Opec maintained its policy of pumping near-record volumes of oil at a meeting on Friday, according to sources at the group, taking no steps to reduce one of the worst crude gluts in history which has driven down prices.
Saudi Arabia has started supplying crude oil to Poland, the head of Russia's biggest oil company Rosneft said on Tuesday, becoming another Middle Eastern producer to enter a market traditionally dominated by Russia.
A global b
Opec oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group's top exporters on market share.
The boost fro
Oil prices fell on Monday, extending steep losses from the previous session, as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted.
The two sides tried to break
Opec's oil supply fell in February as bad weather delayed exports from Iraq's southern ports, a Reuters survey found, slowing an expansion of supplies in the group's second-largest producer.
The survey also found sligh
The crude oil output from Organisation of the Petroleum Exporting Countries (Opec) has fallen by 350,000 bpd in February, below its target of 30 million bpd, according to a Reuters survey.
The organisation had at a meeting on Nove
Brent crude oil prices slipped below $59 a barrel on Thursday after another big weekly build in US crude inventories and a possible rise in Saudi output stoked worries about oversupply.
US crude stocks rose by 14.3 million barrels
Brent crude held steady above $56 a barrel on Wednesday, and US crude rose briefly more than $1, after a smaller than expected rise in US crude stocks were viewed by some as a sign that a supply glut was starting to abate.
Crude oil supplies from Saudi Arabia inched up in November from a month earlier, an industry source said, signalling no change in the kingdom's supply, despite a global oil glut and a steep fall in prices.
Saudi supplied 9.420
Brent crude futures fell to just above $91 a barrel on Wednesday, holding to a months-long tumble in prices as lower economic growth forecasts raised new concerns about global oil demand amid rising US inventory levels.