Sentences with phrase «crude oil production cut»

The crude oil production cut deal that OPEC, Russia, and several other producers agreed to late last year could get yet another extension.

Of course, OPEC now is entering month number 16 of their crude oil production cuts and that certainly has a big hand in what we «re seeing at the pump.

Not exact matches

But when oil companies cut down production in response to depressed prices, the money stops flowing along with the crude.

SINGAPORE, May 3 - Oil dipped on Thursday, weighed down by swelling U.S. crude inventories and record weekly U.S. production that undermined efforts by OPEC to cut supplies, although potential new U.S. sanctions against Iran kept markets on the...

Another uncertainty is Venezuela, where the state oil company PDVSA has seen its production cut in half as its economy teeters and its ability to pump and process crude deteriorates.

West Texas Intermediate crude oil, the US benchmark, has gained 11 % this year as Russia along with the Organization of Petroleum Exporting Countries continue to cut their production.

LONDON, May 3 - Oil prices edged higher on Thursday despite swelling U.S. crude inventories and record weekly U.S. production, as focus shifted back to OPEC supply cuts and the potential of new U.S. sanctions against Iran.

Because energy producers cut back on drilling and production when oil is cheap (and less profitable for them), investors were concerned that they would also stop ordering as many of MRC's pipes, which are used to pump and transport crude.

LONDON, May 3 - Oil prices slid lower on Thursday as swelling U.S. crude inventories and record weekly U.S. production offset concerns over OPEC supply cuts and the potential for new U.S. sanctions against Iran.

LONDON, May 3 (Reuters)- Oil prices slipped on Thursday as swelling U.S. crude inventories and record weekly U.S. production clashed with OPEC supply cuts and the potential for new U.S. sanctions against Iran.

SINGAPORE, May 3 (Reuters)- Oil prices fell early on Thursday, pulled down by a rise in U.S. crude inventories and record weekly U.S. production, which is countering efforts by producer cartel OPEC to cut supplies and prop up prices.

SINGAPORE, May 3 - Oil prices dipped on Thursday, weighed down by swelling U.S. crude inventories and record weekly U.S. production that is countering efforts by producer group OPEC to cut supplies and prop up prices.

LONDON, May 3 - Oil prices slipped on Thursday as swelling U.S. crude inventories and record weekly U.S. production clashed with OPEC supply cuts and the potential for new U.S. sanctions against Iran.

On Monday, WTI closed at US$ 52.22 a barrel, up by 3 percent, while Brent crude settled at US$ 59.02 — its highest since July 2015 — on the back of growing optimism that the OPEC production cut deal is finally having a palpable effect on global supplies of crude oil, and the equally growing worry that the Middle East could be in for more tensions — this time between the Kurdish nation and the countries it inhabits, following an independence referendum in the Kurdistan autonomous region in Iraq.

HOUSTON ConocoPhillips, the world's largest independent oil and gas exploration and production company, posted a bigger - than - expected first - quarter profit on Thursday, helped by rising crude prices and cost cuts.

* OIL: Oil prices dipped on Thursday, weighed down by swelling U.S. crude inventories and record weekly U.S. production that is countering efforts by producer group OPEC to cut supplies and prop up prices.

Benchmark crude futures contracts have in the past week wiped out the gains made since the end of September when the Organization of the Petroleum Exporting Countries said it would agree to cut oil production to shore up persistently low prices.

Oil prices, which have recently received some support from reports about discussions of another possible extension of the OPEC production cut deal, remained stable following the release of the EIA report, with WTI trading at US$ 48.75 a barrel and Brent crude at US$ 54.62 a barrel.

Crude oil sold off on tariff fears but rallied back as Saudi Arabia is signaling that they are just crazy about production cuts and want an extension.

NEW YORK Oil prices rose on Thursday, boosted by OPEC production cuts and the potential for new U.S. sanctions against Iran, but gains were limited by growing U.S. crude inventories.

There were two principal drivers behind oil prices» performance: the growing optimism that the OPEC production cut deal is finally having a palpable effect on global supplies of crude oil, and the equally growing worry that the Middle East could be in for more tensions — this time between the Kurdish nation and the countries it inhabits, following an independence referendum in the Kurdistan autonomous region in Iraq.

Oil prices dipped on Thursday, weighed down by swelling U.S. crude inventories and record weekly U.S. production that is countering efforts by producer group OPEC to cut supplies and prop up prices.

Crude oil prices jumped a percent today on comments from Saudi Arabia's Energy Minister Khalid al - Falih, who said he expected the OPEC + production cut deal would be extended into next Continue Reading

Crude oil continues to trade lower than expected this year because shale producers have ramped their output, offsetting the OPEC - led production cuts.

OPEC said Thursday its crude oil output fell last month amid compliance with the oil cartel's agreement to cut production, even as the world's total oil supply continued to Continue Reading

Since the March agreement between major oil producers to cut production, oil prices have risen sharply; in October the crude oil price averaged US$ 22.63 per barrel, up from an average of US$ 12.00 in February.

Singapore: Oil prices fell early on Thursday, pulled down by a rise in US crude inventories and record weekly US production, which is countering efforts by producer cartel OPEC to cut supplies and prop up prices.

Iran's current crude oil output level will not be reduced under the extension of the OPEC production cuts, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Thursdoil output level will not be reduced under the extension of the OPEC production cuts, Iranian Oil Minister Bijan Zanganeh was quoted as saying on ThursdOil Minister Bijan Zanganeh was quoted as saying on Thursday.

Speaking to Iran's oil ministry's news service Shana the day before the OPEC meeting, Zanganeh said, when asked if Iran would cut its crude oil production:

Those production cuts, aided by the rolling disaster in Venezuela that continues to take crude oil production off the world market, have, according to the IEA, brought down the world's crude oil stocks within shouting distance of OPEC's goal: the five - year average of those stocks.

In late November, OPEC finally announced that its members had agreed to cut crude oil production in order to boost global oil prices.

Canada's struggling oil market has found something of a lifeline as traders scramble for heavy crude due to OPEC production cuts and sinking Latin American output.

OPEC said Thursday its crude oil output fell last month amid compliance with the oil cartel's agreement to cut production, even as the world's total oil supply continued to rise on the back of burgeoning U.S. shale growth.

The Nymex crude oil market shot sharply higher and gained 10 % in value in one day Wednesday, following an OPEC meeting that saw a crude oil - production - cut agreement reached.

The crude oil market rallied late this week on news of a planned cut in OPEC oil production.

The sharp decline has been sparked by lower demand prospects and an overabundance of crude oil, thanks in large part to surging shale production in the U.S. and a refusal by OPEC to cut production to support prices.

Now, the decline in the price of crude oil, coupled with huge production cut, is severely affecting the economic growth.

We have already seen the beginnings of this financial shaking in the 2008/9 economic crisis that was directly caused by the «plateauing» of crude oil production in 2005 after rising by 1 million barrels / day for twenty years in a row (from Non-OPEC peaking and OPEC cutting back production).

... Expectations of growing U.S. crude supplies sent world oil prices sliding to a new four - year low and is turning up the heat on OPEC members to cut production when they meet later this month.