Qatar said it will leave OPEC next month in a move that threatens to fracture the group’s unity just as it tries to maintain a global coalition to control the oil market. Qatar, a member since 1961, is leaving to focus on its natural gas production and has informed the Organization of Petroleum Exporting Countries of its decision, Energy Minister Saad Sherida Al-Kaabi told a news conference in Doha on Monday.
Brent oil soared Monday close to $81, reaching the highest level since November 2014 after OPEC and other global producers snubbed pressure from US President Donald Trump to dampen prices. A committee comprised of the Organization of the Petroleum Exporting Countries (OPEC) cartel and non-OPEC producers said it was satisfied with the current market outlook, which represented "an overall healthy balance between supply and demand".
Trump’s fresh Twitter intervention in the oil market comes before a meeting of ministers from the Organization of Petroleum Exporting Countries and its allies in Algeria on Sunday.
Countries in the Opec oil cartel have agreed to a new oil output level that effectively increases production by almost 1 million barrels per day. The increase was announced after ministers from the group met on Friday in Vienna. The production increase will partly undo a 1.2 million barrel cut Opec agreed on in late 2016 that has helped push up the price of oil. (Text: AP)
Oil demand will grow steadily in 2019 thanks to a solid global economy and stable prices, although trade tensions remain the largest risk, the International Energy Agency said on Wednesday. The IEA said it expects global oil demand to grow by 1.4 million barrels per day next year, to top 100 million bpd by the second quarter of the year. The agency expects demand to grow at the same rate this year, unchanged from its last report in May. (Text: Reuters)
Oil prices clocked up more multi-year highs on Thursday as traders adjusted to the prospects of renewed US sanctions against major crude exporter Iran amid an already tightening market.
Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday as an unplanned shutdown of the UK's biggest North Sea oil pipeline supported a market already tightened by Opec-led production cuts. The Forties oil pipeline helps set global oil prices. It was scheduled to pump 406,000 barrels per day (bpd) in December, but was shut down on Monday after cracks were found in what traders believe is the first unplanned outage for some years.
OPEC agreed on Thursday to extend oil output cuts until the end of 2018 as it tries to finish clearing a global glut of crude while signalling it could exit the deal earlier if the market overheats.
With bills rising for gasoline or heating oil, consumers around the world are paying the price for a decision by OPEC and Russia last year to cut production. The strategy is working for those oil-producing nations and will likely be extended at a meeting Thursday. Benchmark crude prices are now close to $60 a barrel, depending on the grades, up almost 20 percent since a year ago.
Oil reached levels last seen more than two years ago as Saudi Arabian Crown Prince Mohammed bin Salman's anti-corruption drive shook the world's biggest crude exporter just weeks before major producers gather to discuss prolonging historic production caps.
Brent crude prices are topping $60 a barrel for the first time in two years and this may put the Indian government in conundrum as the fiscal bonanza from low prices seems to be waning-off. Ruchi Bhatia reports.
Multi Commodity Exchange (MCX) today announced the launch of its commodity index series - iCOMDEX, that will track the performance of commodities listed on the bourse. Speaking to ET Now on the sidelines of launch, MCX MD and CEO Mrugank Paranjape says the RBI allowing bank subsidiaries to operate as brokers for the commodity exchange will change the market dynamics.
Talking to ET Now, MCX MD and CEO Mrugank Paranjape said they would launch trading in gold options between October 5 and October 14 (before Diwali). He said the technical glitch that hit the commodity exchange on Monday has been identified, isolated and taken care of.
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