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Oil Market

Saudi, Russian energy ministers agree continued oil market coordination

DUBAI: Saudi Energy Minister Khalid al-Falih discussed the oil market developments with his Russian counterpart, and both agreed to continue close coordination in the interest of producers, consumers and the global economy, according to a statement by the Saudi Energy Ministry on Tuesday. Falih spoke with Russian Energy Minister Alexander Novak on Monday and discussed the need to modify the current monitoring process accordingly and agreed to task a joint OPEC and non-OPEC committee known as the JTC with developing and…

Trump blasts OPEC, warns European companies against Iran ties

BERKELEY HEIGHTS: US President Donald Trump lashed out at the Organization of the Petroleum Exporting Countries (OPEC) with a warning to stop manipulating oil markets and piled pressure on close US allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran. In an interview with Fox News’ Sunday Morning Futures with Maria Bartiromo, the president also said he would not complete a new North American Free Trade Agreement (NAFTA) trade deal with Canada and Mexico until…

OPEC output cut may hasten oil market rebalance: IEA

SINGAPORE: The oversupplied oil market will be rebalanced earlier than expected if major crude producers implement a deal to cap output when they meet next month, the International Energy Agency chief said Tuesday. Under current conditions, the IEA expects global output to exceed demand until the second half of 2017, Fatih Birol told journalists on the sidelines of an energy conference in Singapore. "But we know that the producers are thinking of intervening in the markets. The OPEC and non-OPEC producers, if they…