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Iraq Confirms Oil-Output Cut Even as Scheduled Exports Rise

EghtesadOnline: Iraq has reduced its oil production by 160,000 barrels a day and will comply with cuts it agreed to make under an OPEC output deal, Oil Minister Jabbar Al-Luaibi said, even as ship loading data suggested that exports are set to increase next month.
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Publish Date:12/January/2017 | 05:55

Iraq’s Southern Oil Exports Hit Record Before OPEC Cuts

EghtesadOnline: Iraq’s oil exports from its southern ports in the Persian Gulf reached a record high in December, just before the country was due to join other major producers in cutting output to help curb a global oversupply.
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Publish Date:09/January/2017 | 10:56

Libya’s Oil Revival Gathers Pace to Highlight Risks on OPEC Deal

EghtesadOnline: Libya, the holder of Africa’s biggest crude reserves, is ramping up output from its biggest oil field again after two years of internal conflict, the latest reminder of just how vulnerable OPEC’s quest to clear a global crude glut might be.
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Publish Date:04/January/2017 | 14:14

OPEC Deal Tests Oil Majors’ Appetite for Risk and Reward

EghtesadOnline: OPEC’s deal to cut production and boost prices gives oil companies the opportunity to shake off two years of layoffs and slumping profits to start investing again -- if they still have the risk appetite.
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Publish Date:19/December/2016 | 21:02

Libya’s ‘Elephant,’ Sharara Oil Fields Restart Said Halted

EghtesadOnline: Libyan oil-facility guards prevented two of the country’s biggest fields from resuming production, days after the National Oil Corp. reached an agreement to restart operations there to boost output in the politically divided OPEC state.
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Publish Date:19/December/2016 | 20:47

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

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

Saudi Said to Tie Crude-Supply Cuts to January Volume Requests

EghtesadOnline: Saudi Arabia, the driver behind the OPEC/non-OPEC agreement to reduce oil production to eliminate a global glut, plans to reduce supplies to customers in January based on requests for shipments, according to a person familiar with the matter.
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Publish Date:14/December/2016 | 08:47

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

Saudi Minister Jolts Oil Market in Whatever It Takes Moment

EghtesadOnline: Saudi Oil Minister Khalid Al-Falih emerged from the OPEC meeting room on Saturday evening having endured months of secret petro-diplomacy, late-night phone calls and, a few times, disagreements that almost saw talks collapse. But he was still smiling.
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Publish Date:12/December/2016 | 13:50

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