oil prices

OPEC agrees modest oil output curbs in first deal since 2008

"OPEC made an exceptional decision today ... After two and a half years, OPEC reached consensus to manage the market," said Iranian Oil Minister Bijan Zanganeh, who had repeatedly clashed with Saudi Arabia during previous meetings, Reuters reports. He and other ministers

Oil hits $50 a barrel for the first time in seven month

Benchmark Brent crude hit $50.22 per barrel at one stage on Thursday, its highest level since early November, BBC reports. The rise followed US data showing that oil inventories had fallen after supply disruptions due to fires in Canada. Brent crude has now

Saudi Arabia plans to end ‘addiction’ to oil

Deputy Crown Prince Mohammed bin Salman said Riyadh would raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion) and would sell up to five percent of shares in state oil giant

OPEC is unlikely to cut output before U.S., Russia, Iraq – FGE

Oil has risen about 50 percent from 12-year lows hit less than two months ago after Saudi Arabia, Qatar and Venezuela, along with non-OPEC exporter Russia, pledged to freeze supply at January's levels if others cooperated. The U.S., Russia and Iraq are

OPEC unlikely to cut output in June

OPEC is very unlikely to cut output at its next meeting in June, even if prices remain extremely low, according to OPEC sources and delegates, as it will be too early to say how fast Iranian output is rising, Reuters reports. The

Shell signed contract on oil and gas exploration with Bulgaria

Royal Dutch Shell Plc signed a five-year contract for oil and natural gas exploration in the deep waters of the Black Sea off the Bulgarian coast, Bloomberg reports. Shell plans to invest 18.6 million euros ($20.5 million) to explore gas and oil

Russia and Saudi Arabia agreed to freeze oil output

The Saudi, Russian, Qatari and Venezuelan oil ministers held a previously undisclosed meeting in Doha to discuss joint measures on tackling a growing oversupply of crude, Reuters reports. The participants announced the proposal on joint action to tackle a growing oversupply of

Revoked Iran sanctions made oil prices drop to the lowest since 2003

On Saturday January 16, the U.S. and the European Union lifted sanctions against Iran, Reuters reported. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), said on Sunday that it is ready to increase exports by 500,000 bpd. Brent

Brent futures fell below $29, further decline expected

On Thursday, U.S. and Brent crude futures slumped to new 12-year lows, taking this year's losses to more than 20 percent, the worst two-week decline since the 2008 financial crisis, Reuters reports. Brent futures for March delivery fell $1.94 to $28.94 a

Oil prices fell 3 percent to almost $30 on Tuesday

January 12, crude oil fell 3 percent to near $30 per barrel and levels not seen in over a decade, with analysts scrambling to cut their price forecasts and traders betting on further declines, Joinfo.ua reports with reference to Reuters. Oil prices