limits on Saturday in the first such move since 2001. Saudi Arabia told

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Washington to Check if Russia-Qatar Oil Deal Violates Sanctions

MOSCOW, Dec 9 – The U.S. government is to check if sanctions where violated when Russia this week struck a deal to sell a stake in oil producer Rosneft to a consortium of Qatar’s sovereign fund and commodities trader Glencore , the White House said. “The experts at the Department of Treasury that are responsible

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