A new accord by the Organization of the Petroleum Exporting Countries (Opec) to extend its curb on output has not yet had its desired effect of driving up prices but the effect of earlier cuts may be paying off for the cartel, an Irish energy has said.
Fri, 26 May, 2017
Crude rose above $55 a barrel to hit a 16-month high yesterday as rising prospects of a tightening market after last week’s Organization of the Petroleum Exporting Countries (Opec) agreement to cut production gave speculators impetus to increase bets on higher prices.
Tue, 06 Dec, 2016
Oil prices jumped about 3% yesterday, with Brent hitting one-year highs, after Russia said it was ready to jointhe Organization of the Petroleum Exporting Countries (Opec) in curbing crude output and Algeria’s oil minister said he expected similar commitments from other non-Opec producers.
Tue, 11 Oct, 2016
Wed, 05 Oct, 2016
Organization of the Petroleum Exporting Countries (Opec) will stick to its policy of unfettered production after members failed to agree on a new output ceiling, but ministers were united in their optimism that global oil markets are improving.
Fri, 03 Jun, 2016
Oil fell yesterday, with US crude briefly slipping below $30, dented by worries about demand amid a mild winter and concerns of rising supply as hopes for a deal between the Organization of the Petroleum Exporting Countries and Russia on output cuts fade.
Wed, 03 Feb, 2016
Tue, 08 Dec, 2015
Saudi Arabia appears to have floated the idea of a global deal to balance oil markets and lift prices from around the lowest levels in six years although fellow producers Iran, Iraq and Russia yesterday rejected its main idea of cutting output.
Fri, 04 Dec, 2015
A global oil supply glut will persist through 2016 as demand growth slows from a five-year high and key Organization of the Petroleum Exporting Countries (Opec) members maintain near-record output, the International Energy Agency (IEA) said, even as low prices curb supply outside the producer group.
Wed, 14 Oct, 2015