Russia and Saudis Fix Oil Output
Saudi Arabia and Russian oil ministers agreed to freeze — but not cut — crude oil output at near-record January levels, a highly unusual pact between the world’s leading OPEC and non-OPEC petroleum producers. Qatari and Venezuelan oil ministers also joined the agreement in a meeting Tuesday in Doha, but the accord did not include Iran, which is seeking to ramp up oil output after the lifting of sanctions related to its nuclear...
Energy Agency: Oil Prices to Fall Further
Oil prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency. There will be no overall production growth outside the Organization of Petroleum Exporting Countries next year for the first time since 2008, according to the IEA. Growth in U.S. shale oil supplies will stagnate to the middle of 2016...
OPEC Set To Boost Production
Never mind cutting output to staunch a global glut: The talk so far at this week’s OPEC summit in Vienna is mostly about pumping more oil. Iraq will increase exports this month as fighting with Islamic State militants spares its biggest-producing regions, the country’s oil minister said Wednesday. His counterpart from Iran urged the group to make room for more output when global sanctions recede. The prospect of more supply led BP...
