Page 11 - Opec Output

Oil falls over 3% despite OPEC+ cuts as Gulf ends voluntary curbs

The group, known as OPEC+, agreed on Saturday to sustain those cuts, equal to about 10% of global supply, through July

OPEC, Russia to extend record oil cuts until end of July: Draft deal

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.

Opec, Russia meet to extend record oil supply cuts, push for compliance

An extension to cuts was contingent on high compliance, three Opec sources told Reuters

The oil glut

The crash in futures may not benefit India

MCX creates history of sorts, settles April crude oil contract in negative

Chances of huge defaults by investors, many of whom are retail traders gone long; On Nymex, there were actual trades in minus in which sellers were actually paying buyers to lift stocks

ICICI Bank confirms exposure to Singapore-based oil trader Hin Leong

The Bank did not elaborate the extent of its exposure and the steps it is taking to protect its interest

Oil firms float finished fuel products on Arabian Sea as demand slumps

They're running out of storage space on land and their refineries are running only at 50% of capacity; US Oil futures touch an unprecedented negative pricing

Total oil curbs could remove 19.5 mn barrels from market every day: Saudi

The OPEC+ alliance, led by Riyadh and Moscow, agreed on Sunday to slash daily production by 9.7 million bpd over the next two months

Oil jumps as Opec, Russia agree to end price war in a record deal

The meeting between Opec producers and allies was held on Sunday via videoconference in a last effort to establish a deal

Oil price war ends with historic OPEC+ deal to cut global crude output

The slash is about 10% of global supply

Global deal to cut oil production in sight after Mexico signs up

Even more countries, including the US, were discussing Friday their own cuts in what would be an unprecedented global pact to stabilise the market.

Mexican standoff throws proposed 10 mn-barrel OPEC+ oil cut in doubt

The cartel, Kuwait and Saudi Arabia say Mexico's refusal to agree blocked the proposed accord

OPEC+ debates biggest-ever oil cut as Covid-19 pandemic crushes demand

The oil market was dealt a heavy blow by the freefall in demand due to the coronavirus pandemic

Crude jumps 26% on MCX, bullion gains on hope of end to Saudi-Russia rift

The two nations are meeting next week to work out a possible output cut

Moscow suggests OPEC+ to tackle demand dip, Saudi says no talks on new deal

Trump last week said he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time

Coronavirus impact: Brent crude dives over 7% to lowest since 2003

As global oil demand plummets, Saudi Arabia is struggling to find customers for its extra oil, undermining its bid to seize market share by expanding production

Oil posts biggest weekly losses since 2008, hit by virus and price war

The rare combination of severe shocks to both supply and demand has caused the crude market to collapse

Oil prices jump 8% on stimulus hopes, spending cuts by US producers

US shale producers, including Occidental Petroleum Corp , deepened spending cuts that could reduce production

Aramco to boost crude supply to 12.3 mn bpd, escalate price war with Russia

The world's biggest crude exporter has been pumping some 9.8 million bpd which means it will be adding at least 2.5 million bpd from April

Crude oil prices jump 10% after biggest rout in 30 years on stimulus hopes

Brent crude futures were up $3.36, nearly 10%, to $37.72 a barrel by 1041 GMT, after hitting a session high of $37.75 a barrel