VIENNA: OPEC officials held talks with Russia and other non-cartel members on Saturday in Vienna to debate how to implement a plan aimed at cutting oil output to reduce a global supply glut and bolster prices. "The recovery process has taken far too long and we cannot risk delaying the adjustment any further," said Sanusi Barkindo, the secretary general of the Organization of the Petroleum Exporting Countries, in his opening remarks. "Therefore, we should be calling for maximum commitment from all OPEC and non-OPEC…
WASHINGTON: In a cloak-and-dagger plot fit for a Hollywood movie, US actor Sean Penn met secretly in the Mexican jungle in October with Joaquin "El Chapo" Guzman, conducting an explosive interview released a day after the drug kingpin's recapture.
NEW YORK: Oil tumbled 5 percent on Friday, erasing the previous session's gains, as Yemen's conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more supply on the market.
SINGAPORE: US crude fell to near six-year lows in Asia on Tuesday, extending losses in New York as worries about a global oversupply were exacerbated amid an OPEC warning of a continued petroleum glut, analysts said.
VIENNA: A recovery in oil prices which began last month is not justified by fundamentals as there remains a supply glut in the market, oil cartel OPEC said Monday in its monthly report.