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Opec chief hints at action to reduce oil glutOpec'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 More… |
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Oil glut hits price, $100-$120 reasonable: OpecA 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 More… |
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Oil nears $70 on signs of easing US glutOil 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 More… |
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Indian wheat to swell global grain glutTarpaulin-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 More… |
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World's biggest gas exporters meet to cut glutMany 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' More… |
