Oil prices rose ahead of a meeting of Opec and other large crude exporters that will focus on production increases, as US sanctions restrict Iranian exports.

Investors experienced a very strong year during 2017, writes David Holohan.

Sterling slid after a poll showed the Conservatives’ lead shrinking two weeks before the UK general election.

Opec and non-member oil producers have moved closer to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude.

It is feared fuel prices will go up after the world's largest group of oil exporters agreed to cut production.

Oil investors are finally buying into the notion that the biggest risk to the price now is supply falling short of demand, rather than from any stubborn overhang of unwanted crude, the options market shows.

Oil slipped from a three-month high to trade near $40 a barrel in New York, paring a fifth consecutive weekly gain.

Oil producers including Gulf Opec members support holding talks next month on a deal to freeze output even if Iran declines to participate, Opec sources said, as political pressure to prop up prices increases.

Opec yesterday predicted higher demand for its crude oil next year, sticking to its view that a strategy of letting prices fall will curb supply from the US and other rival producers.

A further sharp fall in its shares at one stage yesterday for Providence Resources prompted the owner of the Barryroe oil field to issue a statement to reassure investors that it is still in talks with partners “to farm out” or develop its major asset off the south coast.

The global oil market should be more balanced next year as China and the developing world increase oil consumption while supply of shale oil from north America and other regions grows more slowly, Opec said yesterday.

US oil prices were steady yesterday, ahead of the first big snowstorm this year in the country’s north-east, while benchmark Brent crude fell after pledges of no policy change by the top oil exporter Saudi Arabia after King Abdullah’s death.

Opec oil ministers have agreed to keep their production target at 30 million barrels a day, despite an oversupply of crude and plunging prices.

Brent has advanced on speculation that the drop in prices below $80 a barrel for the first time in four years increases the likelihood that the Organisation of the Petroleum Exporting Countries (Opec) will curb output.

With tensions in the Middle East causing crude oil prices to rise, a co-op’s new woodchip-burning energy plant in Roscommon can cut oil use by 70% and halve carbon emissions, reports Ray Ryan.

Oil prices have surged to a nine-month high after turmoil in Iraq threatened the outlook for production.

1982: Main events

Shukri Ghanem, a former Libyan premier and oil minister who abandoned Muammar Gaddafi’s regime to support the rebels, has been found dead in a section of the Danube river flowing through Vienna, Austria.

OIL prices could hit economically damaging record highs if unrest in Africa and the Gulf cuts investment in output, the West’s energy watchdog warned oil producers, which said the real problem was likely defaults among eurozone members and banks.

Opec unexpectedly decided to leave its production levels unchanged today after a key meeting ended in disarray.

Iraq’s oil minister began counting the money from the country’s second post-war oil auction that was shunned by most international companies.

UNLESS there is a seismic change in global energy usage the world is facing temperature increases of up to 6C by 2030 and catastrophic consequences for our climate, the International Energy Agency (IEA) has warned.

Iran’s oil minister said Opec should cut back oil production when it meets later this weekend.

Stocks reversed a steep sell-off to end mostly higher today as fears about a worrying jobs report gave way to bargain-hunting in sectors like financials and consumer staples.

Supply concerns have driven world oil prices upwards in Asia after key producer Venezuela indicated that it could ask OPEC to cut output.

Iran has discovered a new onshore oil field with an estimated reserve of 2 billion barrels, state-run television reported today.

TOP oil exporter Saudi Arabia and fellow OPEC producers signalled on Saturday that they would keep oil output near its current 25-year high for now, satisfied the policy is easing pressure on consumer economies.

OIL prices hit new historic highs yesterday as the price of New York’s light sweet crude hit a peak of $70.88 per barrel (pb).

OPEC producer Kuwait will adhere to its oil policy aimed at keeping global markets well-supplied following the death of the Gulf Arab state’s Emir Sheikh Jaber al-Ahmad al-Sabah, Kuwaiti oil officials said yesterday.

Opec will increase the cartel’s oil production by one million barrels a day to meet the global demand for oil, Kuwait’s oil minister said today.

OIL prices dropped further below $40 yesterday as increased supplies in the United States and OPEC’s pledge to bump up output eased immediate concerns of a supply crunch in world markets.

WORLD oil prices eased from 21-year highs yesterday as OPEC ministers conceded they had very little power to calm the market.

OPEC is leaking extra supplies to contain high oil prices and would prefer crude down about $2 a barrel, OPEC President Purnomo Yusgiantoro of Indonesia said on Thursday.

OPEC producers agreed a surprise cut in oil supplies yesterday that could raise fuel costs this winter and hamper economic growth.

OIL prices fell yesterday from two-year highs set last week as international divisions widened over whether to wage war on Iraq.

WORLD oil prices have been climbing steadily raising concerns about its impact on the global economy in what is still an uncertain outlook for 2003.

Rejecting calls from the West to put more oil on the market and give consumers some relief from high prices, Opec ministers today agreed to leave output unchanged, the group’s Secretary-General said.

Iraqi President Saddam Hussein today cut off all oil exports for 30 days - or until Israel withdraws from Palestinian territories - a move that sent prices up but was not expected to hurt world supplies.

Oil producing countries were expected to agree a deal slashing output from today, increasing pressure on fuel prices.

Oil prices jumped today as dealers anticipated far-reaching cuts in production from OPEC members tomorrow.

Opec has voted against increasing oil production.