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. Oil-producing nations belonging to Opec have agreed to extend production cuts for a further nine months. ... [Read full article on BBC ]
Thursday 25th of May 2017 03:28:00 PM
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....The world’s major oil countries will almost certainly extend production cuts by a further nine months at a crunch meeting this week, though they are thought highly unlikely to toughen the curbs. A landmark deal by Opec and non-Opec members, including Russia, to reduce output by 1. ... [Read full article on Guardian ]
Tuesday 23rd of May 2017 11:27:42 AM
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.... . Energy ministers from Opec, the oil exporters' group, are meeting at their headquarters in Vienna to do something about it. ... [Read full article on BBC ]
Tuesday 23rd of May 2017 11:07:36 PM
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....The world’s major oil producers have voted to continue their production cuts into 2018 in an attempt to prop up the oil price. Under the deal reached by Opec and 11 non-members, including Russia, output cuts of 1. ... [Read full article on Guardian ]
Thursday 25th of May 2017 09:54:49 AM
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Latest Finance News related to Opec

Opec extends oil production cuts image
Source : BBC [Read Article] Thursday 25th of May 2017 03:28:00 PM
. Oil-producing nations belonging to Opec have agreed to extend production cuts for a further nine months. ...
Oil price slides as Opec production cuts fail to impress markets image
Source : Guardian [Read Article] Thursday 25th of May 2017 09:54:49 AM
....The world’s major oil producers have voted to continue their production cuts into 2018 in an attempt to prop up the oil price. Under the deal reached by Opec and 11 non-members, including Russia, output cuts of 1. ...
Will Opec extend output cuts in bid to push up oil prices? image
Source : BBC [Read Article] Tuesday 23rd of May 2017 11:07:36 PM
.... . Energy ministers from Opec, the oil exporters' group, are meeting at their headquarters in Vienna to do something about it. ...
Opec oil producers poised to extend production cuts image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 11:27:42 AM
....The world’s major oil countries will almost certainly extend production cuts by a further nine months at a crunch meeting this week, though they are thought highly unlikely to toughen the curbs. A landmark deal by Opec and non-Opec members, including Russia, to reduce output by 1. ...
Global stock markets: what's driving the record rises – and will they continue? image
....As for the UK election, Theresa May’s Conservatives appear so far ahead that a shock result looks unlikely and investors are hoping a strong Tory majority will head off the threat of a chaotic Brexit. Rising production and weak demand had seen oil prices slide to new lows last year, but in November an agreement between Opec and non-Opec producers to cut output for six months seemed to halt the decline. ...
Oil price rises as Russia and Saudi Arabia back supply cut image
Source : BBC [Read Article] Monday 15th of May 2017 10:08:07 AM
....52 following a meeting in China between the two countries. The oil cartel Opec, which is dominated by Saudi Arabia, and non-Opec producers led by Russia have been attempting to use the output cut to drive up prices. ...
FTSE 100 closes at another record high image
Source : BBC [Read Article] Monday 15th of May 2017 08:08:53 AM
....The rise in oil prices came after the energy ministers of Saudi Arabia and Russia jointly announced that the current agreement to cut production, which began late last year, should be extended until March 2018. "Opec and its allies have been on manoeuvres once more, repeating their view that more production cuts are necessary in order to avoid another supply glut," said Chris Beauchamp, chief market analyst at IG. ...
Apple can’t just make iPhones for ever. What’s next? image
Source : Guardian [Read Article] Sunday 7th of May 2017 06:00:25 AM
....Oil industry hopes that the price of Brent crude would stabilise at around $60 (£46) a barrel were dashed last week. The price was supposed to rise from the average of $55 seen over recent months, following a squeeze on oil production orchestrated by Saudi Arabia and the 13-nation Opec cartel. ...
Asda and Morrisons cut petrol prices as oil price plummets image
Source : Guardian [Read Article] Friday 5th of May 2017 11:00:27 AM
....Rivals Tesco and Sainsbury’s are now expected to chop their forecourt prices in the wake of the oil price plummeting to a five-month low on world markets. Soaring US fracking production, weak demand in China and jitters about Opec organising any further supply cuts have all contributed to a global glut of crude. ...
Why has the pound shrugged off Theresa May's EU argy-bargy? | Nils Pratley image
.... With honourable exceptions, mostly in the online-only field, retailers are in buckle-down mode. The problem with Opec’s attempt to impose higher oil prices on the world was always obvious: if the production curbs didn’t produce instant results, the market would want to know if bigger and stronger action would follow. ...
