Saturday 27 August 2016
 
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oil market

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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Opec strategy 'to let oil market balance itself working'

Opec's strategy of letting the oil market balance itself is working as investment in the industry is falling and any recovery will take time to bring new supplies, a senior Iraqi oil official said on Friday. The Organisation o

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Oil market heading towards rebalancing, says Qatar minister

Global oil markets are heading toward rebalancing, Qatar's Energy Minister told reporters in Moscow on Friday, a day after the Organization of the Petroleum Exporting Countries failed to agree a clear oil output strategy at a meeting in Vien

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UAE, Nigeria ministers ‘happy with oil market’

UAE Oil Minister Suhail bin Mohammed al-Mazroui said on Tuesday he was happy with the oil market, noting that prices had been correcting higher. "We are optimistic. We are seeing that the market is correcting upward," Ma

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Oil market unlikely to rebalance fully by year-end: Total CEO

Oil demand in 2016 will stay strong, supporting prices, but the market is unlikely to rebalance by the year end, the chief executive of French oil and gas major Total said on Wednesday. Patrick Pouyanne told a French Senate commit

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