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Cheer Up, OPEC: Oil Price Slump May Yet Prove to Be ‘Knee Jerk’

EghtesadOnline: Saudi Arabia’s Energy Minister Khalid Al-Falih said he had no interest in the “knee jerk” reactions of the oil market when crude prices collapsed on Thursday as he sought to explain OPEC’s deal to prolong supply curbs. According to Bloomberg, here’s some evidence that he could be right in believing the slump won’t last.
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Publish Date:27/May/2017 | 03:49

Trump's Bid to Sell U.S. Reserve Oil Could Undermine OPEC Cuts

EghtesadOnline: President Donald Trump has proposed selling off more than half of the U.S. emergency oil stockpile, potentially putting more crude on the global market and undermining OPEC’s efforts to prop up prices.
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Publish Date:24/May/2017 | 13:26

Iran's Maxed-Out Crude Output Eases OPEC Push to Extend Cuts

EghtesadOnline: Iran’s oil industry bounced back from sanctions last year, cranking up output to recover market share from other OPEC producers. Now that its surge has topped out, Iran supports an extension of the group’s cuts to preserve those gains.
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Publish Date:24/May/2017 | 13:23

‘Iran not expecting OPEC call to cut output’

EghtesadOnline: Iran’s Petroleum Minister Bijan Zanganeh says he does not expect the Organization of the Petroleum Exporting Countries (OPEC) to call on the Islamic Republic to reduce its oil production when it meets to discuss extending an oil output deal tomorrow.
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Publish Date:24/May/2017 | 11:06

Oil prices stable as market expects extended production cut

EghtesadOnline: Oil prices were stable on Wednesday, supported by confidence that an OPEC-led output cut aimed at tightening supply would be extended to all of 2017 and the first quarter of next year.
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Publish Date:24/May/2017 | 05:13

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

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

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

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

Iran Oil Minister Backs Extension of Crude Supply Cuts

EghtesadOnline: Tehran will support a decision to extend an OPEC-led agreement to cut crude oil supplies and lift sagging prices if other members of the Organization of Petroleum Exporting Countries continue to comply with their planned cuts.
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Publish Date:01/May/2017 | 24:27

Oil prices inch down on high stocks, weak China factories survey

EghtesadOnline: Oil prices edged lower on Monday, undermined by a weak manufacturers survey out of China, and despite talk that OPEC-led crude oil output cuts could be extended when oil producers meet later this month.
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Publish Date:01/May/2017 | 05:14

Saudi Arabia Seen Losing Market Share to Iran, Iraq on Oil Cuts

EghtesadOnline: Saudi Arabia, the world’s biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC’s agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority.
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Publish Date:27/April/2017 | 05:41

OPEC Ministers to Meet Russia Amid Push to Extend Cuts

EghtesadOnline: The energy ministers of OPEC members Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts amid a developing consensus that they should prolong their joint effort to curb supply.
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Publish Date:27/April/2017 | 05:35

Oil falls on bulging U.S. crude inventories, record global supplies

EghtesadOnline: Oil prices resumed their downward trend on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt on OPEC's ability to cut supplies and tighten the market.
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Publish Date:26/April/2017 | 06:34