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OPEC sees market stability in 2017, Venezuela aims for $70 price

EghtesadOnline: OPEC Secretary-General Mohammed Barkindo forecast on Monday that stability would return to oil markets this year while price hawk Venezuela said it hoped its crude basket would rise to $70 in coming months.
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Publish Date:17/January/2017 | 05:07

Saudis See No Need to Extend OPEC Deal Beyond Six Months

EghtesadOnline: OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said.
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Publish Date:16/January/2017 | 14:59

Non-OPEC Delivers More Than a Quarter of Promised Cuts so Far

EghtesadOnline: Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more than a quarter of the total pledged a month ago in Vienna.
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Publish Date:11/January/2017 | 04:28

Iran capitalizes on OPEC oil cut to sell millions of barrels - sources

EghtesadOnline: Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalizing on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data.
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Publish Date:09/January/2017 | 13:55

Oil slips $1 on concerns U.S. production is rising

EghtesadOnline: Oil fell by $1 a barrel on Monday as signs of growing U.S. production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market.
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Publish Date:09/January/2017 | 13:00

Oil dips on doubts over touted production cuts

EghtesadOnline: Oil prices dipped on Thursday on doubts producers would fully deliver on promises to cut output, although record U.S. automobile sales and falling crude stocks offered markets some support.
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Publish Date:05/January/2017 | 05:18

Oil prices edge up on expectations of tightening supplies

EghtesadOnline: Oil edged higher on Wednesday, with top exporter Saudi Arabia expected to raise prices for its crude as part of planned supply cuts, although a strong dollar and moderate economic growth prospects restricted gains.
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Publish Date:04/January/2017 | 05:15

Oil down, but ends year with biggest gain since 2009

EghtesadOnline: Oil prices settled slightly lower on Friday, the year's last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years.
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Publish Date:31/December/2016 | 04:55

Oil steady in quiet holiday season trade; supply cut deal to kick in Jan 1

EghtesadOnline: Oil prices were little changed on Tuesday in light pre-New Year holiday trading with markets adopting a wait-and-see stance less than a week before the first output cut deal agreed between OPEC and non-OPEC members in 15 years is scheduled to kick in.
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Publish Date:27/December/2016 | 04:49

Iran Crude Oil Trading Above $50

EghtesadOnline: Iran's oil export grades topped the $50-per-barrel mark in the week ending Dec. 16, supported by a decision of OPEC producers and outside producers to slash production to alleviate a global oversupply that has depressed prices for more than two years.
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Publish Date:25/December/2016 | 07:06