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Tag Archives: global supply

Oil falls as spotlight returns to growing glut


NEW YORK – Crude oil futures fell back towards $45 per barrel on Wednesday as the dollar gained and investor focus shifted back to a deep global supply glut. Brent <LCOc1> was down 57 cents at $45.55 a barrel at 1554 GMT, having touched a low of $45.11. The benchmark hit its highest since Nov. 11 at $46.50 on Tuesday ...

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OPEC says cheap oil taking longer to subdue rival suppliers

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the wall of the new OPEC headquarters in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader

LONDON – OPEC on Tuesday raised its forecast of oil supplies from non-member countries in 2015, a sign that crude’s price collapse is taking longer than expected to hit U.S. shale drillers and other competing sources. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast no extra demand for its crude oil this year despite faster ...

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Oil falls below $66 as global glut builds

Getty Images via NewsCred

LONDON – Brent crude oil fell below $66 a barrel on Friday after reports that a growing supply glut was boosting inventories worldwide. Oil futures have rallied strongly since January after collapsing last year but analysts say the rebound may have overshot and could be about to correct. Although the U.S. oil market is becoming more balanced, production elsewhere is ...

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Oil rally snaps as ample supplies outweigh U.S. stock draw

Getty Images via NewsCred

NEW YORK – Oil fell 2 percent on Thursday, wiping out gains from the past two sessions, as euphoria from the first U.S. inventory drawdown in months faded and focus returned to oversupplies in crude and gasoline. A stronger dollar also weighed on the energy complex, making raw materials became less affordable to holders of the euro and other currencies. ...

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Oil prices: “It’s up to Allah”

Saudi Arabian Oil Minister Ali al-Naimi listens to journalist during an OPEC meeting in Vienna December 12, 2012. REUTERS/Heinz-Peter Bader via NewsCred

As the world sits by stacked and idled rigs in anticipation of how long Saudi Arabia will wait to react to the persistent oil price slump, Oil Minister Ali Al-Naimi told CNBC that “no one can set the price of oil – it’s up to Allah.” Following last year’s rapid oil price decline, the global market has been hoping that ...

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Al-Naimi upbeat on global energy demand

Saudi Arabian Oil Minister Ali al-Naimi talks to journalist during an OPEC meeting in Vienna, December 14, 2011. REUTERS/Heinz-Peter Bader

BEIJING — Minister of Petroleum and Mineral Resources Ali Al-Naimi says Saudi Arabia and China recognize that knowledge, research and innovation are essential pillars, and a vital matter of great importance for global development. “It is expected that innovative technologies in energy help to overcome the most important challenges facing our two nations in particular and the whole mankind in ...

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OPEC oil output in April climbs to highest since 2012 – survey

The Organization of the Petroleum Exporting Countries (OPEC) logo is pictured at its headquarters in Vienna June 10, 2014. REUTERS/Heinz-Peter Bader

LONDON – OPEC oil supply in April has jumped to its highest in more than two years, boosted by record or near-record supplies from Iraq and Saudi Arabia, a Reuters survey showed, as key members stand firm in their focus on market share. The increase from the Organization of the Petroleum Exporting Countries puts output further above forecasts of demand ...

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Oil falls more than $1 as Middle East supply fears ease

A general view shows oil tanks at the Bashneft-Ufimsky refinery plant (Bashneft - UNPZ) outside Ufa, Bashkortostan, January 29, 2015.

LONDON – Oil prices fell more than $1 a barrel on Friday as worries receded over the threat of disruptions to Middle East supplies due to Saudi Arabia-led air strikes in Yemen. Goldman Sachs said the bombing of Yemen would have little effect on oil supplies as the country was only a small crude exporter and tankers could avoid passing ...

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