Kuwait's oil minister said there were currently no calls from within the Organization of the Petroleum Exporting Countries (Opec) to change the oil-producing group's output policy and that a market exit by high-cost producers could hel
Opec forecast on Monday that demand for its oil in 2016 would be much higher than previously thought as its strategy of letting prices fall hits US shale oil and other rival supplies, reducing a global surplus.
In a monthly report
The oil price has bottomed out and there are signs that a recovery will take place in 2016, Qatar's energy minister Mohammad bin Saleh al-Sada said on Sunday.
In an emailed statement Sada, who is also acting president of Opec,
The secretary-general of the Organisation of the Petroleum Exporting Countries (Opec) said on Sunday that he expected the global oil market to be in a reasonable condition by the end of this year and next year.
Abdullah Al-Badri a
Oil prices rose in early Asian trading on Monday after US drillers cut oil rigs for six straight weeks, while traders awaited Chinese trade data to be published following the one-week National Holiday.
US drillers removed nine oil
Algeria expects a 4.1 per cent rise in oil and gas exports this year to 195 million tonnes of oil equivalent, after achieving increased yields at its Hassi Rmel, Hassi Messaoud, Berkine and El Merk fields, a presidential statement said.
Oil prices rose on Tuesday, heading for the first three-day gain in five weeks, on signals that the world's biggest producers of crude may act jointly to support prices, which have halved over the past year.
Brent crude, the g
Opec sees the oil market improving because of higher demand for the group's crude and a drop in supply growth from non-members, its secretary general said, the latest sign that Opec believes its strategy of defending market share is working.
Russia and Saudi Arabia discussed the situation on the oil market last week and agreed to continue consultations, exchanging views on demand, production and shale oil, Russian Energy Minister Alexander Novak told reporters.