Oil prices dip on rising output - The Nation Newspaper

Oil prices fell to a three-week low yesterday on news that Libyan output was recovering from an oilfield technical issue. This fuelled concerns that the Organisation of Petroleum Exporting Countries (OPEC)-led output cuts to reduce global inventories ...

Oil prices dive 3% to 3-week low - NEWS.com.au

Oil prices have sunk three per cent to a three-week low as an increase in Libyan output helped boost monthly OPEC crude production for the first time this year. Brent notched its fifth straight monthly decline in a row despite OPEC-led output cuts and ...

Iran Oil Minister Sees 700000 bpd Rise in Crude Output by 2021 - Financial Tribune

Oil Minister Bijan Namdar Zanganeh says Iran plans to raise crude oil output by 700,000 barrels per day in the long run, a decision that does not interfere with OPEC's short term reduced supply plans. "We are keen to raise crude production capacity to ...

OPEC, non-OPEC committed to inventory cut - Saudi Gazette

Saudi Arabian Energy Minister Khalid Al-Falih (center), Russian Energy Minister Alexander Novak (left), and OPEC Secretary General Mohammad Barkindo gather ahead of a meeting in Moscow. — Reuters. MOSCOW — OPEC and non-OPEC countries are ...

API Reports 8.7 Million Barrel Inventory Draw, WTI Oil Price Pares Losses - Economic Calendar

The latest American Petroleum Institute (API) inventory data for the week ending May 26th was reported a day later than usual due to Monday's Memorial Day holiday. The data recorded a draw of 8.67 million barrels on the week, substantially higher than ...

Oil prices at 3-week low as rising output risks OPEC-led deal - Arab News

Shipping data on Thomson Reuters Eikon shows that, excluding pipeline exports, Libya shipped an average of 500,000 bpd of oil so far this year, compared with 300,000 bpd average for 2016. (Reuters). LONDON: Oil prices fell to a three-week low on ...

Oil prices dive 3 percent to three-week low; OPEC crude output up - Reuters

Offshore oil platforms are seen at the Bouri Oil Field off the coast of Libya August 3, 2015. REUTERS/Darrin Zammit Lupi/Files. By Scott DiSavino | NEW YORK. NEW YORK Oil prices sank 3 percent to a three-week low on Wednesday as an increase in Libyan ...

Crude Oil Plunges, Down 2% For Month - ForexTV.com

WTI light sweet crude oil for July fell $1.34, or 2.7%, to settle at $48.32/bbl. Prices slipped to their lowest in three weeks, having lost 2% in the month of May. OPEC and Russia last week agreed to extend their supply limits by nine months in an ...

Oil prices drop nearly 3% for the session, down three months in a row - MarketWatch

Oil futures settled sharply lower Wednesday to tally a third-straight monthly loss, underscoring investors' belief that the extended-production caps by major producers and the summer-driving season in the U.S. won't do enough to reduce global supplies.

Oil Prices On A Slippery Slope - Forbes

As I've articulated in the last several Forbes.com articles, I believe that oil prices are going to drift much lower over the coming year. I keep harping on it because I am fighting a pervasive bullish bias in the financial media and in street ...

Trouble brews for Opec as expensive oil 'turns cheap' - Gulf Times

A section of the BP ETAP (Eastern Trough Area Project) oil platform in the North Sea, around 100 miles east of Aberdeen, Scotland (file). Pumping crude from seabeds thousands of feet below water is turning cheaper as producers streamline operations and ...

Nigeria Oil Minister Warns Against “Sabotage” From U.S. Shale - OilPrice.com

The Petroleum Minister of Nigeria, Emmanuel Ibe Kachikwu, has warned that OPEC will not allow U.S. shale drillers to “sabotage” the production cut agreement that the cartel extended by nine months last week at their Vienna meeting. The warning did not ...

Is Oil Going To Break $40 Again? - Seeking Alpha

Oil's trading range will break sooner or later, and bears are gaining momentum the longer the current trajectory holds. Crude oil (USO) is heading to the downside again. Oil is off around 3% this morning, and has dropped sharply over the past week:.

Libya's Biggest Oil Field Boosts Production, Raising the Country's Output - Bloomberg

Libya's biggest oil field boosted production, allowing the OPEC nation to pump crude at the highest level since October 2014. Crude from Sharara field rose by 25,000 barrels a day to 250,000 barrels, according to a person with direct knowledge of the ...

Commodities: Crude veers heavily lower as Libya ou - London South East (registration) (blog)

(ShareCast News) - Crude-oil futures veered heavily lower on Wednesday as markets already underwhelmed by Opec's recent output-curb extension now quit the asset on fears of surging Libyan production. The precious black liquid has been snared in a ...

Oil tumbles nearly 4% as OPEC oil output rose in May - Investing.com UK

Investing.com - U.S. oil tumbled nearly 4% on Wednesday, as a Reuters survey showed that OPEC oil output rose in May, the first monthly increase this year. U.S. crude futures for July delivery were down 3.77% at $47.79 a barrel, while on the ICE ...

Exporting The Oil Glut - Seeking Alpha

I noted in a recent article that the supply side of oil was becoming largely irrelevant as the next predictor of the oil price direction following the latest OPEC production cut disappointment. There are now some widely-accepted expectations, such as ...

Oil price forecast: Trump and US shale set to keep prices below $50 - Express.co.uk

OIL prices have continued to fall after OPEC's pact to restrict supply, as experts say values are set to struggle to ever rise far above $50 in the future. By Lana Clements. PUBLISHED: 16:27, Wed, May 31, 2017 | UPDATED: 16:40, Wed, May 31, 2017 ...

News Highlights: Top Energy News of the Day - Fox Business

Oil futures were depressed following last week's decision by OPEC to extend a crude-oil production cap. EU Approves GE's Acquisition of Baker Hughes. General Electric secured unconditional approval from the European Union to combine its oil and gas ...

Oil Down on Investor Skepticism Over Production Cuts - Fox Business

Oil prices fell Wednesday as investors remained skeptical that production cuts by major producers will make a dent in global crude stocks. Continue Reading Below. Brent crude, the global oil benchmark, fell 2% to $51.19 a barrel on London's ICE Futures ...