A once-popular pair trade pitting the US dollar against oil prices has re-emerged in recent weeks, injecting a new wildcard into the market just as the Organization of the Petroleum Exporting Countries prepares to meet.
The Organization of the Petroleum Exporting Countries (Opec) is unlikely to change its production ceiling when the group meets in June, Iran's Oil Minister Bijan Zanganeh said, according to the semi-official Mehr news agency.
Saudi Arabia and its main Middle East Opec partners are turning down Chinese requests for extra oil as they hold back fuel for their own refineries just as demand from the world's biggest crude importer hits new records.
Libyan state oil company The Arabian Gulf Oil Co (Agoco), which is active in the east of the Opec member country, is producing about 270,000 barrels a day of crude, unchanged from a week ago, a company spokesman said.
Goldman Sachs slashed its crude oil price forecasts for 2016 to 2020, citing improved US shale efficiency meeting global oil demand, coupled with unimpeded Opec productivity.
"We see global oil demand being met by U.S. shale,
Global crude oil prices are not expected to fall in the second half of 2015 and it was still too early to talk about Opec's supply decision when the group meets next in June, Kuwait's Opec governor said on Monday.
The Organisation of the Petroleum Exporting Countries (Opec) is unlikely to implement a production cut at its next meeting in June, a senior Iranian official said on Monday.
Asked if Opec would cut output at the upcoming June 5 me
Iran hopes its crude oil exports will return to pre-sanctions levels within three months once a deal with major powers to lift an oil embargo is finalised, Iran's deputy oil minister said on Monday.
"We hope we can come b
Indonesia's energy minister said yesterday that President Joko Widodo agreed to a plan for the country to rejoin Opec, seven years after Southeast Asia's biggest crude producer left the oil exporters group.
A global oil glut is building as Opec kingpin Saudi Arabia pumps near record highs in an attempt to win a market-share battle against stubbornly resistant US shale production, the International Energy Agency (IEA) said.