Oil hits five-month low amid warnings of commodities rout image
Source : Guardian [Read Article] Friday 5th of May 2017 01:51:47 AM
....”. Oil prices plunged to five-month lows on Thursday amid record trading volume in Brent crude, as Opec and other producers appeared to rule out deeper supply cuts to reduce the world’s persistent glut of crude. ...
Oil price stabilises after earlier losses image
Source : BBC [Read Article] Thursday 4th of May 2017 07:12:33 PM
.... . Prices are still around their lowest level since November, when the Opec oil producers' group agreed to cut output. ...
Royal Dutch Shell sees profits jump as oil price rises image
Source : BBC [Read Article] Thursday 4th of May 2017 07:25:09 AM
....Energy producers across the world are reaping the benefits of higher oil prices, which have strongly increased their revenues and profits. Crude has recovered thanks to the Opec oil producers' cartel adhering to a production cut agreed late last year. ...
BP profits helped by higher oil prices image
Source : BBC [Read Article] Tuesday 2nd of May 2017 06:22:12 AM
.... . "Though Brent crude prices did get close to that $60 level in February they have struggled ever since, despite the output freeze by Opec that is due to be reviewed later this month. ...
As wind, wave and shale power converge, could this be the end for Opec? image
....When the major oil-producing countries meet in a month’s time at a Vienna hotel, they are expected to extend the production cap that has pushed up the price of oil in recent months. The agreement in December by Opec and Russia to curb production for the first half of 2017 has driven oil prices up near $55 a barrel, offering some respite for an industry hit by a slump in which prices fell as low as $27. ...
Oil demand growth slows for second year image
Source : BBC [Read Article] Thursday 13th of April 2017 10:49:00 AM
....But the organisation predicted supply would grow in coming months, with US oil-producing firms driving the increase. The IEA said it expected non-Opec production, of which the US and Russia account for the biggest chunk, to rise by 485,000 barrels a day in 2017 to a total of 58. ...
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North Sea oil and gas industry cost UK taxpayer £396m in 2016 image
Source : Guardian [Read Article] Tuesday 4th of April 2017 12:25:40 PM
....The oil price, which was as high at $114 (£91) a barrel in 2014, fell to below $30 last year as a supply glut coincided with with falling demand as the global economy stuttered. Attempts by oil producers at Opec to curtail output have only had limited success, not helped by an upturn in US shale production, and Brent crude has only recovered to around $53. ...
Oil nations look at extending supply cut image
Source : BBC [Read Article] Sunday 26th of March 2017 06:14:37 PM
....Major oil producers are considering extending their recent cuts to output in a fresh bid to boost prices. Countries in the oil cartel Opec and several other oil nations started to reduce production at the start of 2017. ...
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The Trump bump for shares is dented – but watch where the oil price goes | Nils Pratley image
.... The price of a barrel of Brent dipped below $50 on Wednesday, down 11% since the start of the month. That wasn’t part of the script when Opec and a few non-Opec countries, including Russia, agreed a deal to curb production at the end of last year. ...
Nervous markets take fright at prospect of Trump failing to deliver | Larry Elliott image
....25 against the US currency. News of an increase in US oil stocks led to a fresh drop in the cost of crude, already under downward pressure on concerns that an Opec deal to curb production has started to unravel. ...
Wall Street suffers worst day this year image
Source : BBC [Read Article] Tuesday 21st of March 2017 09:28:57 PM
....US crude oil prices hit a one-week low of $47. 23 a barrel as concerns about new supplies overshadowed the latest talk by Opec that it was looking to extend output cuts beyond June. ...
Oil prices fall after Opec stocks rise image
Source : BBC [Read Article] Tuesday 14th of March 2017 09:29:40 PM
. Oil prices have fallen after the Opec group of oil producing nations said global crude stocks had risen. ...
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Get ready for food inflation to take a bite out of growth | Vicky Pryce image
Source : Guardian [Read Article] Wednesday 8th of March 2017 12:37:50 PM
....There are two main reasons for the inflation rise. One is that fuel prices have gone up sharply in dollar terms since Opec’s decision to restrain oil production last November. ...
Oil price will soar without investment in capacity, says watchdog image
Source : Guardian [Read Article] Monday 6th of March 2017 04:00:17 PM
....The next two fastest-growing oil suppliers are expected to be Canada and Brazil. Inside the Opec, the bulk of new supplies is anticipated to come from Iraq, the UAE and Iran, though that could be affected by the wild card of further sanctions on the latter. ...
Two-car families pay £40 extra per month as fuel prices soar, says AA image
Source : Guardian [Read Article] Friday 17th of February 2017 12:01:17 AM
....Rocketing UK fuel prices mean that two-car families are now spending almost £40 a month more on petrol than a year ago. Crude oil prices have risen 20% since the Saudi-led Opec cartel agreed its first production cut in eight years at the end of November, from $46. ...
