LONDON, Sept 18 (Reuters) – Oil traded slightly lower below
$99 a barrel on Thursday, pressured by ample supply and concern
over the weakening of demand growth in major consumer nations,
as well as a rise in the U.S. dollar.
Threats to supply as Libya’s output fell and talk of OPEC
production cuts limited the decline for global benchmark Brent,
which hit a 26-month low on Monday after data showing a slowdown
in China’s factory output raised demand concerns.
DUBAI/LONDON, Sept 17 (Reuters) – OPEC may not need to cut
its oil output target at a meeting in November, a Gulf OPEC
delegate and other OPEC sources said on Wednesday, as
strengthening demand in coming winter months should support oil
prices that have fallen below $100 a barrel.
Oil ministers from the Organisation of the Petroleum
Exporting Countries are scheduled to meet in Vienna on Nov. 27,
to consider whether to adjust their output target of 30 million
barrels per day (bpd) for early 2015.
LONDON (Reuters) – Top oil exporter Saudi Arabia told OPEC it reduced its oil output in August by 400,000 barrels per day (bpd), a cutback coinciding with a drop in oil prices toward the kingdom’s preferred level of $100 a barrel.
In a monthly report issued on Wednesday, the Organization of the Petroleum Exporting Countries also cut its forecasts for demand for OPEC crude this year and next, pointing to a supply surplus of more than 1 million bpd in 2015 if OPEC keeps output at current levels.
LONDON, Sept 10 (Reuters) – Top oil exporter Saudi Arabia
told OPEC it reduced its oil output in August by 400,000 barrels
per day (bpd), a cutback coinciding with a drop in oil prices
towards the kingdom’s preferred level of $100 a barrel.
In a monthly report issued on Wednesday, the Organization of
the Petroleum Exporting Countries said Saudi Arabia reported
August production of 9.597 million bpd, down from 10.005 million
bpd in July.
LONDON, Sept 9 (Reuters) – The oil market’s price setting
agencies have avoided being linked to the kind of regulation
trained on financial benchmarks, in a report by international
The decision by the International Organization of Securities
Commissions (IOSCO) comes as the European Union is investigating
allegations of oil price manipulation, which has involved
searching the offices of major oil companies and pricing
LONDON/DUBAI (Reuters) – Oil’s slide below $100 a barrel on Monday adds to financial worries for OPEC members, prompting some in the producer group to voice concern about too much oil in the market even if they see the current fall as short lived.
Brent crude fell below $100 a barrel for the first time in 14 months, hit by concerns about slower economic growth and ample supply. Top OPEC exporter Saudi Arabia favors oil at $100, which many others in the 12-member group also support.
LONDON/DUBAI, Sept 8 (Reuters) – Oil’s slide below $100 a
barrel on Monday brings prices closer to levels where more OPEC
countries face financial worries, prompting some in the producer
group to voice concern about too much oil in the market.
Brent crude fell below $100 a barrel for the first
time in 14 months, hit by concerns about slower economic growth
and ample supply. Top OPEC exporter Saudi Arabia favours oil at
$100, which many others in the 12-member group also support.
LONDON, Sept 4 (Reuters) – Production at the UK’s North Sea
Buzzard oilfield has restarted and will ramp up over the next
week after the demobilisation of a drilling rig, its operator
said on Thursday, marking the return of one of the key fields
that underpins Brent oil futures.
“With the safe demobilisation of the drilling rig complete,
production on Buzzard has now recommenced and will ramp up over
the next week as planned,” Calgary-based Nexen, owned by China’s
state-back CNOOC, said in an updated statement on Thursday.
LONDON, Sept 3 (Reuters) – Oil climbed above $101 a barrel
on Wednesday as the market bounced off a 16-month low hit in the
previous session, although ample supplies and lingering demand
worries limited the rally.
Global benchmark Brent and U.S. crude plummeted on Tuesday,
under pressure by a sharp gain in the U.S. dollar and concerns
over slowing oil demand growth in China and Europe.
LONDON, Aug 28 (Reuters) – OPEC’s oil production has risen
in August from July, a Reuters survey found on Thursday, as a
recovery in Libyan supply held up and Angola and Iran boosted
supplies, outweighing a further decline in Iraq.
The survey also found Saudi Arabia and other core Gulf OPEC
producers kept output largely flat and have not cut back to prop
up prices, which in August dipped to a 14-month low near $101 a
barrel, or to make room for higher Libyan output.