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1-10 results from 190 for query «opec»

February 19, 2018 2:48 PM Venezuela to launch pre-sale of “petro” cryptocurrency

Mubasher: Venezuela’s government on Monday announced it would issue a pre-sale of a commodity-backed new digital currency called “Petro”. Venezuelan President Nicolas Maduro claimed that about 100 million petro tokens worth $6 billion would be issued, hoping that the digital currency could get around US and European sanctions. “Petro” would be backed 12

February 14, 2018 12:51 PM Saudi oil minister confident of cooperation with OPEC

Riyadh – Mubasher: Saudi Arabia's oil minister Khalid Al Falih has expressed his confidence regarding the ongoing cooperation between OPEC and its non-OPEC allies to stabilise the market, according to Reuters. The conference was attended by the Russian energy minister, Alexander Novak, as well as the OPEC secretary general, Mohammad Barkindo. The conference 9

February 13, 2018 8:56 AM Kuwait’s crude oil up 69 cents on Monday – KPC

Mubasher: The price of Kuwait’s crude oil increased by 69 cents to settle at $59.64 per barrel (pb) on Monday compared to $58.95 pb on Friday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices eliminated the gains previously achieved on Monday following the data disclosed regarding the OPEC production 10

February 12, 2018 2:55 PM OPEC raises 2018 forecast for oil supply growth

The Organization of Petroleum Exporting Countries (OPEC) on Monday raised its expectations for oil supply growth from non-OPEC members in 2018 on the back of the rising US output. Over the course of this year, non-OPEC production is expected to grow by around 1.40 million barrels per day (bpd) to 59.26 million bpd, OPEC's monthly report showed. The report 11

February 12, 2018 1:17 PM OPEC output falls in January on Venezuela trim

The Organization of Petroleum Exporting Countries (OPEC) on Monday announced a drop in its oil production in January from a month earlier. OPEC output fell in the first month of 2018 by 8,100 barrels to 32.30 million barrels per day (bpd) on the back of lower production from several countries led by Venezuela, and followed by Nigeria and Angola, the report 9

February 12, 2018 1:10 PM 4 Arab countries raise output despite OPEC deal

Four Arab countries raised their oil production in January despite the agreement made by the Organization of Petroleum Exporting Countries (OPEC), which entails reducing output in order to bolster oil prices. OPEC and non-OPEC producers had agreed to trim production by 1.8 million barrels per day (bpd) until the end of 2018. Iraq recorded the highest 9

January 23, 2018 10:26 AM Oil prices rise on data forecasts; CEO predicts $80pb soon

Oil prices extended gains on Tuesday as investors were optimistic over lower oil supply from the US and the Organization of the Petroleum Exporting Countries (OPEC). By 10:08 am GMT, Brent crude futures surged 0.70% to $69.51 per barrel (pb), while Nymex crude prices jumped 0.69% to $64.01. Gains, started on Monday, came in line with positive economic 9

January 17, 2018 6:54 PM Algeria’s Sonatrach inks deal for oil refining with Vitol

Mubasher: Sonatrach has signed an agreement with Vitol Group to ship crude to Italy to be processed and sent back to Algeria as refined products. This is the first deal of its kind in the Algeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), with the aim to reduce the costly fuel imports which total around $2 billion per year, as reported 10

January 11, 2018 9:08 AM Oil market to rebalance in 2018 – Minister

Abu Dhabi – Mubasher: The oil market will witness stability and rebalance in 2018, while the Organization Of Petroleum Exporting Countries' (OPEC) output cut agreement is still effective, the UAE’s energy minister Suhail al-Mazrouei said on Thursday. Maintaining a full balance between oil supply and demand needs more time, al-Mazrouei added. We should 2

January 9, 2018 12:08 PM OPEC not keen on Brent above $60/pb -Iran oil minister

Members in the Organization of the Petroleum Exporting Countries (OPEC) would not like Brent oil to grow higher than $60 per barrel (pb), Iranian news agency Shana reported on Tuesday, citing Iran’s petroleum minister. He further attributed the rising oil prices during the past few days to OPEC and non-OPEC production cuts and higher demand for oil products 3