Oil falls as U.S. drilling offsets talk of an OPEC-led cut extension

By Henning Gloystein

SINGAPORE - Oil prices fell on Monday as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended.

Benchmark Brent crude futures eased 22 cents, or 0.4 percent, from their last close to $50.58 per barrel by 0527 GMT.

In the United States, West Texas Intermed

OPEC, non-OPEC to look at extending oil-output cut by six months

By Vladimir Soldatkin and Rania El Gamal

KUWAIT  - A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday.

An earlier draft of the statement had said the committee "reports high level of conformity and recomme

All drill, no frack: U.S. shale leaves thousands of wells unfinished

By Devika Krishna Kumar

NEW YORK  - U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate.

Rising U.S. shale output has rattled OPEC's most influential exporter S

Oil edges up as Saudis cut supplies to U.S., but global glut remains

By Libby George

LONDON  - Oil edged higher on Friday, boosted by hopes that an OPEC output cut was beginning to balance a long-oversupplied market, but benchmark prices were on track for weekly losses as concerns persisted over an excess of crude.

Benchmark Brent crude futures were at $50.86 per barrel at 1040 GMT, up 30 cents from their last close.

EXCLUSIVE: Saudi exports to U.S. to fall by 300,000 bpd in March - official

By Rania El Gamal

DUBAI  - Saudi Arabia's crude exports to the United States in March will fall by around 300,000 barrels per day from February, in line with OPEC's agreement to reduce supply, a Saudi energy ministry official said on Thursday.

The United States imported about 1.3 million bpd from OPEC's top exporter in February, according to

Oil up from four-month lows, inventories curb recovery

By Edmund Blair

LONDON - Oil prices climbed off four-month lows on Thursday but the recovery was cautious with investors fretting that OPEC-led supply cuts were not yet reducing record U.S. crude inventories.

Brent crude, the international benchmark for oil, was trading at $50.84 a barrel by 0915 GMT, up 20 cents on the day and rebounding from Wednesday'

Oil bounces off November lows, but bloated US stockpiles pressure market

By Henning Gloystein

SINGAPORE - Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production.

Brent crude futures, the international benchmark for oil, were at $50.82 per barrel at 0807 GMT, up 18 cents,

Venezuelans line up for gasoline as OPEC nation's oil industry struggles

By Alexandra Ulmer and Mircely Guanipa

CARACAS/PUNTO FIJO, Venezuela  - Grumbling Venezuelans were lining up for scarce gasoline across the OPEC nation on Wednesday, due to mounting oil industry woes in the country with the world's largest crude reserves.

Venezuela, which also has the world's cheapest gasoline, has wrestled with intermittent gas

Oil prices slide on bulging U.S. crude inventories

By Edmund Blair

LONDON - Oil prices slipped back to three-month lows on Wednesday after data showed U.S. crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June.

A deal between the Organization of the Petroleum Exporting Countries and some non-OPEC producers to reduce output by 1.8 million barrels per day (bpd

Oil prices climb on talk that OPEC could extend supply cut

By Edmund Blair

LONDON  - Oil prices climbed on Tuesday, helped by expectations that an OPEC-led output cut would be extended beyond June but gains were pegged back by concerns about persistently high crude inventories.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to cut production from Jan. 1 by 1.8 million b

Oil prices rise on talk that OPEC could extend supply cut

By Henning Gloystein

SINGAPORE  - Oil prices rose on Tuesday on expectations that an OPEC-led production cut to prop up the market could be extended, while strong demand would also work to slowly erode a global fuel supply overhang.

Prices for front-month Brent crude futures, the international benchmark for oil, were at $51.97 per barrel at 0746 GMT, up

OPEC leans towards oil cut extension, but non-members need to be in - sources

By Rania El Gamal and Alex Lawler

DUBAI/LONDON - OPEC oil producers increasingly favour extending beyond June a pact on reducing crude supply to balance the market, sources within the group said, although Russia and other non-members need to remain part of the initiative.

The Organization of the Petroleum Exporting Countries is curbing its output by about 1.

Oil falls 1 percent as bullish bets fade with U.S. output rise

By Karolin Schaps

LONDON  - Oil prices fell more than 1 percent on Monday as investors made record cuts to bets on rising prices after strong drilling data from the United States fed concerns about the effectiveness of OPEC-led production cuts to curb a supply glut.

