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oil market

No tighter oil market before 2018, says Vitol chief

The chief executive of Vitol, the world's largest oil trader, said on Wednesday he did not see the global oil market tightening before 2018. Ian Taylor also expressed scepticism over the significance of a potential OPEC deal o

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Iran 'ready to help restore oil market balance'

Iran is ready to support any decision to help restore balance to the oil market after it regains its pre-sanctions market share, the Iranian oil ministry's Shana news agency reported on Saturday, quoting a minister. "Depu

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Opec's market share at a good level: UAE

Opec's share of the oil market is at a good level, United Arab Emirates Energy Minister Suhail bin Mohammed Al-Mazroui said as the producer group continues to contend with low crude prices. "Regardless of the different vi

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Venezuela, Iran seek accord for oil market stability

Venezuela and Iran continue to seek consensus on ways to stabilize oil markets and strengthen Opec, Venezuelan President Nicolas Maduro said on Saturday, following a meeting with Iranian Foreign Minister Mohammad Javad Zarif. &quo

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Iraq not open to capping oil output: Prime Minister

Iraq's prime minister said the country has not yet reached its full oil market share, suggesting his government would not restrain crude output as part of any possible Opec agreement to lift prices. "And the capping, we a

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Innovation ‘key to GCC oil sector resilience’

The GCC petroleum industry must focus on innovation and efficiency to maintain the value of the region’s natural resources, said a senior manager at the Kuwait Oil Company (KOC). The recent market has been challenging for th

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Opec forecasts tighter oil market in 2017

Opec cut its forecast for world economic growth this year on Tuesday, citing increased uncertainty following Britain's vote to leave the EU and said the pace of oil demand growth would slow slightly next year in its first 2017 forecast.

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Oil market balancing says Saudi energy minister

Saudi Arabia's energy minister said on Sunday the oil market was becoming more balanced and prices were stabilizing. Khalid al-Falih said Saudi Arabia, the world's biggest oil exporter, would always strive to stabilize the

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Global oil market heading towards balance, says Saudi

The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of Opec agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Sa

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Saudi may return to oil market balancing role

Saudi Arabia, the world's largest oil exporter, may return to its role of balancing oil supply and demand after the recovery of the global market, the country's energy minister indicated in comments published on Wednesday.

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