LONDON: OPEC left its forecast for world oil demand growth in 2012 unchanged for a second month, saying there were signs that a slowdown in global economic activity is easing.
In a monthly report on Thursday, the Organization of the Petroleum (...)
LONDON: A worsening of the euro zone debt crisis would further reduce the region's oil demand and could impact consumption in emerging economies that are driving the increase in global fuel use, OPEC said on Monday.
In a monthly report, the (...)
LONDON: OPEC oil output rose in December to the highest since October 2008, mainly due to a further recovery in Libya's production, a Reuters survey found on Wednesday.
Supply from all 12 members of the Organization of the Petroleum Exporting (...)
LONDON: Oil dropped below $107 a barrel on Thursday as a stronger dollar and a rise in US jobless claims countered Iranian threats to shut a vital oil trade route.
The euro fell to its lowest since September 2010 versus the dollar on Thursday as (...)
LONDON: OPEC is heading for near-record oil export revenue this year thanks to over $100-a-barrel oil, and many members will be hoping prices stay there as they tackle challenges from higher social spending to oilfield decline.
In 2011, the (...)
LONDON: World oil demand growth will accelerate next year, adding to the pressure on available supplies, the International Energy Agency said on Wednesday, contradicting a more conservative outlook from producer group OPEC.
In its first 2012 (...)
VIENNA: Iran's OPEC president stuck to its uncompromising stance as it headed into talks with the EU on Monday, saying there was no need to add extra oil to the market and the IEA emergency stocks release was an act of meddling.
OPEC president Iran (...)
LONDON: Brent crude oil fell below $115 a barrel on Monday, heading for its first monthly decline this year, as investors weighed the prospect that Europe's debt crisis and a sputtering US economy may slow demand.
Public holidays in the United (...)
LONDON: Oil's sharp slide this week is welcome because high prices may hurt the world economy and in the longer term accelerate the use of alternative fuels, OPEC delegates said on Friday.
Oil fell below $109 a barrel on Friday, extending a (...)
LONDON: Brent crude oil dipped below $124 a barrel on Tuesday as the dollar rose from a three-year low and traders weighed the impact on the market of Al-Qaeda leader Osama bin Laden's death.
The dollar index, which tracks the dollar against a (...)
LONDON: OPEC sees no need at present to hold an emergency meeting to discuss raising its oil output, because supply is adequate, an OPEC delegate said on Wednesday following informal consultations among members.
The 12-member Organization of the (...)
LONDON: Oil producer group OPEC said on Monday it was worried about the unrest in Egypt but saw no reason to boost output to cool prices at the moment and would add more supply only if it saw a shortage in the market.
Oil prices have spiked (...)
LONDON: Two of the world's most influential oil forecasters gave contrasting outlooks for 2011 on Friday, with the consumer's watchdog anticipating robust demand and producer group OPEC saying supply was adequate.
The International Energy Agency, (...)
LONDON: Oil fell more than 2 percent to below $86 a barrel on Friday, retreating from a 25-month high reached in the previous session, as concern about Irish debt spurred a broad retreat from riskier assets.
Attention in the oil market refocused (...)
LONDON: Oil rose above $82 a barrel on Monday, gaining for a second session as the US currency weakened after a Group of 20 meeting.
The dollar dropped, hitting a 15-year low against the yen, as the G20 agreement to shun competitive currency (...)
LONDON: OPEC crude oil supply fell in August to the lowest since November 2009 as reduced supplies from Nigeria, the United Arab Emirates and Iraq offset increased output in Angola, a Reuters survey showed on Wednesday.
Supply from the 11 members (...)
LONDON: Oil eased to below $77 a barrel on Wednesday, falling from a two-week high, after a weekly industry report showed a surprise increase in US crude inventories and European equities turned lower.
US crude stockpiles rose by 1.7 million (...)
LONDON: Kuwait is making progress in talks on technical service agreements with international energy companies and discussions on one or more could be finished this year, a senior oil official said on Tuesday.
Kuwait, among the world's largest (...)
LONDON: Oil fell to $68 a barrel after touching its lowest in more than seven months on Wednesday, pressured by high US stockpiles and as concern over tighter financial regulation dampened appetite for riskier assets.
The decline in oil for a (...)
LONDON: Oil fell to around $81 a barrel on Monday and touched a three-week low as the fraud charges filed against Goldman Sachs dampened risk appetite and European flying restrictions curbed jet fuel use.
The drop extended the previous session s (...)
LONDON: Oil fell towards $74 a barrel on Tuesday after China implemented a clampdown on lending, rekindling concern that tightening moves by the world s second-largest oil user may limit demand.
Crude approached a one-month low after the Chinese (...)
LONDON: Oil fell towards $81 a barrel on Tuesday from a 15-month high as forecasts for milder weather in the US Northeast signaled lower demand in the world s largest heating oil market.
The market also slipped as China raised banks reserve (...)
LONDON: Oil hit a four-week high above $78 a barrel on Monday as colder weather across the United States and signs of economic recovery helped boost the outlook for fuel demand.
Oil has risen more than 12 percent from a dip below $70 two weeks (...)
LONDON: OPEC should be cautious when it meets this month to decide its oil output policy as it needs to balance signs of economic recovery and abundant supplies, the group s secretary general said on Thursday.
The Organization of the Petroleum (...)
LONDON: UN climate talks in December should not hold back developing countries and should seek a win-win solution to tackle climate change, OPEC s secretary general said on Thursday.
Abdullah al-Badri, who will attend the climate talks in (...)