Opec

Saudi Arabia calls for oil producers

Muscat - Emiratesvoice

Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices. The call, the first explicit invitation by Riyadh for long-term cooperation between oil producers, came with oil prices topping $70 a barrel thanks to the deal, after they dove below $30 aRead more

Oil market heads towards 'smooth rebalancing': OPEC

PARIS - Emiratesvoice

After long years of punishingly low oil prices, the global oil market is moving closer to reaching a healthy balance between supply and demand, OPEC said on Thursday. In its monthly oil market report, the Organization of Petroleum Exporting Countries said there were “growing indications that the oil market is heading smoothly toward rebalancing.” Prices were being buoyed by lowerRead more

Oil hits $70 a barrel for the first time in three years

london - Emirates voice

Oil topped $70 a barrel in London for the first time in three years as production cuts by Opec and rising demand whittle away a global surplus. Brent crude futures, used in the pricing of more than half the world’s oil, rose as much as 1.2 per cent to the highest since December 4, 2014. Prices rallied after the longestRead more

Oil hits $70 a barrel for the first time in three years

london - Emirates voice

OPEC daily basket price stood at US$67.24 a barrel

VIENNA - Emirates Voice

The price of OPEC basket of fourteen crudes stood at US$67.24 a barrel on Wednesday, compared with $66.39 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), KuwaitRead more

OPEC daily basket price stood at US$65.12 a barrel

VIENNA - Emirates Voice

The price of OPEC basket of fourteen crudes stood at US$65.12 a barrel on Wednesday, compared with $64.83 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), KuwaitRead more

Venezuela in new defaults on two bonds

Caracas - AFP

Crisis-wracked Venezuela has defaulted on two bonds, failing to make a $183 million coupon payment, ratings agency S&P said Friday. The agency said OPEC-member Caracas failed to make the payment within a 30-day grace period on global bonds due in 2023 and 2028. The grace period expired Friday. "In line with our criteria for timeliness of payments, we are loweringRead more

Oil market stability improving: OPEC Chief

Vienna - Wam

Current world oil market conditions, returning confidence and optimism in the industry are all evidence of the positive outcome of Declaration of Cooperation, OPEC Secretary-General Mohammad Sanusi Barkindo said during the OPEC and non-OPEC Technical Meeting at the OPEC Secretariat on Monday. Sanusi Barkindo, during the meeting, congratulated all OPEC and non-OPEC participants on the first anniversary of the DeclarationRead more

Extension of cuts expected at OPEC meeting

Vienna - AFP

With oil prices nudging steadily higher, market expectations are for crude-pumping countries to prolong their deal to curb output at a meeting at OPEC headquarters in Vienna on Thursday. Markets could be disappointed, however, with Russia reportedly not yet fully on board about signing up to extending the agreement, due to expire on March 31, until the end of 2018,Read more

Iraq calls foreign bids for oil,gas blocks

Baghdad - Emirates Voice

Iraq on Monday invited foreign companies to bid for contracts to explore and develop oil and natural gas reserves in nine new blocks as the OPEC nation seeks to boost its output capacity. “We invite all international companies to participate,” Oil Minister Jabar Al-Luaibi told a news conference in Baghdad. He added, “This new exploration bidding round aims to maximizeRead more