Saturday 12 July 2014

Robust demand tightening oil market: IEA

Stronger-than-expected demand has drained oil inventories to the lowest level since 2008, tightening the market and defying predictions of a glut, the West's energy watchdog said on Thursday. The International Energy Agency (I


Opec chief hints at action to reduce oil glut

Opec's president signalled on Monday it could act to reduce a glut of oil that has knocked the price down towards double digits, but said it was unlikely to set individual country production quotas at a meeting this week. Abdul Kareem


Oil glut hits price, $100-$120 reasonable: Opec

A huge surplus of oil has knocked oil down towards double digits, Opec's president said on Monday, and a level of $100 to $120 a barrel is more reasonable. Abdul Kareem Luaibi, who serves as oil Minister of Iraq, also said Baghdad woul


Oil nears $70 on signs of easing US glut

Oil rose to hold above $69 on Wednesday after a report showing a drop in US gasoline stockpiles signalled a glut centred on the world's top consumer will ease as motor fuel demand reaches its summer peak. Prices slumped more than 2 per


Indian wheat to swell global grain glut

Tarpaulin-covered mounds of wheat facing damage from fast-approaching monsoon rains are putting pressure on India to step up grain exports, strengthening prospects of a bigger global wheat glut this year. India will probably ship additiona


World's biggest gas exporters meet to cut glut

Many of the world's biggest gas exporters gathered in Algeria on Monday in search of a plan to boost gas prices without causing further pain for any members of the Gas Exporting Countries Forum (GECF). Energy ministers from Europe'

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