Oil prices fell again on Monday on news of the restart of the UK North Sea’s Buzzard oil field and Iraq’s decision not to take part in OPEC’s planned production cuts.
Despite OPEC’s announced oil output cut to control the supply glut, Iraq could be raising its oil production for the rest of the year and in 2017.
Crude oil prices jumped sharply on Wednesday after the Organisation of Petroleum Exporting Countries (OPEC) agreed to limit oil production.
The world’s largest oil producers are set to meet in Algiers this week to discuss ways to stabilise the oil market and end oversupply.
Iran has announced it is willing to support any measures to boost crude oil prices discussed during the OPEC meeting next week.
The Organisation of Petroleum Exporting Countries (OPEC) has changed its forecast for crude oil supply in 2017, predicting an increase in oil production rather than the previously foreseen decline, outside the cartel.
Crude oil prices have slipped to $47 per barrel today on low expectations that Russia and Saudi Arabia will actually take significant action to stabilise the oil market.
The current oil price war is changing its course after Saudi Arabia’s announcement that it is not planning to increase oil production to reach its full capacity.
As the storm continues to brew in the Gulf of Mexico, forcing producers to suspend activities and evacuate workers, crude oil prices continue to suffer.
Crude oil prices have continued to fall today, on reports of bursting inventories in the US and Asia.
Crude oil prices have ended a short rally of gains over hopes that members of the Organisation of Petroleum Exporting Countries (OPEC) would soon agree on a production freeze to balance prices.
Crude oil prices fell for the first time in a week as investors grow ever more sceptical about the success of potential talks among oil producers in the Organisation of Petroleum Exporting Countries (OPEC).
Crude oil prices have seen a rise early this morning in the wake of talks by exporters about the current supply glut.
The Organisation of Petroleum Exporting Countries (OPEC) has revised its oil market forecast for the month on Wednesday, foreseeing an increase in oil demand of 30,000 barrels per day (bpd) to 1.22 million bpd.
Recently-elected President of the Organisation of Petroleum Exporting Countries (OPEC) Mohammed Bin Saleh Al-Sada expects to see oil demand rise by the end of this year.