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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

OPEC, Russia see smooth road to global deal on output cut

EghtesadOnline: Russia and Saudi Arabia said they expect OPEC and non-OPEC producers to reach an agreement on Saturday to curtail oil output and prop up prices in the first such joint move since 2001.
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Publish Date:10/December/2016 | 13:27

Joint Kuwait-Saudi Oil Fields to Stick to OPEC Caps If Restarted

EghtesadOnline: Kuwait and Saudi Arabia agreed that any resumption of crude production from shared oil fields along their border won’t raise their output beyond limits set at an OPEC meeting last week, according to two officials familiar with the talks.
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Publish Date:08/December/2016 | 18:25

OPEC Cut May Call Time on In-Flight Free Drinks

EghtesadOnline: Some of Asia’s marquee airlines that spoil passengers with free alcohol and in-flight entertainment may soon have to kick the habit.
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Publish Date:06/December/2016 | 16:41

OPEC Target Gets Harder as African Members Boost November Output

EghtesadOnline: OPEC’s mission to implement last week’s historic deal to curb production for the first time in eight years just got a little bit harder after three of its African members increased output in November.
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Publish Date:06/December/2016 | 16:28

Saudi Arabia Switches OPEC Tack With Eye on World’s Top IPO

EghtesadOnline: To understand why Saudi Arabia changed course and decided OPEC should go back to managing supply, look at two of the kingdom’s biggest policy challenges: the urgent need to plug holes in its budget and the plan to sell a stake in the state-owned oil monopoly.
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Publish Date:06/December/2016 | 16:24

Electric Cars May Take an OPEC-Sized Bite From Oil Use

EghtesadOnline: A boom in electric vehicles made by the likes of Tesla Motors Inc. could erode as much as 10 percent of global gasoline demand by 2035, according to the oil industry consultant Wood Mackenzie Ltd.
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Publish Date:05/December/2016 | 11:40

Oil prices fall as production creeps up ahead of announced 2017 output cut

EghtesadOnline: Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated.
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Publish Date:05/December/2016 | 10:13

Iran emerges victorious from crippling sanctions, regains OPEC status

EghtesadOnline: Head of Caucasus Department of the CIS Institute and Director of the Center for Public Policy Research of the Russian Academy of Sciences, Vladimir Evseev, says Iran emerged victorious from oil sanctions and regained its OPEC status.
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Publish Date:04/December/2016 | 10:54

Presidential aide hails Iran-Russia agreement on oil market

EghtesadOnline: Telephone conversation between Iranian and Russian presidents a day before an OPEC meeting showed that agreement among big powers can cause major developments, senior official at presidential office Hamid Aboutalebi said on Thursday.
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Publish Date:04/December/2016 | 10:10

OPEC Deal Can Work, But ‘We Tend to Cheat,’ Al-Naimi Says

EghtesadOnline: OPEC’s agreement to cut production for the first time in eight years has the potential to balance the oil market, as long as everyone sticks to it, former Saudi Arabia Oil Minister Ali al-Naimi said.
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Publish Date:04/December/2016 | 12:54

Zangeneh hails OPEC's crucial decision

EghtesadOnline: Minister of Petroleum Bijan Zangeneh said on Thursday that OPEC members showed that despite rivalry and harsh political differences, they can cooperate and have engagement.
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Publish Date:03/December/2016 | 23:22

OPEC members are ready to establish firmer grip on market

EghtesadOnline: As the members of the Organization of the Petroleum Exporting Countries (OPEC) prepare for a meeting in Vienna on November 30, a positive atmosphere prevails, former Iranian representative to OPEC Mohammad Ali Khatibi said.
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Publish Date:30/November/2016 | 21:48

For Saudis, Even a Small Oil Cutback Is a Big Deal

EghtesadOnline: This week’s OPEC meeting about a global production cut is in crisis before it has even begun. Pre-summit discussions with non-member oil producers such as Russia were canceled. The Saudi Arabian government now warns that members may leave Wednesday’s talks in Vienna empty-handed -- an outcome that would be sure to trouble markets.
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Publish Date:30/November/2016 | 21:25

OPEC Fights Against History, $1 Trillion Money Manager Says

EghtesadOnline: David Hunt, chief executive officer of PGIM, Prudential Financial Inc.’s $1 trillion asset manager, cautioned against overreacting to the surge in oil prices as OPEC clinched a deal to curtail supply.
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Publish Date:30/November/2016 | 21:14