Tag Archives: Reuters International News Agency

OPEC and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic, Saudi energy minister Prince Abdulaziz bin Salman said on Wednesday. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting …

Oil prices fell on Wednesday as industry data showed a bigger than expected inventory build in the United States, where a surge in coronavirus cases could further dent fuel demand in the world’s biggest oil consumer. Brent crude fell 60 cents, or 1.4%, to $43.72 a barrel by 0912 GMT. …

Elshad Nassirov, vice president of Azeri state energy company SOCAR, said on a conference call some of the energy infrastructure involved in shipping Caspian oil and gas to world markets is located in the vicinity of the current military operations. Fifteen servicemen from Azerbaijan and Armenia and one Azeri civilian …

Oil prices eased on Thursday after OPEC and allies such as Russia agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the country’s crude stocks. Brent crude LCOc1 fell 27 cents, or 0.6%, …

Russian Energy Minister Alexander Novak said on Wednesday that the global oil market is now balanced and stable following a sudden decline in demand due to the coronavirus pandemic. Speaking after a meeting of the OPEC+ group’s Joint Ministerial Monitoring Committee (JMMC), which had recommended an easing of curbs on …

Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies. Brent crude LCOc1 futures were up 19 cents, or 0.4%, at …

Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices. Brent crude LCOc1 fell 29 cents, or 0.7%, to $42.95 a barrel by 0510 GMT while U.S. West …

Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday. “We will not surrender under any circumstances … We have to increase our capacity so that when necessary with full strength …

Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption. Prices also found support after data showed U.S. energy firms cut the …

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 54 cents, or 1.3%, to $40.09 a barrel at 0703 GMT, well off an earlier …