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Oct 22, 2014

OPEC needs oil cut of at least 500,000 bpd – Libyan OPEC governor

LONDON (Reuters) – OPEC should cut its oil output by at least 500,000 barrels per day (bpd), a Libyan oil official said, to tackle oversupply and support prices that have slid to a four-year low.

The 12-member Organization of the Petroleum Exporting Countries meets on Nov. 27 to consider adjusting its output target of 30 million barrels per day for the first half of 2015 and so far only a minority of members have called for an output cut.

Oct 22, 2014

Oil holds above $86, extending fragile recovery

LONDON, Oct 22 (Reuters) – Oil edged further above $86 a
barrel on Wednesday after an industry report showed a
smaller-than-expected rise in U.S. crude inventories, extending
a tentative recovery from a four-year low.

Global benchmark Brent slid from $115 a barrel in June to
below $83 last Thursday on abundant global supplies and concern
that slowing economic growth in Europe and China would lead to
weaker oil demand.

Oct 17, 2014

Libyan official calls for OPEC cut, other African members less keen

LONDON, Oct 17 (Reuters) – OPEC should cut its oil output to
support prices, a Libyan oil official said, as oil prices that
have slid to a four-year low this week add to a squeeze on
producers’ budgets.

So far, Libya is among a minority in the Organization of the
Petroleum Exporting Countries, and the only one of the four
African OPEC members, to call for an OPEC cut, adding to signs
that such a move is unlikely.

Oct 16, 2014

Oil sinks to four-year low below $83 as economic worries mount

LONDON, Oct 16 (Reuters) – Oil fell more than $1 a barrel on
Thursday to a four-year low below $83 a barrel as growing
concerns over the global economy stretched a four-month rout.

Global benchmark Brent has lost more than 28 percent since
June on slow demand and abundant supply. Losses have accelerated
in October on signals that the Organization of the Petroleum
Exporting Countries has no plan to cut output.

Oct 14, 2014

In shift, OPEC price hawk Iran says can live with lower oil

LONDON (Reuters) – Iran, in a change of tack, is saying it can live with lower oil prices, moving closer to the views of Saudi Arabia and other Gulf OPEC members and reducing the likelihood of any collective cut in OPEC output to support prices.

OPEC’s traditionally second-largest producer is normally among the first members of the Organization of the Petroleum Exporting Countries to call for supply cuts to support prices.

Oct 14, 2014

OPEC unlikely to hold emergency meeting on oil drop: sources

LONDON (Reuters) – OPEC is unlikely to call an emergency meeting as proposed by Venezuela, two OPEC sources said on Tuesday, a sign the exporter group is in no rush to discuss a collective response to the sharp drop in oil prices.

Venezuela last week became the first member of the Organization of the Petroleum Exporting Countries to call for an emergency meeting to arrest the slide in oil prices, which have slid to below $88 a barrel, the lowest since 2010.

Oct 10, 2014

Saudi Arabia tells OPEC it raised output in Sept despite oil drop

LONDON, Oct 10 (Reuters) – Top oil exporter Saudi Arabia
told OPEC it raised its oil production in September by 100,000
barrels per day, adding to signs it has yet to respond to a drop
in prices well below $100 a barrel by trimming output.

In a monthly report issued on Friday, the Organization of
the Petroleum Exporting Countries (OPEC) said Saudi Arabia
reported September production of 9.704 million barrels per day
(bpd), up from 9.597 million in August.

Oct 2, 2014

Some in OPEC worried by oil drop, but no plan yet-sources

LONDON/DUBAI, Oct 2 (Reuters) – Some OPEC countries are
calling for supply cuts after a drop in oil prices, but core
Gulf members are betting winter demand will revive the market,
suggesting the group is no closer to any collective steps.

The differing views within the 12-member Organization of the
Petroleum Exporting Countries (OPEC) highlight a split between
Saudi Arabia and its Gulf Arab allies and other members, such as
Iran, who face greater budget pressures from sub-$100 oil.

Oct 2, 2014

Some in OPEC grow more worried by oil drop, but no plan yet-sources

LONDON/DUBAI, Oct 2 (Reuters) – Some OPEC countries are
becoming more worried about the drop in oil prices and calling
for supply cuts, but its core Gulf members are still betting
winter demand will revive the market, suggesting the group is no
closer to any collective steps.

The differing views within the 12-member Organization of the
Petroleum Exporting Countries highlights a split between Saudi
Arabia and its Gulf Arab allies and other members, such as Iran,
who face greater budget pressures from sub-$100 oil.

Oct 1, 2014

Oil edges up from more than 2-year low, glut caps gains

LONDON, Oct 1 (Reuters) – Oil edged up from a more than
two-year low to near $95 a barrel on Wednesday as a slightly
better-than-expected Chinese factory survey countered worries of
an economic slowdown in the world’s No. 2 oil consumer and ample
supplies.

Concern over growing oil supply despite conflict in the
Middle East and a stronger dollar pushed global benchmark Brent
to its lowest since June 2012 on Tuesday, and the same factors
are likely to keep a lid on any price recovery.

    • About Alex

      "Senior correspondent in the crude oil team on Reuters energy desk in London. I joined Reuters in 2006 and previously covered energy for Bloomberg, Platts and Bridge News."
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