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Oil up as OPEC-led supply cuts support, Cushing draws down

Oil prices edged up on Monday, supported by the prospect of prolonged OPEC-led oil supply curbs and signs of inventory declines at the delivery point for U.S. crude futures. The Organization of the Petroleum Exporting Countries and its allies met in Azerbaijan to monitor their crude supply reduction pact, where they said they would exceed commitments in the coming months. The group agreed to cancel their April meeting, meaning the next meeting of the producer group known as OPEC+ will not be u...
Tags: Science, Opec, Azerbaijan, Organization of the Petroleum Exporting Countries, Cushing


Novatek close to deal with Saudi Aramco on Arctic LNG 2 project: CEO

Leonid Mikhelson, chief executive of Russian gas giant Novatek, said on Sunday he had discussed the company's Arctic LNG 2 project with Saudi oil minister Khalid al-Falih and that a deal could be expected soon. "We are in talks with Saudi Aramco (on the Arctic LNG 2 project). Speaking on the sidelines of a meeting of OPEC members and other major oil exporters in Baku, Mikhelson also said that the so-called 'gas OPEC' - a loose organization of global leading producers of natural gas - would str...
Tags: Science, Opec, Saudi Aramco, Khalid al Falih, Novatek, Leonid Mikhelson, Arctic LNG, Baku Mikhelson


OPEC's Barkindo says rebound in oil investments 'very minimal'

The investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General Mohammed Barkindo said. Barkindo was talking to Reuters and an Azeri TV station Real on the sidelines of an OPEC and non-OPEC monitoring committee, which is meeting this weekend in the Azeri capital of Baku. Barkindo added he would welcome greater engagement with the United States to tackle industry issues.
Tags: Science, Opec, United States, Reuters, Barkindo, Mohammed Barkindo, Baku Barkindo


All the world a stage: Rising U.S. oil clout on show in Houston

A glance at the attendee list at one of the world's largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics. Absent: leading Saudi and Russian officials, and most OPEC nations. As the United States weans itself off foreign oil imports - thanks to booming domestic production - the complex web of politics and business interests that have shaped decades of Washington's energy diplomacy in the Middle East an...
Tags: Science, Washington, Opec, United States, Middle East, Houston


Four dead, hundreds detained after Venezuela blackout: rights groups

The OPEC nation suffered its worst blackout in history last week following technical problems that the government of President Nicolas Maduro called an act of U.S.-backed sabotage but critics dismissed as the result of incompetence. Rights groups Provea and the Venezuelan Observatory of Social Conflict said via Twitter that three people were killed in the central state of Lara and one person was killed in the western state of Zulia. Alfredo Romero of rights group Foro Penal said at a news conf...
Tags: Science, Opec, Venezuela, Nicolás Maduro, Lara, Alfredo Romero, Foro Penal, Provea, Venezuelan Observatory of Social Conflict


U.S. says Iran has lost $10 billion in oil revenue due to sanctions

Iran has lost $10 billion in revenue since U.S. sanctions in November have removed about 1.5 million barrels per day (bpd) of Iranian crude from global markets, a U.S. State Department official said on Wednesday. Brian Hook, the State Department's special representative on Iran, said in remarks at the CERAWeek energy conference that due to a global oil surplus - in part due to record U.S. production - the United States is accelerating its plan of bringing Iranian crude exports to zero. U.S. sa...
Tags: Science, Russia, Opec, Iran, United States, Venezuela, U S State Department, Petroleum Exporting Countries, The State Department, Brian Hook


Oil rises as Saudi deepens OPEC supply cuts, but U.S. surge caps gains

SINGAPORE (Reuters) - Oil prices rose on Tuesday, as OPEC's de facto leader Saudi Arabia appeared to deepen the group's supply cuts aimed at tightening markets, although gains were capped by the ongoing surge in U.S. supply and worries over the global economy.
Tags: Science, Saudi Arabia, Singapore, Opec, Reuters Oil


Oil edges up on OPEC's supply cuts, but U.S. surge caps gains

Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC, although the gains were capped by the ongoing surge in U.S. supply while analysts warned of risks to the global economy. This was partly due to demand for marine diesel expected from next year as part of new fuel rules from the International Maritime Organization, it said. Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countrie...
Tags: Science, Russia, Opec, International Maritime Organization


Oil prices rise amid broad market rally, OPEC supply cuts

SINGAPORE (Reuters) - Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC.
Tags: Science, Singapore, Opec, Reuters Oil


Venezuelan blackout hits oil exports, residents scramble for food

President Nicolas Maduro, who has blamed the unprecedented blackout on sabotage by the United States at Venezuela's Guri hydroelectric dam, ordered the suspension of classes and the working day, as he had on Friday. Sources in the oil sector, OPEC member Venezuela's main source of foreign earnings and a vital generator of revenue for Maduro's government, said that exports from the primary port of Jose had been halted by the blackouts. The opposition-controlled congress called an emergency sess...
Tags: Science, Opec, United States, Venezuela, Nicolás Maduro, Maduro, Jose