Benchmark Brent crude futures were down 60 cents at $51.16 a barrel at 0934 GMT. U.S. We

Crude oil futures in reverse gear on rise in US oil rigs

Crude oil futures were trading lower during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the energy commodity on rising US drilling activity, as drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631. Besides, firm supplies from OPEC countries despite its pledge to cut output by almost 1.8 mbpd together w

Oil drops on rising U.S. drilling, steady OPEC supply

By Henning Gloystein

SINGAPORE  - Oil prices fell on Monday, with already-bloated markets pressured by rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts.

Prices for benchmark Brent crude futures were 35 cents, or 0.68 percent, below their last settlement at 0646 GMT, at $51.41 per barrel.

U.S.

Exclusive: Libya's NOC says expects to regain Es Sider, Ras Lanuf oil ports

By Aidan Lewis

TUNIS  - Libya's National Oil Corporation (NOC) has been coordinating with military forces from eastern Libya and has "no reason to believe" it will not regain control of the Es Sider and Ras Lanuf oil ports, NOC's chairman said.

The loss and recapture of the ports this month by the eastern-based Libyan National Army (LN

Oil prices steady but outlook more bearish

By Sabina Zawadzki and David Gaffen

LONDON/NEW YORK  - Oil prices were largely steady on Friday, finishing the week with modest gains, but speculators sharply cut long positions during last week's rout, on concerns that an OPEC production cut was failing to reduce a global supply overhang.

Crude traded in a narrow band this week, with Brent and West

Halfway into 2017's oil supply cut, Asia remains awash with fuel

By Florence Tan and Henning Gloystein

SINGAPORE  - Halfway into an OPEC-led oil supply cut, Asia remains awash with fuel in a sign that the group's efforts to rein in a global glut have so far had little effect.

The Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia have pledged to cut production by almost

Oil prices mark time, set for small weekly rise

By Jane Chung

SEOUL  - Oil prices were little changed in early Asian trade on Friday as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supply overhang.

Brent crude was up 5 cents, or 0.1 percent, at $51.79 per barrel at 0353 GMT, after closing the previous session down 7 cents, and was on track for a w

Saudi oil minister says output cuts may be extended if necessary -Bloomberg

NEW YORK - A deal to cut oil output by the Organization of the Petroleum Exporting Countries could be extended if inventories remain above average, Saudi Energy Minister Khalid al-Falih said in an interview with Bloomberg on Thursday.

OPEC and some non-OPEC producers agreed to cut production from Jan. 1 to reduce record stocks of global crude oil, but the deal has bee

Oil rebounds as U.S. crude inventories ease off record high

By Scott DiSavino

NEW YORK - Oil prices on Wednesday climbed for the first time in more than a week on a surprise drawdown in U.S. crude inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts could create a crude deficit in the first half of 2017.

Traders noted oil prices extended earlier gains as the dollar  fell to its lo

Global oil stocks rise, but IEA sees deficit in H1 if OPEC keeps curbs

By Edmund Blair

LONDON - Oil prices climbed more than $1 on Wednesday, lifted by a surprise drawdown in U.S. inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts should create a crude deficit in the first half of 2017.

"For those looking for a rebalancing of the oil market the message is that they should be patient, and h

Oil prices jump after data shows surprise U.S. stock draw

By Aaron Sheldrick and Osamu Tsukimori

TOKYO - Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise drawdown in U.S. crude stockpiles and as Goldman Sachs put a positive spin on OPEC's compliance with output cuts.

U.S. West Texas Intermediate crude was trading up 81 cents, or 1.7 percent, at $48.53 a barrel by 074

Outside OPEC cuts, Libya and Nigeria still on slow oil recovery path

By Libby George and Ahmad Ghaddar

LONDON  - When OPEC reached a deal last year to cut oil output, the decision to exclude Nigeria and Libya from the restrictions was seen as a risk to the group's efforts to curb a global crude glut.

An oil price rally has already stumbled since the deal, but Nigeria and Libya are not to blame. Output from both natio

14/03/2017 12:38:34 PM | Posted in Commodity Top News read full news
Iran leapfrogs Iraq as India's no. 2 oil supplier in Feb - trade data

By Nidhi Verma

NEW DELHI  - India's oil imports from Iran rose nearly 17 percent in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an OPEC deal to cut output, shipping data showed on Monday.

The jump meant Iran replaced regional rival Iraq as India's second-biggest oil supplier -