Oil up almost 3 percent as OPEC agrees to raise output
Oil prices rose almost 3 percent as OPEC agreed a modest increase in output.
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Output
Russia, Saudi Arabia push for big hike in oil output despite Iran opposition
VIENNA/MOSCOW: Russia and Saudi Arabia are pushing OPEC and its allies to raise oil output steeply from July to meet growing demand and cover supply outages in Venezuela and Libya despite opposition from several members of the producer group including Iran.
“Oil demand usually grows at the steepest pace in the third quarter ... We could face a deficit if we don’t take measures,” Russian Energy Minister Alexander Novak told reporters. “In our view, this could lead to market overheating.”
Novak said Russia wanted OPEC…
Jaguar Land Rover to cut output and jobs due to Brexit, diesel slump: source
LONDON: Britain’s biggest carmaker Jaguar Land Rover will cut around 1,000 jobs and production at two of its English factories due to a fall in sales caused by uncertainty around Brexit and confusion over diesel policy, a source told Reuters.
Output will be cut at its central English Solihull and Castle Bromwich plants, affecting some 1,000 agency workers, the source said.
A spokesman at Jaguar Land Rover (JLR) declined to comment on the number of jobs which would be lost but the firm said it would be making changes to…
Saudi Arabian oil minister hopes OPEC, allies can ease output curbs in 2019
NEW DELHI: Saudi Arabia hopes OPEC and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year, its oil minister said on Saturday.
The Organization of the Petroleum Exporting Countries (OPEC) is reducing output by about 1.2 million barrels per day (bpd) as part of a deal with Russia and other non-OPEC producers.
The pact, aimed at propping oil prices, began in January 2017 and will run until the end of 2018.…
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…
Oil prices fall after Iran says it won’t freeze output
SINGAPORE CITY: Oil prices dipped in Asia Monday after Iran said it has no plans to join any output freeze by other major producers.
Oil prices extend losses as output freeze hopes fade
SINGAPORE: Oil prices tumbled further in Asia Tuesday on dwindling hopes that key producers will reach an agreement to freeze output when they meet this month to discuss a global supply glut.
Oil bosses upbeat on market rebound
LONDON: Movers and shakers from the oil industry descended on London last week and expressed optimism over a sharp rebound in the beleaguered crude market later this year.
Oil prices resume slide in Asia
SINGAPORE: Oil prices resumed their slide in Asia Wednesday as long-running concerns over the saturated market overshadowed talk of possible coordination between some major producers to slash output.
Tackling poverty, unemployment in Nigeria with tomatoes
KANO: It's a situation that mirrors the giant oil industry, where Nigeria has abundant resources but has lacked the capacity, will or ability to exploit it, forcing a reliance on imports.