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Oil Slips as Gulf Diplomatic Clash Seen to Have Limited Impact

EghtesadOnline: Oil dropped to the lowest level in more than three weeks as the market refocused on glut concerns after a diplomatic clash involving Saudi Arabia and Qatar was seen as having a limited impact on supply.
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Publish Date:06/June/2017 | 08:35

Expert Links OPEC Supply Cut Deal to Political Concord

EghtesadOnline: Had OPEC producers not compartmentalized political disagreements from economic issues, they would not have succeeded in extending the oil production cut deal for nine more months to battle the global glut, the former head of petroleum market studies department at the Oil Ministry said.
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Publish Date:29/May/2017 | 05:53

OPEC Fails to Clear Global Oil Glut , But Gets More Money Anyway

EghtesadOnline: At first glance, OPEC’s cuts haven’t worked -- global oil inventories remain well above normal levels. But the policy’s made a difference where it really counts: juicing the coffers of finance ministries from Baghdad to Caracas.
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Publish Date:24/May/2017 | 04:32

Oil Rout Damps Stock Gains as Bonds, Dollar Slip

EghtesadOnline: Crude plunged to a six-month low, erasing gains sparked by OPEC’s November output agreement, as concerns over a supply glut mounted. Earnings kept U.S. stocks afloat, while Treasuries slid with the dollar.
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Publish Date:04/May/2017 | 21:09

Algeria Joins Call to Roll Over Oil Production Cuts Beyond June

EghtesadOnline: Algeria’s energy minister supports extending global oil production cuts beyond June as the strategy is succeeding in reducing global inventories. Russia is moving ahead with its own reductions to curb a global glut.
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Publish Date:26/March/2017 | 04:46

Oil down on record U.S. crude stocks, flat Russian output

EghtesadOnline: Oil prices fell on Thursday after U.S. crude stocks hit an all-time high and official data showed Russian oil production unchanged in February, with no further cuts to tighten the market and drain global oversupply.
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Publish Date:02/March/2017 | 13:12

OPEC's Pushing for Full Compliance With Oil Cuts, Barkindo Says

EghtesadOnline: Implementation of an agreement between OPEC and other major producers to reduce output has been “very encouraging” and the agreement is on track to reduce the global oil surplus, said the group’s top official.
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Publish Date:22/February/2017 | 04:53

Oil down 1 percent despite news OPEC could extend output cut

EghtesadOnline: Oil prices reversed gains to trade nearly 1 percent lower on Thursday but continued to hold in a tight range as the market weighed swelling U.S. inventories against possible renewed efforts by major oil producers to reduce a price-sapping glut.
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Publish Date:16/February/2017 | 21:16

Oil Shipments Show That OPEC Is Sticking to Its Cuts

EghtesadOnline: Oil supplies from OPEC are plunging this month as the group implements production cuts aimed at erasing a global surplus, according to tanker-tracker Petro-Logistics SA.
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Publish Date:28/January/2017 | 04:39

Oil Rises Near $53 as Iraq Says Close to Full OPEC Cut Pledge

EghtesadOnline: Oil advanced to trade near $53 a barrel as Iraq said it’s close to implementing its share of pledged output curbs agreed with OPEC to trim bloated global inventories and stabilize the market.
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Publish Date:24/January/2017 | 04:44

OPEC and Friends Agree on Way to Monitor Oil Cut to End Glut

EghtesadOnline: OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply.
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Publish Date:23/January/2017 | 04:39

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:17/December/2016 | 07:00