Crude oil futures fell on Tuesday as optimism faded for an output-limiting deal from an oil producer meeting in Algeria to curb one of the worst supply gluts in history.
Hopes that Opec oil producers could clinch the deal at the S
Saudi Arabia's Energy Minister Khalid Al-Falih said on Tuesday that talks among Opec and non-Opec oil producers in Algiers this week are consultative, casting doubt on the chances of any policy decision during the meeting.
The United Arab Emirates said on Monday it would back a global freeze in oil output to bolster prices, while some Opec delegates predicted a meeting of producing countries in Algeria this week could still yield a deal to restrain supply.
Iran's steep oil output growth has stalled in the past three months, new data showed, suggesting Tehran might be struggling to fulfil its plans to raise production to new highs while demanding to be excluded from any Opec deals on supply cur
Iran is sending positive signals that it may support joint action to prop up the oil market, sources in Opec and the oil industry said, potentially aiding efforts to revive a global deal on freezing production levels at talks next month.
Opec will probably revive talks on freezing oil output levels when it meets non-Opec nations next month as top exporter Saudi Arabia appears to want higher prices, according to Opec sources, although Iran, Iraq and Russia present obstacles to
UAE's Etihad Airways will not be hiring non-operational staff 'until the end of year', said a report citing the airline's president and CEO James Hogan.
The hiring freeze, which was introduced in the first quarter,
Iran has no plans to freeze the level of its oil production and exports, Deputy Oil Minister Rokneddin Javadi was quoted as saying, as the country tries to raise its crude exports to pre-sanctions levels.
"Under the present c
Kuwait's deputy foreign minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase from Iran, state news agency KUNA reported on Saturday.
Indonesia's governor to the Organization of the Petroleum Exporting Countries (Opec) said on Monday that oil at $45 a barrel was "not bad" and that there would be no urgency to freeze output if crude remained at that price.