OPEC must stabilize the crude market, Venezuela urges
Oil prices may drop as low as the mid-$20s a barrel unless OPEC takes action to stabilize the market, according to Venezuelan Oil Minister Eulogio Del Pino. Venezuela is urging its fellow Organization...
View ArticleVenezuela, Qatar sign energy deal
Venezuela President Nicolás Maduro and Qatar’s Sheikh Tamim bin Hamad Al-Thani, heads of two major, state-owned oil producers, last week signed energy, finance and trade deals in Caracas, the...
View ArticleQatar’s $10 billion Barzan gas project to start in 2016
Pipeline gas from Qatar’s $10 billion Barzan project is expected to start flowing next year, instead of 2015 as per the latest forecast, Kallanish Energy finds. “[Qatari] Hydrocarbon output will get a...
View ArticleNo doubt crude prices will rebound: Iraq
Iraqi Oil Minister Adel Abdul Mahdi said Sunday there’s no doubt that crude oil prices will rebound from the current historic slump faced by producers worldwide. “This current level is too low, and...
View ArticleSaudi Arabia, Russia to meet to talk production cut
The world’s top two oil exporters, Saudi Arabia and Russia, will hold talks on possibly cutting crude production today, sources told Reuters. Saudi Arabia’s oil minister Ali al-Naimi and his Russian...
View ArticleRussia, Saudi Arabia agree to freeze – not cut – crude output
The world’s top oil producers, Saudi Arabia and Russia, agreed to freeze – not cut — crude output at January levels after a meeting Tuesday in Qatar, alongwith OPEC producers Venezuela and Qatar,...
View ArticleIran supports output freeze, but doesn’t sign-on
Iran’s oil minister Bijan Zanganeh welcomed the Saudi Arabia-Russia oil deal presented to him Wednesday in Tehran, but failed to commit to freeze his country’s crude output, Kallanish Energy reports....
View ArticleOil exporting countries downgraded by S&P
Increasing concerns over the fiscal and economic health of petroleum-dominated countries has led Standard & Poor’s to downgrade the credit ratings of a number of oil exporting countries. Saudi...
View ArticleSaudis won’t cut crude output as talks continue
Saudi Arabia’s finance minister said Thursday his country won’t cut production, stifling hopes that talks among top producers to cap oil output might result in a reduction, Kallanish Energy...
View ArticleOil price falls 4% as U.S. glut impacts more than producer talks
Crude oil prices fell 4% Friday, with Brent down a third consecutive week, as record high U.S. crude in storage heightened worries a proposed plan to freeze world output will do little or nothing to...
View ArticleIran hopes to raise March oil exports on higher European sales: Sources
Iran is expected to raise its oil exports in March to around 1.65 million barrels per day (MMBPD, from 1.5 MMBPD in February due to higher crude shipments to Europe, two industry sources told Reuters...
View ArticleU.A.E. energy minister sees oil `correction’ by year’s-end
The United Arab Emirates foresees a “correction” in crude prices by the end of the year, and the OPEC member hasn’t been invited to a possible meeting of oil-producing nations seeking to slow the...
View ArticlePrice-freeze meeting in doubt as Iran balks
A meeting to discuss freezing oil production at January levels is in doubt because Iran reportedly won’t commit to a deal, news which sent oil falling Thursday. Members of the Organization of the...
View ArticleOil producers will talk output freeze on April 17
Major oil producers will hold a follow-up meeting on April 17 in Qatar to discuss the “Doha initiative” agreement made between OPEC and non-OPEC producers on Feb. 16. According to the Qatari oil...
View ArticleRosneft set to cut oil output, Russia’s minister states
Russia’s state-owned oil producer Rosneft is prepared to lower oil output, Sergei Donskoi, Russia’s natural resources minister, said Tuesday, Reuters reported. The announcement comes ahead of a meeting...
View ArticleKuwait hopes coordinating oil producers will stabilize market
Amid rising doubts an OPEC and non-OPEC oil producers’ agreement to freeze oil output will indeed be successfully implemented, Kuwait counts on coordination between producers to stabilize the global...
View ArticleQatar says 12 countries confirmed for oil meeting
Qatar’s oil minister said last week a dozen countries have agreed thus far to participate in a meeting it’s hosting April 17 to discuss a freeze in oil output levels, Kallanish Energy finds. Qatar...
View ArticleRussia sees oil price of $45-$50/Bbl as ‘acceptable’
Russia believes an oil price at $45-$50 per barrel as acceptable to allow the global oil market to balance, data revealed as the country prepares to meet leading oil producers in Doha later this month,...
View ArticleOil markets will balance in the near future: Chevron CEO
Oil markets will balance in the near future capital investment cuts by major oil companies lead to a supply drop, according to Chevron CEO John Watson. Speaking to CNBC, Watson said the huge, global...
View ArticleCrude prices may not be finished dropping: Kilduff
There’s a very real possibility 2016’s low price for a barrel of crude will be below the current low of $26.05 a barrel (Bbl) reached Feb. 11, one industry watcher believes. “I’m not certain the lows...
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