EghtesadOnline: OPEC and its allies need to cut crude output by 500,000 barrels per day to clear the oil market's oversupply from the coronavirus outbreak, Iran’s Oil Minister said upon his arrival in Vienna on Wednesday.

EghtesadOnline: Surging US oil output will outpace sluggish global demand and lead to a large stocks buildup around the world in the next nine months, the International Energy Agency said on Friday.

EghtesadOnline: OPEC and its allies will probably achieve their goal of draining oversupply from the oil market and boosting prices by next month, says Jeff Currie, global head of commodities research at Goldman Sachs.

EghtesadOnline: Although China will continue to raise its liquefied natural gas (LNG) imports this year, the 2019 rise in the world’s key LNG demand growth market may not be enough to absorb all the new supply coming on stream over the next months.

EghtesadOnline: Oil prices edged up on Tuesday after U.S. crude broke below $40 per barrel the previous session, but traders said fuel markets continued to be dogged by excess production.

EghtesadOnline: Oil prices fell close to three-month lows on Wednesday after U.S. industry data showed weekly oil stocks declined by less than expected, feeding into concerns over persistent oversupply dragging down prices.

EghtesadOnline: Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come.