LONDON (Reuters) – Oil rose towards $65 a barrel on Wednesday before a U.S. government report expected to show domestic crude inventories fell for an eighth week, a sign that a supply glut is easing.
The industry group American Petroleum Institute (API) on Tuesday reported a drop in U.S. crude stocks, ahead of Wednesday’s official data. Doubts over the likelihood of a deal next week on Iran’s nuclear work also supported prices.
LONDON (Reuters) – Oil eased below $64 a barrel on Friday as concern over Greece and a forecast that U.S. shale oil output would keep growing this year countered signs of a pickup in demand.
Greece has been less of a driver for oil than other markets such as equities, but analysts said the situation represented a bearish risk heading into the weekend. Euro zone leaders will hold an emergency summit on Monday to try to avert a Greek default.
LONDON (Reuters) – Iraq’s oil exports have averaged 3.20 million barrels per day (bpd) so far in June, according to loading data and an industry source, setting shipments from OPEC’s second-largest producer on course for a record high.
Another boost from Iraq underlines the focus of major members of the Organization of the Petroleum Exporting Countries in keeping market share, not restraining supply to support prices. OPEC met on June 5 and kept its policy unchanged.
LONDON, June 11 (Reuters) – World oil demand will rise much
more than expected this year, the International Energy Agency
(IEA) said on Thursday, in the latest sign that the collapse in
oil prices is helping to boost fuel use.
The agency, in a monthly report, raised its forecast for
global oil demand growth in 2015 by 280,000 barrels per day
(bpd) to 1.40 million bpd, bringing demand this year to almost
94 million bpd.
LONDON (Reuters) – OPEC voiced confidence that excess supply in the oil market will ease as demand picks up and supply growth slows from producers outside the group, an indication its strategy of letting prices fall, reaffirmed at a meeting last week, is working.
In a monthly report on Wednesday, OPEC pointed to its expectations that supply from rival producers would decline in the second half of the year after rising in the first. World oil demand will grow faster than it did in 2014, OPEC said.
VIENNA (Reuters) – Iranian Oil Minister Bijan Zanganeh said on Friday that most members of OPEC agree $75 a barrel is a “fair” oil price, the first such comment from one of the group’s most hawkish nations.
“I think most of the OPEC members believe that a price around $75 is a fair price for both sides and is working well,” Zanganeh told reporters as the Organization of the Petroleum Exporting Countries (OPEC) prepared to meet in Vienna, where the group will likely agree to carry on pumping at full throttle.
VIENNA (Reuters) – Oil group OPEC is set on Friday to stick by its policy of unconstrained oil output for another six months, setting aside warnings of a second lurch lower in prices as some members like Iran look to ramp up exports.
By agreeing to maintain its existing output ceiling, the Organization of the Petroleum Exporting Countries will renew its support for the shock market treatment it doled out late last year, when Saudi Arabia, the world’s top exporter, said it would no longer cut production in order to keep prices high.
VIENNA (Reuters) – The U.S. tight-oil boom is here to stay despite low crude prices as technological breakthroughs will allow steep reductions in costs, the head of U.S. firm ConocoPhillips told a seminar organized by oil-producing group OPEC.
“Innovations have already led to a U.S. energy renaissance. Tight oil reservoirs can remain viable today, breakeven costs are already down by 15 to 30 percent,” said Ryan Lance, chairman and CEO of Conoco.
VIENNA (Reuters) – OPEC is set to carry on pumping oil nearly flat-out for months more, content that last year’s shock market therapy has revived demand and knocked back growing competition.
With oil prices having stabilised at around $65 a barrel, some $20 above their January lows, there’s little appetite within the Organization of the Petroleum Exporting Countries to modify production limits or address Iran’s request to give it more room in the market as sanctions ease.
VIENNA (Reuters) – Nearly a year after oil markets entered a deep downward spiral, unmoored from the $100-a-barrel mark that had anchored them for years, some OPEC members are publicly talking for the first time about a new “fair” price for their crude.
Oil ministers from Iraq, Venezuela and Angola said in Vienna this week that a price of $75 or $80 a barrel – barely $10 above the going rate – could be just fine. Iraq’s Adel Abdel Mahdi said it would be “equitable”.