Sentences with phrase «oil production cut deal»

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

Tensions between Iran and Saudi Arabia triggered doubts about the success of the OPEC + oil production cut deal two years ago when it was first being hatched.

Russia could pull out of the OPEC oil production cut deal before the end of 2018 — or right after — as it has no obligation to stick with it, Iran's Energy Minister, Bijan Continue Reading

Last month, Aramco announced it would cut its Arab Light shipments to Asia in September by at least 520,000 bpd in line with its commitments under the OPEC oil production cut deal.

Not exact matches

Saudi Arabia hopes OPEC and its allies will be able to relax production curbs next year and create a permanent framework to stabilize oil markets after the current supply cut deal ends this year, its oil minister said on Saturday.

Oil investor hopes were raised at the start of the year by a deal to cut production between members of the Organization of Petroleum Exporting Countries and some non-OPEC producers.

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.

Oil prices rose after an Organization of Petroleum Exporting Countries (OPEC) deal in November sparked optimism that production cuts would help bring supply and demand into balance.

The initial enthusiasm over OPEC's production cut deal died out rather unceremoniously, and oil prices only enjoyed a brief rally, hammered down continually by rising U.S. supply and slower - than - expected drawdowns on inventory.

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.

Related: Oil Prices Spike As OPEC Reaches Deal On Production Cut

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.

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.

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

After the Organization of the Petroleum Exporting Countries (OPEC)-- excluding Nigeria and Libya — and 11 non-OPEC nations arrived at a deal to cut oil production by 1.8 million barrels per day (bpd), traders expected oil to at least reach $ 60 per barrel levels.

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.

Even a million barrel cut would not offset the decrease in demand through the Winter (especially with higher than normal oil prices from this «deal»), also especially when others will increase production to take advantage of the higher price thus offsetting the cuts.

Elsewhere, the September meeting of OPEC resulted in a surprise draft agreement to cut oil production, the first such deal in eight years.

The hedge funds also expressed concern that OPEC and Russia won't continue cutting oil production to keep prices high after the current deal expires at the end of the year.