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Tag Archives: opec oil output

Saudi Arabia outlines reform plan for oil-addicted economy

RIYADH, Saudi Arabia (AP) — Saudi Arabia unveiled a bold reform plan on Monday aimed at weaning the country off its “addiction” to oil in a bid to prepare the next generation of Saudi leaders for the domestic pressures of youth unemployment and revenues eroded by lower oil prices. The project, which includes plans to float a stake in the ...

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Qatar says 12 countries confirmed for oil cap meeting

DOHA, Qatar (AP) — Qatar’s oil minister says 12 countries have agreed so far to participate in a meeting it’s hosting next month to discuss a freeze in oil output levels. Qatar announced earlier this month it would be the venue for between OPEC and non-OPEC producers on April 17 to discuss the production cap. The talks are aimed at ...

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The Latest: Oil price rises as production talks continue

A man is reflected on the electronic board of a securities firm in Tokyo, Wednesday, Feb. 17, 2016. Asian stock markets were mostly higher Wednesday as investors weighed the potential outcome of a preliminary agreement between Russia and Saudi Arabia to hold off on further increases in crude oil production, possibly alleviating a growing glut in supply. (AP Photo/Shizuo Kambayashi)

LONDON (AP) — The Latest on global financial markets (all times local): 12:05 a.m. The price of oil is edging up as major crude producing countries discuss a potential output freeze with skeptic Iran. Four nations, including Russia and Saudi Arabia, agreed on Tuesday to freeze their output levels if other producers do the same. Iran has so far rejected ...

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AP Interview: CEO hopes to settle Saudi firm’s $6B of debts

DUBAI, United Arab Emirates — A Saudi company that’s owed $6 billion in debt since a 2009 crisis hopes to soon reach a tentative agreement with its creditors and present it to officials in the kingdom by July, its acting CEO said Thursday. The size of the fallout after the default by Ahmad Hamad Algosaibi and Brothers Co., coupled with ...

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OPEC November oil output rises, led by Iraq, Saudi: Reuters survey

VIENNA – OPEC oil output has risen in November from the previous month, a Reuters survey found on Monday, led by a rebound in Iraqi exports after bad weather had temporarily halted supply growth from the group’s second-largest producer. The increase indicates the Organization of the Petroleum Exporting Countries is again pumping close to a record high as Saudi Arabia ...

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OPEC says the world will want more of its oil next year

LONDON – OPEC on Monday predicted higher demand for its crude oil next year, sticking to its view that a strategy of letting prices fall will tame the U.S. shale boom and cut a global surplus. The monthly report from the Organization of the Petroleum Exporting Countries also said a weaker outlook for China would contribute to slower global oil ...

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Kazakhstan may cut 2016 oil output if prices fall further

ASTANA/MOSCOW – Kazakhstan could cut oil output by a tenth next year if prices drop to $30 per barrel, its energy official said, becoming one of the first big oil producers to acknowledge limits to its ability to withstand a battle for market share with OPEC. It was not immediately clear whether the country would be forced to cut output ...

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Oil hit multi-month lows on record OPEC output

SINGAPORE – Oil extended losses on Monday on worries of oversupply as the Organization of the Petroleum Exporting Countries pumped at record levels in July, while weak China data stoked concerns about slower growth at the world’s second largest oil consumer. Saudi Arabia and other key members of OPEC show no sign of wavering in their focus on defending market ...

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