Oil falls to $55 as Kuwait comments refocus on oversupply
Brent had rallied by more than $2 a barrel on Wednesday after the Federal Reserve indicated it would raise U.S. interest rates slower than previously thought, overshadowing data showing U.S. crude stocks at a record level.
Mar 19, 2015, 17:46 PM IST
Oil falls to $55 as Kuwait comments refocus on oversupply
Brent crude oil fell back to USD 55 a barrel on Thursday after Kuwait said OPEC had no choice but to keep production steady, refocusing the market on global oversupply as the dollar recovered from sharp losses in the previous session.
Mar 19, 2015, 15:59 PM IST
OPEC has no option but to keep output ceiling: Kuwait
OPEC members have no choice but to maintain current production levels despite falling oil prices in order to preserve their market share, Kuwait`s oil minister said on Thursday.
Mar 19, 2015, 15:54 PM IST
OPEC daily basket price drops
The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $49.46 a barrel on Monday, compared to $51.66 last Friday, dropping over $2, the organisation`s secretariat said.
Mar 17, 2015, 16:53 PM IST
Oil price recovery not backed by fundamentals: OPEC
A recovery in oil prices which began last month is not justified by fundamentals as there remains a supply glut in the market, oil cartel OPEC said Monday in its monthly report.
Mar 16, 2015, 19:56 PM IST
China, India drive global energy needs, ex-OPEC official
The global energy industry has seen huge demand from two fast-growing major economies China and India even as consumption dropped in Europe.
Mar 12, 2015, 15:05 PM IST
US crude prices to drop to $40 a barrel as inventories rise: Goldman
Oil prices will reverse their recent gains as global crude inventories begin to increase again, with US crude likely to drop as far as $40 a barrel in the near-term, Goldman Sachs said.
Mar 09, 2015, 09:46 AM IST
Oil price likely to stabilise at $50-60: Kuwait
World crude prices are expected to gain this year or at least stabilise at between USD 50 and USD 60 a barrel, Kuwaiti Oil Minister Ali al-Omair was quoted as saying.
Mar 08, 2015, 14:21 PM IST
Oil slips towards $60 as oversupply weighs
Brent crude oil fell towards $60 a barrel on Friday as oversupply, underlined by record-high U.S. crude stocks, weighed on the market.
Feb 20, 2015, 17:56 PM IST
Oil rises to $62 per barrel, near 2015 high as Mideast risks support
Oil rose to USD 62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in U.S. output.
Feb 17, 2015, 16:55 PM IST
Global oil demand estimated to have grown in 2014: OPEC
According to a report by UAE's official news agency Wam, quoting OPEC MOMR, the adjustment mainly reflects better-than-expected oil demand data from OECD America and China.
Feb 15, 2015, 16:11 PM IST
India slashes Iran oil imports in January
India slashed imports of Iranian oil in January as New Delhi scrambled to bring its purchases from the OPEC member in line with 2013 levels, according to data obtained from trade sources and ship tracking data on the Thomson Reuters terminal.
Feb 12, 2015, 16:18 PM IST
Rosneft chief criticises OPEC for `destabilising markets`
The President of Russian state-controlled energy company Rosneft Igor Sechin accused OPEC on Tuesday of destabilising oil markets, saying it was under the influence of a small group of Middle Eastern countries.
Feb 11, 2015, 02:41 AM IST
Oil prices extend gains as OPEC cuts output forecast
Oil prices advanced further on Monday as OPEC forecast a reduction in US output amid a dip in North American crude production.
Feb 10, 2015, 03:15 AM IST
Lower crude prices to boost Asia-Pacific sovereigns: Moody's
In the December quarter alone crude prices have fell around 60 percent.
Feb 05, 2015, 17:58 PM IST
Oil set for record bear run as OPEC output grows
Oil fell below $49 a barrel on Friday and was on course for its seventh straight month of declines, the longest such bear run on record as a supply glut showed no signs of easing with OPEC increasing production in January.
Jan 31, 2015, 01:57 AM IST
OPEC's Badri expects some oil price rebound soon
Oil prices at current levels may have reached a floor and could move higher very soon, OPEC Secretary-General Abdullah al-Badri said on Monday.
Jan 26, 2015, 22:37 PM IST
Brent closes up, US crude down after Saudi king dies
Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply.
Jan 24, 2015, 09:53 AM IST
India asks refiners to cut Iran oil imports ahead of Obama visit: Sources
India has asked its refiners to slash oil buys from Iran in the next two months to keep the imports in line with the previous fiscal year`s levels, sources with knowledge of the matter said, days ahead of President Barack Obama`s visit to New Delhi.
Jan 23, 2015, 05:33 AM IST
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.
Jan 21, 2015, 18:46 PM IST
