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Oil output News

18 Sep 2019

Battered Saudi oil output to recover in two or three weeks: sources

he Saudis were initially silent on the impact of the weekend attack that knocked out half of their production, or 5% of global output, causing the largest oil price jump in decades.

26 May 2017

OPEC to extend output cuts, to set up OPEC-India Working Group

Even as the OPEC and non-OPEC producers agreed to extend until March 2018 their ongoing oil output cuts, India has reached an understanding with the global oil cartel to establish a joint working group to serve as a forum for "producer-consumer dialogue" to address mutual concerns.

12 Oct 2016

Russia to drive non-OPEC output rise in 2017: Cartel

OPEC said Wednesday that new projects in Russia were set to drive oil production by countries outside the exporters' cartel slightly higher next year than first expected.

18 Aug 2016

Oil up, Brent over $50/bbl at 6-week high on OPEC freeze talk

Oil prices rose for a sixth straight day, with Brent crude touching a six-week high above $50 a barrel on Thursday as the world`s biggest producers prepared to discuss a possible freeze in production levels.

20 Feb 2016

Saudi, Iraq sell more oil to India, elbow out Latin America crudes

India`s oil imports from Saudi Arabia and Iraq hit the highest in more than a decade last month as OPEC`s top producers gained at the expense of Latin American crudes, a validation of the OPEC policy of maintaining output and fighting for market share.

16 Feb 2016

Saudi Arabia, Russia agree oil output freeze: Qatar

The world's top oil producers Saudi Arabia and Russia agreed today to freeze oil output at January levels in a bid to stabilise an oversupplied market, Qatar's energy minister said.

Iran nuclear deal

15 Jul 2015

Iran's oil comeback may be later than sooner, but will still add to glut

A day after an Iran nuclear deal was finally reached oil prices edge higher as investors recognised it would take time for Tehran to raise output, but the eventual increase in its exports will add fuel to a market already plentifully supplied.

05 Jun 2015

OPEC expected to keep status quo on oil output

However on Thursday, New York`s West Texas Intermediate (WTI) crude and London`s Brent oil both fell sharply for a second day as traders fretted that a no-change OPEC decision would further fuel the burgeoning global supply glut.

18 May 2015

Iran deputy oil min says OPEC unlikely to cut output

The Organisation of the Petroleum Exporting Countries (OPEC) is unlikely to implement a production cut at its next meeting in June, a senior Iranian official said on Monday.

16 Apr 2015

OPEC oil output surge boosts surplus, despite higher demand

OPEC`s oil output has surged in March, the producer group said in a report, adding to excess supply in the market despite more evidence that its strategy of letting prices fall to hurt other producers is taking effect.

12 Apr 2015

Saudi Arabia's oil output projected at 9.8 mbpd this year

Saudi Arabia's oil production is projected to rise to 9.8 million barrels per day (mbpd) this year from 9.6 mbpd, as the Kingdom tries to win back market share in its oil price war with US shale drillers, according to a review.

21 Jan 2015

Non-OPEC Oman blasts cartel's failure to cut oil output

Non-OPEC oil producer Oman described as bad politics and bad business Wednesday the cartel`s November decision to make no cut in output, which sent world prices crashing.

11 Dec 2014

OPEC cuts 2015 demand forecast for its oil to lowest in a decade

Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output, the group said.

28 Nov 2014

Tokyo stocks open up 0.79%

Tokyo stocks opened 0.79 percent higher Friday after Europe`s main markets closed mixed overnight as investors digested the OPEC decision not to cut oil output and the prospect of quantitative easing in the eurozone.

23 Nov 2014

OPEC divided on oil output before crucial meeting

OPEC produces about one third of global crude at more than 30 million barrels per day.

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