Russian Presidential Spokesperson Dmitry Peskov said on Thursday that the country's President Vladimir Putin and Saudi Arabia's King Salman bin Abdulaziz al-Saud praised the oil production cut deal agreed upon by the Organization of the Petroleum Exporting Countries (OPEC) and other major oil...
Iraqi Oil Minister Jabbar Alluaibi stated on Monday that his country has reduced its output according to the output cut deal set out in December 2016, and warned against the breach of the OPEC deal, local media reported. The official noted that Iraq will reject any decision made by some oil exporters...
The OPEC and the non-OPEC countries, otherwise known together as the OPEC+, stated on Sunday the compliance with the output cut agreement stood at "a record-breaking conformity level of 129%" for December 2017, according to the organization's official statement. The OPEC+ added that...
Oil markets have not yet reached a balance between supply and demand, UAE Minister of Energy Suhail Mohamed Faraj al-Mazroui told CNBC on Thursday. ''I have no doubt that the market needs further correction. We still have more a than 100 million barrels that needs to be taken care of,'' he...
Oil prices traded mixed on Thursday as OPEC members and Russia reportedly agreed to further extend the output cut deal until the end of 2018, according to Dow Jones. The report said the new pact will be implemented from January 2018 until December.
Earlier in the day, Saudi Energy Oil...
Crude prices continued to trade in the red on Wednesday, extending losses from earlier in the session despite the fall in the US inventories of 3.4 million barrels for last week, as reported by the EIA earlier today. Meanwhile, investors continued to anticipate the decision on the output cut deal extension...
Crude prices traded in the red on Thursday as investors continued to digest a rise in the United States drilling activity reported on Wednesday by Baker Hughes. However, the losses were somewhat offset by Canadian pipeline cuts and hopes of the output cut deal extension. Meanwhile, the signs of...
Crude prices traded in the green on Tuesday, reversing the losses from a previous session as investors remained cautious ahead of OPEC meeting next week. Major oil producers are due to meet on November 30 in Vienna to discuss the compliance with the output cut deal and its possible extension...
Oil prices traded sharply higher on Monday with international benchmark Brent and American benchmark WTI adding over 2% on crude exporters' commitment to the output cut deal and their hints of further extensions. Earlier, Saudi Energy Minister Khalid Al-Falih stated that the oil production...
Oil prices traded in the green on Thursday, reversing the losses from the previous session as investors digested Russian Energy Minister Alexander Novak's remarks on the oil market and its outlook. Novak stated that, in his opinion, the crude market is rebalancing and that the oil prices are at a...
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