VIENNA (Reuters) – Gulf oil producers led by Saudi Arabia looked set on Thursday to block any cut in OPEC output, ignoring calls from poorer members of the exporters’ group for action to halt a slide in crude prices.
With markets sensing OPEC will keep its production unchanged despite huge global oversupply, the price of benchmark Brent crude oil fell $2 to a 50-month low under $76 a barrel.
VIENNA (Reuters) – Gulf oil producers led by Saudi Arabia are expected to press the case on Thursday for not yet cutting OPEC output, despite calls from some members of the group to bolster sagging prices by removing surplus crude from the market.
Saudi Oil Minister Ali al-Naimi and his United Arab Emirates counterpart, Suhail bin Mohammed al-Mazroui, said on Wednesday they expected the oil market to stabilize itself. A Gulf OPEC delegate told Reuters the Gulf producers had reached a consensus not to cut output.
VIENNA, Nov 26 (Reuters) – OPEC leader Saudi Arabia
signalled on Wednesday it was unlikely to push for a major
change in oil output at the producer group’s meeting this week,
a day after Russia refused to cooperate in any production cut
and threatened to unleash an oil price war.
Saudi Oil Minister Ali al-Naimi said he expected the oil
market “to stabilise itself eventually” but did not comment on
four-country talks with Russia held on Tuesday.
LONDON, Nov 18 (Reuters) – Brent crude slipped towards $79 a
barrel on Tuesday, falling for the sixth session out of seven,
as oil prices struggled to find a floor ahead of next week’s
critical OPEC meeting.
Speculation about OPEC’s response to a 30 percent drop in
global oil prices since late-June intensified after calls from
Venezuela to increase cooperation within the cartel as well as
with non-members, including top producer Russia.
LONDON, Nov 12 (Reuters) – Brent crude slipped near $81 a
barrel on Wednesday, close to a four-year low as a mounting oil
glut created by the U.S. shale boom continued to outweigh
concerns about supplies from Libya.
With oil prices having fallen 30 percent since June, OPEC
delegates are starting to suggest the producer group could
informally cut output by around 500,000 barrels per day (bpd)
when it meets in Vienna on Nov. 27.
LONDON, Nov 7 (Reuters) – Iraqi Kurdistan has sold 34.5
million barrels of oil worth almost $3 billion since January,
the Kurdistan Regional Government said, despite opposition from
the federal government to independent oil sales from the region.
The KRG said in a statement on Friday that it would make an
initial payment of $75 million to oil producing companies for
their exports and would make further payments on a regular
basis, sparking a rally in producers’ share prices.
LONDON (Reuters) – The United States remains the pre-eminent arena for the world’s oil traders, top executives at commodity firms Mercuria, Trafigura and Gunvor said, even as Washington only slowly loosens its crude export ban and as the price of oil-related assets rise.
The views of the men who run some of the world’s biggest oil traders, speaking at the Reuters Commodities Summit, reflect how the U.S. shale revolution has upended global crude markets and slowed a near decade-long shift towards fast-growing economies like China and India.
LONDON, Oct 30 (Reuters) – The new head of French energy
major Total challenged Europe to fight Washington over
the U.S. oil export ban, in his first public appearance since
his predecessor Christophe de Margerie was killed in a Moscow
plane crash last week.
Patrick Pouyanne said on Thursday the export ban flouts
free-trade agreements and puts European and Asian refiners at a
disadvantage, making a bold appeal to European politicians.
LONDON (Reuters) – OPEC’s oil production is unlikely to change much in 2015 and there is no need to panic at the crude price drop, OPEC’s secretary general said on Wednesday, adding to indications the exporter group is in no hurry to cut output.
Abdullah al-Badri also said output of higher-cost oil supplies such as shale would be curbed if oil remained at around $85 a barrel, while the Organization of the Petroleum Exporting Countries enjoys lower costs and will see higher demand for its crude in the longer term.
LONDON, Oct 29 (Reuters) – Pierre Andurand, one of the most
respected and successful fund managers in the oil industry, said
he believed U.S. light crude oil could fall as low as $50
The U.S. benchmark oil price, also known as WTI, “will be
volatile, but assuming no more supply disruptions, I think we
can overshoot down to $50 a barrel,” Andurand told Reuters on
the sidelines of the Oil & Money conference on Wednesday.