opec

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 Shake-Up Rolls On With Big Reshuffle of Economic Posts

By Angus McDowall and Katie Paul RIYADH, May 7  – Saudi Arabia’s King Salman on Saturday replaced his veteran oil minister and restructured some big ministries in a major reshuffle apparently intended to support a wide-ranging economic reform programme unveiled last week. The most eye-catching move was the creation of a new Energy, Industry and Natural Resources

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IEA Chief Says Oil Price Bottoming Depends on Global Growth

By Osamu Tsukimori KITAKYUSHU, Japan, May 1  – International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern. Oil prices hit 2016 highs on Friday with Brent crude reaching $48.50 a barrel on optimism that

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Oil Producers Defer the Inevitable

OPEC’s approach is similar to the Fed’s rate hike strategy By Noureldeen Al Hammoury  Throughout 2015, global markets swung back and forth as analysts waited for the U.S. Federal Reserve to implement a rate hike. The much awaited decision in spring was rolled over and then moved again till December when the hike was finally

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Witnessing OPEC’s Demise

BY Dr. Nasser Saidi With oil prices down by some 70 percent from mid-2014 and touching multi-year lows, economies across the globe are gradually adjusting to the New Oil Normal and the massive transfer of real income from oil producers to oil consumers, with Middle East oil exporters losing $390 billion in export revenues in

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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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Doha Oil Freeze Talks Face Last-Minute Trouble

By Rania El Gamal and Reem Shamseddine DOHA, April 17 (Reuters) – A meeting between OPEC and non-OPEC oil producers on an agreement to freeze output ran into last-minute trouble in Qatar on Sunday due to what looked like a new spike in tensions between Saudi Arabia and Iran, sources told Reuters. Oil ministers met

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IEA Expects Limited Impact From Oil Output Freeze at Doha

By Dmitry Zhdannikov LONDON, April 14 – A deal to freeze oil production by OPEC and non-OPEC producers will have a limited impact on global supply and markets are unlikely to re-balance before 2017, the International Energy Agency (IEA) said on Thursday. The IEA, which oversees the energy policies of industrialized nations, said even though

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Business: The Week Ahead

It is all about inflation and oil BY Nour Eldeen Al Hammoury Global markets are still witnessing a period of fluctuation that is likely to continue ahead of key events and economic releases throughout the week of April 10 to 17. This fluctuation is supported by the dovish tone echoed by some central banks, including

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