oil market

Saudi-Iraqi joint council stresses oil, trade and private sector partnerships

Riyadh - Muslimchronicle

Following its establishment, the Saudi-Iraqi Coordination Council (SICC) issued a statement on Sunday stressing the brotherly bonds between the two countries and peoples. The council expressed its satisfaction with the state of the oil market following an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to cut supply to shore up prices. The SICC stressedRead more

Global oil market seen balanced in 2018, even with rising output

London - Muslimchronicle

Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said on Thursday. In its monthly oil market report, the Paris-based IEA said it continues to see global demand for crude growingRead more

King Salman arrives in Moscow for historic visit

Moscow - Muslimchronicle

Saudi King Salman arrived in Moscow on Wednesday for a state visit, Russian television footage showed. The Rossiya-24 channel and Ruptly TV showed KIng Salman’s Saudia plane arriving at Vnukovo airport outside the Russian capital. The historic visit is the first to Russia by a Saudi monarch. The king is leading a high-level delegation of government and private-sector figures. AsRead more

Hedge fund confidence in OPEC starts to fray

London - Arab Today

The Organization of the Petroleum Exporting Countries (OPEC) and some of the most important hedge funds active in commodities reached an understanding on oil market rebalancing during informal briefings held in the second half of 2016. OPEC committed to implement credible production cuts and reduce global crude stocks while hedge funds responded by establishing bullish long positions in both flatRead more

OPEC’s output-cut deal: A tale of 2 cities

Vienna - Arab Today

Is the oil market on the right course for recovery? Are all the 22 countries participating in the global agreement to curb production complying with their pledges? The answer will depend on whether you listen to experts in either of two key European cities. In Vienna, where the Organization of the Petroleum Exporting Countries (OPEC) is headquartered, the picture looksRead more

Saudis supply Asian buyers all the oil they asked for March

Singapore - Arab Today

Saudi Arabia is trying to make sure crude buyers in the world’s biggest oil market aren’t lured by rivals while it curbs output as promised. Saudi Arabian Oil Co. will sell full volumes of contractual supply for March to Asian refiners, according to people with knowledge of the matter who asked not to be identified because the information is private.Read more

Oil rises on signs of widespread OPEC deal compliance

London - Arab Today

Oil prices rose about $1 on Friday after reports that members of the Organization of the Petroleum Exporting Countries (OPEC) delivered more than 90 percent of the output cuts they pledged in a landmark deal that came into force in January. Supply from the 11 OPEC members with production targets under the deal fell to 29.921 million barrels per dayRead more

Saudi Aramco chief sees ‘equilibrium’

Jeddah - Arab Today

The chief executive of Saudi Aramco sees an “equilibrium” returning to the oil market in the first half of this year, after a rollercoaster ride in prices in recent years. OPEC in November agreed to cut production by 1.2 million barrels a day from Jan. 1, in an attempt to boost oil prices after they plummeted by more than half.Read more

IEA: Oil pact could quickly sop up market glut

Paris - Arab Today

A pact by leading producers to cut output could quickly begin sopping up the glut on the oil market that has weighed on prices, the IEA said as it also hiked its demand forecast. The agreements, if implemented, would “hasten the market’s return to balance by working off the inventory overhang,” said the International Energy Agency, which analyzes energy marketsRead more

Saudi energy minister: Oil market at end of downturn

London - Arab Today

Saudi Arabia’s Energy Minister Khalid Al-Falih gave an upbeat message to an audience of industry executives on Wednesday, saying the oil market was at the end of a downturn and producer action to limit supply would help it improve further. Al-Falih also told the annual Oil and Money conference in London that non-OPEC countries were showing a willingness to freezeRead more