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OPEC on Verge of 9-Month Cuts Extension After Iraq Backing

EghtesadOnline: OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement.
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Publish Date:23/May/2017 | 24:22

Oil Climbs With Asia Stocks on Supply Speculation

EghtesadOnline: Crude oil climbed toward $51 a barrel and Asian stocks advanced, helped by a rise in energy producers amid speculation cuts to crude supplies will be extended further. The yen declined after a volatile week for financial markets.
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Publish Date:22/May/2017 | 05:05

Iran Complying With Crude Supply Cut Deal

EghtesadOnline: Iran cut back crude oil production last month in a move that reflects its adherence to a global supply cut deal and OPEC's efforts to shore up prices and restore balance to the beleaguered oil market.
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Publish Date:13/May/2017 | 09:48

Oil prices rise on expectation of output cut extension

EghtesadOnline: Oil prices rose on Monday as Saudi Arabia's energy minister said an OPEC-led production cut scheduled to end in June would likely be extended to cover all of 2017, although a relentless increase in U.S. drilling capped gains.
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Publish Date:08/May/2017 | 05:08

Iran refreshes consent with oil at $55

EghtesadOnline: Iran has refreshed its consent with the price of oil around $55 per barrel with the country’s Petroleum Minister Bijan Zanganeh stressing that there is already a consensus among producers to keep the prices at the same level by extending the current production cuts.
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Publish Date:07/May/2017 | 24:05

Russia's Oil Cuts Won't Be So Easy If OPEC Deal Is Extended

EghtesadOnline: For Russian oil companies, the historic agreement to boost prices by cutting output in conjunction with the Organization of Petroleum Exporting Countries was an easy win. Extending the deal will be less straightforward.
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Publish Date:25/April/2017 | 18:11

Oil Prices Slide

EghtesadOnline: Oil prices edged lower on Friday, on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market.
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Publish Date:22/April/2017 | 08:29

Oil Extends Longest Gain of 2017 as Saudis Seen Extending Curbs

EghtesadOnline: Oil advanced for a seventh day in New York, the longest gain since December, on confidence Saudi Arabia will support an extension to OPEC-led output cuts just as U.S. stockpiles show signs of shrinking.
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Publish Date:12/April/2017 | 08:32

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Shrink

EghtesadOnline: Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo.
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Publish Date:03/April/2017 | 04:12

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 Stocks Rise Regardless of Supply Adjustments

EghtesadOnline: OPEC said on Tuesday oil inventories had continued to rise despite the start of a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in the effort to clear a supply glut.
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Publish Date:15/March/2017 | 13:42