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Opec and non-Opec member countries have fulfilled their vision by cutting production to support oil prices, an energy expert from S&P Global Platts said in Abu Dhabi on Sunday. “The oil price today is significantly higher than what it was thought a year
The State of Kuwait has been committed to cutting oil production so as to restore balance at global markets, Kuwaiti Minister of Oil, Electricity and Water Bakheet Al- Rashidi said on Friday.<br/><br/> The minister made the statement to KUNA after he had
A global oil glut has been virtually eliminated, according to a joint Opec and non-Opec technical panel, two sources familiar with the matter said, thanks in part to an Opec-led supply cut deal in place since January 2017.<br/><br/> The meeting of the
Oil rebounded from the biggest loss in more than a week as Opec hinting at extending output cuts fanned optimism and investors anticipated a drop in US stockpiles.<br/><br/> Futures in New York climbed 0.5 per cent after losing 1.7 per cent on Monday.
Oil prices are expected to rise further due to geopolitical tensions in the Middle East and a drawdown in the global oil inventories, analysts said on Sunday.<br/><br/> “Increased geopolitical risk is certainly going to be a bullish factor for crude
The global oil stocks surplus is close to evaporating, Opec said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from rivals who have benefited from higher oil prices.<br/><br/> US shale oil
Bahrain’s discovery of around 80 billion barrels of shale oil in the offshore Khalij Al-Bahrain Basin has the potential to turbocharge the island-nation’s fragile economy despite near-term challenges, according to analysts interviewed by Arab
Saudi Arabia wants to get oil prices near $80 (Dh294) a barrel to pay for the government’s crowded policy agenda and support the valuation of state energy giant Aramco before an initial public offering.<br/><br/> In conversations with OPEC delegates and
Oil traded near the lowest in more than two weeks in New York on concerns that the trade conflict between the US and China will undermine economic growth.<br/><br/> Futures in New York traded below $63 a barrel after dropping 4.4 per cent last week.
Oil prices fell on Friday after US President Donald Trump’s threat of new tariffs on China reignited fears of a trade war between the world’s two biggest economies. Trump said on Thursday he had ordered US trade officials to consider tariffs on an extra
Singapore-based Rex International Holding Limited, the majority shareholder in Masirah Oil Limited, which owns and operates Block 50 off the Sultanate’s eastern seaboard, says it sees the potential to commence production from a key offshore discovery
Opec crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry. Output from the 14 members of Organisation of Petroleum Exporting Countries fell by 170,000 barrels to 32.04 million barrels a day in March, according to a
Oil’s rally above $65 a barrel is being propelled by a sign that American explorers have curtailed drilling activity as well as ongoing speculation that the US could reimpose sanctions on Opec producer Iran.<br/><br/> Futures added 0.5 per cent in New