Authorities in a port controlled by Yemen's Houthi movement have seized two oil tankers from international traders in a payment dispute, according to the ships' owners, an incident which could make it more difficult for the country to im
Opec raised its forecast of oil supplies from non-member countries in 2017 as new fields come online and US shale drillers prove more resilient than expected to cheap crude, pointing to a larger surplus in the market next year.
Oil prices fell in early trade on Thursday, with Brent futures struggling to defend $50 per barrel as fears over strike outages in Norway faded and as Nigeria's production improved.
International Brent crude oil futures were t
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