Oil gains over 1 percent as Saudi stands by OPEC output cuts

Oil prices rose more than 1 percent on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June. Brent crude futures were up 84 cents, or 1.28 percent, to settle at $66.58 a barrel. Oil markets have been supported this year by the ongoing supply cuts by the group called OPEC+, which has pledged to cut 1.2 million barrels per day (bpd) in crude supply since the start of the year to prop up prices.
Tags: Science, Opec, Khalid al Falih


Venezuelans scramble for food and water as oil exports hit by blackout

President Nicolas Maduro, who has blamed the unprecedented blackout on sabotage by the United States at Venezuela's Guri hydroelectric dam, again ordered the suspension of classes and the working day, as he had on Friday. Sources in the energy sector, OPEC member Venezuela's main source of foreign earnings and a vital generator of revenue for Maduro's government, said that exports from the main oil terminal of Jose had been halted by the blackouts. The opposition-controlled congress called an ...
Tags: Science, Opec, United States, Venezuela, Nicolás Maduro, Maduro, Jose


Oil gains 1 percent as Saudi minister stands by OPEC output cuts

Oil prices rose 1 percent on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June. Brent crude futures were up 65 cents, or 1 percent, to $66.39 a barrel by 10:56 a.m. EDT (1456 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 52 cents, or 0.9 percent, to $56.59 a barrel.
Tags: Science, Opec, Khalid al Falih, U S West Texas Intermediate WTI


Oil gains as Saudi stands by OPEC cuts, U.S. drilling drops

Oil prices rose on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.42 per barrel at 1200 GMT, up 35 cents, or 0.62 percent from their last close. Brent crude futures were at $66.17 per barrel, up 43 cents, or 0.65 percent.
Tags: Science, Opec, Khalid al Falih


Oil gains as Saudi stands by OPEC supply cuts, U.S. rig activity drops

Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall U.S. drilling activity. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.36 per barrel at 0738 GMT GMT, up 30 cents, or 0.5 percent from their last close. Brent crude futures were at $65.02 per barrel, up 28 cents, or 0.4 percent.
Tags: Science, Opec, Khalid al Falih


Oil rises on OPEC-led supply cuts, but slowing economy restricts gains

Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling U.S. drilling activity. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.29 per barrel at 0156 GMT GMT, up 22 cents, or 0.4 percent from their last close. Oil markets have been supported this year by ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated allies like...
Tags: Science, Russia, Opec, Khalid al Falih


Oil rises on ongoing OPEC-led supply cuts, fall in U.S. rig count

Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall U.S. drilling activity. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.39 per barrel at 0323 GMT GMT, up 32 cents, or 0.6 percent from their last close. Brent crude futures were at $65.04 per barrel, up 30 cents, or 0.5 percent.
Tags: Science, Opec, Khalid al Falih


Oil rises as OPEC's output cuts set to continue, U.S. drilling activity slumps

Oil prices edged up on Monday after Saudi oil minister Khalid al-Falih said an end to OPEC-led supply cuts was unlikely before June, while a report showed U.S. drilling activity fell for a third straight week. The news took downward pressure from oil markets that had built the previous week on the back of surging U.S. crude output and an economic slowdown especially in Asia and Europe. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.26 per barrel at 0016 GMT, down 19 cents, or...
Tags: Asia, Europe, Science, Opec, Khalid al Falih


Oil majors strut into Houston for annual energy conference

After a year that saw international crude oil prices surge to more than $87 a barrel in the fall then tumble, the market has been calmer of late, even with production limitations imposed by a combination of OPEC's output cuts and large-scale sanctions placed on Iran and Venezuela by the United States. U.S. crude output has rocketed to more than 12 million barrels a day, surpassing former leaders Russia and Saudi Arabia, but that success comes as independent U.S. shale companies are reducing dri...
Tags: Science, Saudi Arabia, Russia, Opec, Iran, United States, Venezuela, Houston


Exclusive: Saudi's Falih - U.S., China driving oil demand; no April OPEC policy change

NEW DELHI (Reuters) - Saudi oil minister Khalid al-Falih said on Sunday that China and the U.S. would lead healthy global demand for oil this year but that it would be too early to change OPEC+ output policy at the group's next meeting in April.
Tags: Science, China, Opec, New Delhi, Reuters, Khalid al Falih, Falih


Opposition protesters scuffle with police as Venezuela's lights flicker

Dozens of demonstrators attempted to walk along an avenue in Caracas but were moved onto the sidewalk by police in riot gear, leading them to shout at the officers and push on their riot shields. The OPEC nation was plunged into darkness on Thursday evening in what the governing Socialist Party called an act of U.S.-sponsored sabotage but opposition critics derided as the result of two decades of mismanagement and corruption. Much of the country remained without power on Saturday morning, incl...
Tags: Science, Opec, Venezuela, Reuters, Caracas, Socialist Party, Miraflores


