Opec has agreed to cut production by roughly 1.2 million barrels per day (mbpd) to 32.5 mbpd, which equates to a 4.5-4.6 per cent cut per member country, said Barclays in a new report.
“We believe the outcome is consistent w
Iran, Opec's third largest producer, has confirmed it will participate in the upcoming Opec meeting in Algeria next month, an Opec source said on Tuesday.
Opec members will meet on the sidelines of the International Energy For
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
Oil futures rose 2 per cent in Asian trade on Thursday, adding to strong gains in the previous session after the world's biggest suppliers firmed up plans to meet to discuss an output freeze.
Oil producers including Gulf Opec
Crude oil prices rose in volatile trade on Friday as Opec ministers prepared to start a Vienna meeting which Iran's oil minister said would stick with a policy of maintaining output unchecked, in line with market expectations.
Opec is unlikely to lower its oil production ceiling when the group meets in November, a senior Iranian oil official said, in comments that reduced the likelihood of any collective Opec action to support prices.
Iran is normally a
Brent fell below $116 on Wednesday ahead of an Opec meeting where members are expected to agree to raise global oil supplies to rein in high prices that have weighed on growth and stoked inflation in the US, Europe and Asia.
Iran's Opec governor said on Saturday that there was no call for the group to hold an extraordinary meeting despite oil prices hitting a 28-month peak closing on $100 a barrel after unrest in Egypt.
"As far as I know there has been no call
Opec will not call for an emergency meeting before its scheduled gathering in June 2011 if the price of crude oil hits $100 a barrel, Kuwait's oil minister told reporters on Tuesday.
Asked whether the oil producing group wou
Gulf Arab oil ministers will meet in Kuwait on Sunday to discuss crude output policy ahead of an Opec meeting to decide production levels in Vienna next week.
The ministers from leading exporter Saudi Arabia as well as from the UAE, Kuwait