Sentences with phrase «cut oil output»

Reuters MOSCOW Russia should start exiting a global deal to cut oil output if crude prices remain at $ 70 per barrel for more than six months, Lukoil chief executive Vagit Alekperov said on Friday as he unveiled a $ 2 - 3..

Steve Johnson discusses the news that Opec will cut oil output and its effect on the market.

The deal to cut oil output by 1.8 million barrels a day was adopted last winter by the 14 - member OPEC cartel, Russia and nine other global producers.

Not exact matches

Buy WTI — Oil prices are set to pick up throughout 2017 as OPEC and non-OPEC members implement an output cut deal.

Elsewhere, oil prices were higher on Monday, on the back of hopes that leading exporters would agree to extend the output cut - as OPEC members gear up for a meeting in Vienna this Thursday.

The Organization of the Petroleum Exporting Countries also said oil inventories across the most industrialized countries rose in January for the first time in eight months, a sign the impact of its output cuts may be waning.

Meanwhile, global oil stockpiles in developed countries could actually fall below the five - year average — the level OPEC is targeting — as inventories approach normal levels, oil demand potentially outstrips Goldman's estimate and OPEC possibly cuts output too deeply.

The banks says the long - oversupplied oil market is tightening up more quickly than expected as global economic growth fuels demand and output cuts by OPEC, Russia and several other producers eat into the world's crude stockpiles.

OPEC and non-OPEC oil giant Russia have agreed to extend oil output cuts until the end of 2018 following hours of discussions in Vienna, according to two reports.

The agreement does not include U.S. shale oil producers, and there are concerns that rising oil prices, largely thanks to the oil output cut, has allowed U.S. producers to come back online.

The main price driver has been an OPEC - led supply cut from major oil - producing group OPEC, which started to withhold output in January last year.

In terms of output, the IEA noted that member countries of the OPEC oil - producing cartel cut their production for the second month in a row.

Late last year, the Organization of the Petroleum Exporting Countries and other producing countries announced oil output cuts of 1.8 million barrels per day (bpd) for the first six months of this year.

Oil prices collapsed on Thursday to their lowest since late November as investor worries about the world's stubbornly persistent glut of crude erased most of the gains that followed last year's OPEC's output cut.

OPEC oil output fell in March to an 11 - month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters survey found, sending compliance with a supply - cutting deal to another record.

With OPEC maintaining the status quo, North America's high cost oil producers can either choose to cut output or face even lower prices.

Others have taken the other side of the bet, and overnight Bjarne Schieldrop, chief commodities analyst at SEB, says that he thinks there is a «very low chance» of an OPEC oil - output cut tomorrow.

- At the same time, both Iran and Iraq must make sacrifices for Saudi Arabia to accept the deal, Iran takes opposite view, insisting Saudi should cut more, as it boosted output most in recent years: oil producers that raised output in past years while Iran was subject to sanctions «will have to shoulder a bigger share of the output drop and accept more responsibility»: oil minister Bijan Zanganeh

The oil market is having a stellar month, continuing a rally fueled by stronger demand and expectations of bigger output cuts.

The company also said oil sands operations production has benefited from reliable operations at its Firebag and MacKay River plants, but base plant operations dealt with a significant, weather - related outage in January that will cut first quarter output to roughly 400,000 bbls / d.

America's Roundup: Dollar declines from 2018 highs before jobs report, Wall Street ends lower, Oil up on OPEC output cuts, worries about Iran sanctions - May 4th, 2018

Backwardation, contango's opposite, was one of OPEC's key goals with the output cuts — discouraging the storage of crude oil and driving oversupply down.

Citi has also warned that oil supply would be tighter next year, as some OPEC members are already pumping at capacity, and can't boost their oil output as much as the oil market thinks they might after the end of the OPEC cuts.

Saudi Arabia designed the low - price strategy aimed at making oil production too costly for competitors in North America and Russia, and has refused to make more significant output cuts unless other producers agree to do the same.

OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output.

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

Oil tallied its first weekly loss in over a month, slumping about 4 % amid uncertainty about this weekend's producers meeting, where OPEC will discuss a proposal to cut output.

OPEC on Wednesday raised its forecast for non-member oil supply this year to almost double the growth predicted four months ago as higher prices spur U.S. shale drilling, offsetting OPEC - led output cuts and a collapse Continue Reading

Oil's retreat to a level not seen since OPEC forged its landmark agreement to cut output last November stoked declines from iron ore to industrial metals and losses that many commentators had been putting down to individual supply and demand factors».

During a major industry gathering in Houston this week Ali al - Naimi, Saudi Arabia's oil minister, ruled out the possibility of cutting output, damping hopes of more aggressive action to curb a glut estimated by some traders to be as large as 2m b / d.

Speaking on Wednesday, the official said: «Given the remarks voiced by oil and energy minister of OPEC member states, it is apparent that there is an agreement between members of the organization to extend the body's output cut plan.»

«Iran will not reduce its output,» he said responding to a question about whether Iran would cut its crude oil output.

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.

That has forced OPEC and other exporters to band together to cut output in a bid to shrink global oil stockpiles.

Market participants continued to weigh the supply - side impact of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers in late 2016 and, on the other hand, the ability of the US shale oil industry to maintain output in the face of lower prices.

Last week, just a day after the output cut deal was extended as - is until March 2018, Novak said in an interview with CNBC that deeper cuts to OPEC's oil production were not out of the question, but their implementation would depend on how things unfold with the current agreement.

Arguing that OPEC «has not failed at all» in its attempt to drive oil prices up, Oreshkin said that the price of oil is now much higher than it was this time last year, before the cartel and 11 non-OPEC producers led by Russia struck the initial output cut deal.

Oman, the poorest Gulf Arab country on the basis of economic output per person, was cut for the first time by Moody's Investors Service, which cited the negative impact of lower oil prices on government finances, economic performance and balance - of - payments.

Similarly, oil stocks stand to benefit further from the likely extension of OPEC's output - cut agreement into next year.

With little to show after Saudi Arabia largely refused to take action on oil output cuts without the cooperation of Iran.

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.

Finally, assuming OPEC does the unthinkable and actually agrees to substantive and sustained cuts in output, they will likely succeed in pushing up oil prices.

Kuwait is committed to cutting output by 131,000 b / d in January in line with its commitments under OPEC's output reduction deal, oil minister Essam al - Marzouq said Thursday.

For all their official production measurements, OPEC uses an average of estimates from six «secondary sources», namely the International Energy Agency (IEA), the oil - pricing agencies Platts and Argus, the U.S. Energy Information Administration (EIA), the oil consultancy Cambridge Energy Research Associates (CERA) and the industry newsletter Petroleum Intelligence Weekly, as an impartial adjudicator as to whether their output quotas and production cuts are being met, to resolve any potential disputes that could arise if each member reported their own figures.

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.

Nigerian troops are deployed to the Niger delta where militants have been attacking oil facilities since the start of the year, cutting output and hammering government revenue at a time of low crude prices.

Meanwhile, a looming strike at several Norwegian oil and gas fields which threatened to cut output in Western Europe's biggest producer also helped support prices on Tuesday.

The cartel, which controls roughly 40 percent of global oil production, has cut output by about 8.5 percent over the same period last year, while global demand is down by a little over 2 percent, according to the U.S. Energy Information Administration.

IEA releases Oil Market Report for March Estimate of decline in non-OPEC output for 2016 is cut by 12 % 11 March 2016