Tag Archives: Reuters International News Agency

Kuwait’s oil minister said talks with countries attending an OPEC+ meeting are intended to move toward reaching an agreement to reduce production by 10 million-15 million barrels per day, Kuwait’s Al-Rai newspaper reported early on Thursday. Minister Khaled Al-Fadhel said in an interview with the newspaper: “Through our continuous consultations …

Iran does not agree with holding any OPEC+ meeting in the absence of a clear proposal and expected outcome from such talks for the oil market, its oil minister said in a letter to OPEC and seen by Reuters. “The vague circumstances around which the upcoming OPEC and non-OPEC ministerial …

The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters. A previous production-cut deal ended last month after Russia …

Global crude oil prices fell sharply on Monday morning, as uncertainty loomed in the market after Saudi Arabia and Russia postponed to April 9 a meeting about a potential pact to cut production, Reuters reported. The prices of West Texas Intermediate and Brent crude traded over $3 lower before slightly …

The National Iranian oil Refining and Distribution Company has completed a new oil products storage terminal in northwestern Iran, named after slain military commander Qassem Soleimani, the semi-official news agency ILNA reported on Saturday. The terminal, in Orumiyeh, has the capacity to store 118 million litres of oil, gasoline and …

Saudi Arabia’s foreign and energy ministers on Saturday denied Russia’s claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices. In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said “a statement attributed to one of the …

Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war. Brent crude futures rose more than 11% in early trade. By 0958, Brent was up 8.97%, or $2.22, to $26.96, …

The coronavirus pandemic and resulting plunge in crude prices will result in a leaner, stronger oil industry but raise the risk of shortages further down the line, Goldman Sachs analysts said March 30. Crude prices suffered another sharp fall on March 30 as the pandemic worsened and the Saudi Arabia-Russia …

Iraq, one of the oil producers worst hit by the oil price crash, is proposing that all foreign oil firms operating in OPEC’s second-largest producer cut their budgets by 30 percent on the condition that crude production levels do not suffer, Reuters reported on Friday, quoting local officials and industry …

Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, while the coronavirus pandemic continues to claim thousands of lives and forces a growing number of major economies into lockdown. “A demand shock of this …