Venezuela opposition protesters scuffle with police as blackout lingers

Dozens of demonstrators attempted to walk along an avenue in Caracas but were moved onto the sidewalk by police in riot gear, leading them to shout at the officers and push on their riot shields. The OPEC nation was plunged into darkness on Thursday evening in what the governing Socialist Party called an act of U.S.-sponsored sabotage but opposition critics derided as the result of two decades of mismanagement and corruption. "The police abuse us even though they suffer the calamity that we do...
Tags: Science, Opec, Venezuela, Caracas, Socialist Party, Lilia Trocel


Oil prices flat; focus on OPEC-led output cuts, Libya oilfield

Oil prices hovered near flat on Tuesday as the market balanced OPEC-led efforts to tighten crude supply with the restart of Libya's biggest oilfield and the prospect of weaker demand. Investor hopes for an imminent trade deal between the United States and China also wavered on mixed comments from the White House. "Oil is still waiting for a deal to come back to table with China," said Phillip Streible, senior commodities strategist at RJO Futures.
Tags: Science, China, Opec, United States, Libya, Phillip Streible, White House Oil


Oil rises to $66 as OPEC-led cuts in view

Oil rose to around $66 a barrel on Tuesday as the market balanced OPEC-led efforts to tighten supply with the restart of Libya's biggest oilfield and the prospect of weaker demand. Supply curbs by the Organization of the Petroleum Exporting Countries and allies have helped to drive a 20 percent gain for Brent crude this year. "It appears that Saudi Arabia and Russia would be happy with crude oil prices of between $60 and $70 for the rest of this year," said Ole Hansen of Saxo Bank.
Tags: Science, Saudi Arabia, Russia, Opec, Libya, Organization of the Petroleum Exporting Countries, Ole Hansen


Oil edges higher towards $66 as OPEC-led cuts in view

Oil edged higher towards $66 a barrel on Tuesday as the market balanced OPEC-led efforts to tighten supply with the restart of Libya's biggest oilfield and the prospect of weaker demand. Supply curbs by the Organization of the Petroleum Exporting Countries and allies have helped to drive a 20 percent gain for Brent crude this year. "It appears that Saudi Arabia and Russia would be happy with crude oil prices of between $60 and $70 for the rest of this year," said Ole Hansen of Saxo Bank.
Tags: Science, Saudi Arabia, Russia, Opec, Libya, Organization of the Petroleum Exporting Countries, Ole Hansen


Oil advances as OPEC set to continue supply cuts despite U.S. pressure to ease

Oil prices rose on Wednesday after a report of declining U.S. crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump. U.S. West Texas Intermediate (WTI) crude oil futures were at $55.89 per barrel at 0755 GMT, up 39 cents, or 0.7 percent, from their last settlement. International Brent crude futures were at $65.48 per barrel, up 27 cents, or 0.4 percent from their last close.
Tags: Science, Opec, Donald Trump, International Brent


Oil prices spike as U.S. crude stocks draw, OPEC shrugs off Trump

Oil futures jumped more than 2 percent on Wednesday after U.S. crude inventories unexpectedly plunged and as top OPEC producer Saudi Arabia appeared unfazed by pressure from U.S. President Donald Trump to prevent oil prices from rising. Crude inventories fell 8.6 million barrels last week, compared with analysts' expectations for an increase of 2.8 million barrels, the U.S. government reported. U.S. crude net imports fell to an all-time low of 2.6 million barrels per day in the wake of declini...
Tags: Science, Saudi Arabia, Opec, Venezuela, Donald Trump, Trump


Oil rises 2 percent as U.S. crude stocks plunge, OPEC brushes off Trump

Oil futures gained about 2 percent on Wednesday after U.S. crude inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from U.S. President Donald Trump seeking to keep oil prices from climbing. The drawdown, which breaks five consecutive weeks of builds, was due to net crude imports slowing to a record low of 2.6 million barrels per day in the wake of declining OPEC production and U.S. sanctions against Venezuela. "Overall it's a very positive report with stronger dema...
Tags: Science, Saudi Arabia, Opec, Venezuela, Donald Trump, Trump, Phil Flynn, Price Futures Group


With OPEC likely to ignore Trump, oil prices stabilize

Oil futures steadied on Tuesday on signs that OPEC plans to maintain production cuts despite pressure from U.S. President Donald Trump, whose comment criticizing rising crude prices sent the market into a tailspin a day earlier. Prices fell more than 3.5 percent on Monday, their biggest daily percentage slump this year, after Trump said he wanted the Organization of the Petroleum Exporting Countries to ease its efforts to boost oil prices. An OPEC source told Reuters on Tuesday OPEC would stic...
Tags: Science, Opec, Donald Trump, Trump, Reuters, Organization of the Petroleum Exporting Countries


Pound leaps on Brexit hopes, shares take breather

Britain's pound hit a 21-month high against the euro on Tuesday on hopes for a delay to Brexit, while world shares took a breather after scaling a five-month peak. Wall Street futures were pointing lower [.N] and oil markets were trying to recover after new a blast from U.S. President Donald Trump at OPEC which triggered their biggest tumble of the year [O/R], but it was the FX moves that dominated. Pound bulls had latched onto reports that May was considering delaying the March 29 deadline f...
Tags: Science, Opec, European Union, Britain, Labour, FX, Brexit, U S President Donald Trump



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