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Saudi Oil Minister Sees Commitment to Cuts Ending Glut in Months

EghtesadOnline: OPEC and other major oil producers are committed to a “high level of compliance” with their agreements to cut output, and the shared strategy will balance the market in 2017, Saudi Oil Minister Khalid Al-Falih said.
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Publish Date:15/December/2016 | 07:01

Aramco Keeps Building Oil Rigs Even as Saudis Agree to Pump Less

EghtesadOnline: Saudi Arabian Oil Co. signed contracts with U.S. companies to build dozens of oil rigs over 10 years as the kingdom builds for the long-term future of its most prized industry even while coordinating with other producers to cut output for six months to stabilize crude.
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Publish Date:15/December/2016 | 06:59

OPEC signals larger 2017 oil surplus, unless cuts implemented

EghtesadOnline: OPEC on Wednesday signaled a growing oil supply surplus next year unless members implement their deal to curb output from record levels and outside producers also deliver on cutback pledges made at the weekend.
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Publish Date:14/December/2016 | 16:10

One Europe Oil Refiner Said to Get 20% Less Saudi Arabia Crude

EghtesadOnline: Saudi Arabia, spearheading OPEC’s quest to eliminate a crude glut, will cut the amount of oil it allocates to one European refining company by about 20 percent, a person with direct knowledge of the matter said.
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Publish Date:14/December/2016 | 08:59

Oil prices stable, supported as output cuts hit market

EghtesadOnline: Oil prices were stable on Tuesday, buoyed by soaring demand in Asia and as signs of a crude production cut organized by OPEC and other exporters materialized, tightening a market that has been grappling with years of oversupply.
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Publish Date:13/December/2016 | 05:26

Oil Seen Headed to $60 as Saudis Signal Deeper Output Cuts

EghtesadOnline: Oil may climb to $60 a barrel for the first time in almost a year and a half after Russia and other unaffiliated nations joined an OPEC pledge to reduce production and Saudi Arabia surprised the market by saying it will cut more than previously agreed.
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Publish Date:12/December/2016 | 13:55

Oil Surges as Saudis Eye Deeper Cuts While Non-OPEC Joins Deal

EghtesadOnline: Oil jumped to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year.
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Publish Date:12/December/2016 | 13:48

Oil prices soar on global producer deal to cut crude output

EghtesadOnline: Oil prices shot to their highest levels since mid-2015 on Monday after OPEC and other producers reached their first deal since 2001 to jointly reduce output in order to rein in oversupply and prop up markets.
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Publish Date:12/December/2016 | 05:23

Saudi hits new oil output record in November amid OPEC cut talk

EghtesadOnline: Saudi Arabia pumped record-high amounts of oil in November, amid talks over a global deal to cut production, defying market expectations of lower output on slower domestic demand and refinery maintenance.
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Publish Date:11/December/2016 | 20:24

OPEC, Russia see smooth road to global deal on output cut

EghtesadOnline: Russia and Saudi Arabia said they expect OPEC and non-OPEC producers to reach an agreement on Saturday to curtail oil output and prop up prices in the first such joint move since 2001.
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Publish Date:10/December/2016 | 13:27

OPEC Target Gets Harder as African Members Boost November Output

EghtesadOnline: OPEC’s mission to implement last week’s historic deal to curb production for the first time in eight years just got a little bit harder after three of its African members increased output in November.
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Publish Date:06/December/2016 | 16:28

Oil prices fall as production creeps up ahead of announced 2017 output cut

EghtesadOnline: Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated.
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Publish Date:05/December/2016 | 10:13

For Saudis, Even a Small Oil Cutback Is a Big Deal

EghtesadOnline: This week’s OPEC meeting about a global production cut is in crisis before it has even begun. Pre-summit discussions with non-member oil producers such as Russia were canceled. The Saudi Arabian government now warns that members may leave Wednesday’s talks in Vienna empty-handed -- an outcome that would be sure to trouble markets.
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Publish Date:30/November/2016 | 21:25

OPEC Fights Against History, $1 Trillion Money Manager Says

EghtesadOnline: David Hunt, chief executive officer of PGIM, Prudential Financial Inc.’s $1 trillion asset manager, cautioned against overreacting to the surge in oil prices as OPEC clinched a deal to curtail supply.
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Publish Date:30/November/2016 | 21:14