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Opec
Major oil producers reach pact to extend output cuts
Crude-producing countries reached an initial agreement to extend output cuts, Saudi Arabia’s oil minister said on Thursday, as persistently high stockpiles and resurgent output from United States shale fields weigh on prices.
Less Is More: OPEC Makes a Deal
Exactly two years after Saudi Arabia coaxed its fellow OPEC members into letting market forces set oil prices, it has performed a nifty half-pirouette. On Nov. 30 it led members of the oil producers’ cartel in a pledge to remove 1.2 million barrels a day from global oil production, if non-OPEC countries such as Russia chip in with a further 600,000 barrels a day. That would amount to almost 2% of global production, far more than markets had expected. It suggested that OPEC is not dead yet.
Opec’s historic deal won’t be enough to drain oil stockpiles
The Organization of the Petroleum Exporting Countries (Opec) is likely to bring the oil market into balance by the middle of next year, but its production cut looks set to fall short of its stated goal of draining the stockpiles that are depressing prices.
New oil era dawns as Opec agrees to cut production
OIL ministers at the Organization of the Petroleum Exporting Countries (Opec) agreed to cut production of crude for the first time in eight years on Wednesday, a move that may produce ripple effects from global financial markets to the US economy, and all the way to the corner gas station.
Opec deadlocked as Iran, Saudi harden positions
AN Organization of Petroleum Exporting Countries (Opec) deal to curtail oil production and prop up global prices appeared in jeopardy as Iran said it won’t make cuts, while Saudi Arabia insisted Tehran must be willing to play a meaningful role in any agreement.
Oil rebounds before US polls amid Opec deal uncertainty
Oil rebounded amid a broader market rally ahead of the US election as Algeria remains confident Organization of Petroleum Exporting Countries (Opec) will set output quotas at its next meeting to manage production.