Days of low inflation are over with UK consumer finances to take a hit | Larry Elliott image
....Also, the UK was spoiled by a couple of years in which crashing oil prices flattered the inflation figures. Some bounceback was always likely in late 2017, and the upward trend has been exacerbated by the decision of the Opec cartel to cut production. ...
Electric cars will not stem global demand for oil, says BP image
Source : Guardian [Read Article] Wednesday 25th of January 2017 02:47:17 PM
.... But it is not clear how much of that would be economically possible to extract, and the company does not disclose the oil price underpinning its forecasts. An Opec deal reached last year by the world’s largest oil producers to curb production has helped the oil price recover from $30 a barrel last year to about $55 today. ...
Fuel prices hit 18-month high, after Opec production cuts image
Source : BBC [Read Article] Thursday 5th of January 2017 12:10:17 AM
....63p, the RAC said. The wholesale price of both fuels has risen significantly, following the production cuts announced by Opec. ...
Eurozone inflation surges to 1.1% in December image
Source : BBC [Read Article] Wednesday 4th of January 2017 10:25:03 AM
....5% year-on-year in December, their first increase in over a year. Energy prices were boosted by oil cartel Opec's decision to cut output. ...
Petrol and food prices expected to continue rising in 2017 image
Source : Guardian [Read Article] Tuesday 3rd of January 2017 03:16:58 PM
....25 a tank, more than a year ago, and economists say a higher oil price and weak pound will probably push prices up further this year. Planned production cuts by Opec members and non-Opec countries have pushed the oil price higher in recent weeks, though the price of Brent crude fell back slightly in Tuesday trading. ...
A tumultuous year: the 2016 global economy in 10 charts image
Source : Guardian [Read Article] Friday 30th of December 2016 04:04:05 PM
....The price of Brent crude tumbled below $30 per barrel for the first time in 13 years at the start of 2016 as worries over a supply glut intensified. The lifting of sanctions on Iran in January meant the oil producer could ramp up crude exports into a market already awash with supplies thanks to high production from US shale oil and the Organisation of the Petroleum Exporting Countries (Opec). ...
FTSE 100 ends 2016   at all-time high after surge in    dollar earners image
Source : Guardian [Read Article] Friday 30th of December 2016 01:30:19 PM
....Gold rose 9% after three years of decline, benefitting from its status as a haven for investors during the political and economic uncertainty earlier in the year, although it lost some of its lustre as December approached. Brent crude prices jumped nearly 53%, both on signs of economic recovery but mainly due to a long-awaited agreement between Opec and other oil producers to curb output. ...
Where will the oil price go in 2017? image
Source : BBC [Read Article] Tuesday 27th of December 2016 11:19:13 PM
. Oil producers cartel Opec has agreed to make deep cuts to its oil output. ...
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This is a true age of uncertainty for the world economy | Barry Eichengreen image
Source : Guardian [Read Article] Wednesday 14th of December 2016 02:55:00 PM
.... Forty years is a long time, but it is worth looking back and reminding ourselves of how much he and his readers had to be uncertain about. In 1977, as Galbraith was writing, the world was still reeling from the effects of the first Opec oil-price shock and wondering whether another one was in the pipeline (as it were). ...
Venezuelans rush to ditch 100-bolivar bills after president's sudden ban image
Source : Guardian [Read Article] Tuesday 13th of December 2016 08:08:50 PM
....Soldiers watched as people jostled in lines clutching Venezuela’s largest denomination bill – now worth just three US cents on the streets – which they have to deposit before it becomes officially worthless. Maduro announced the measure on Sunday, to the consternation of Venezuelans who have become accustomed to stashing large volumes of cash at home as the bolivar’s value has plunged in the crisis-hit Opec nation. ...
Sky should hold out for more from Rupert Murdoch | Nils Pratley image
Source : Guardian [Read Article] Monday 12th of December 2016 07:53:17 PM
.... But, as it is, the process seems rushed and lacking in transparency – and miles away from the “belt and braces” scrutiny the non-executives promised. Round one in the latest battle in the oil market has gone Opec’s way. ...
UK petrol prices could rise by 3p a litre after Opec oil deal image
Source : Guardian [Read Article] Monday 12th of December 2016 06:21:51 PM
....The cost of petrol is close to rising above £1. 20 a litre in some parts of the UK after a weekend deal between members of the Opec oil cartel and non-Opec countries. ...
Oil price surges as Opec and non-Opec members agree deal to cut output image
Source : Guardian [Read Article] Monday 12th of December 2016 10:23:31 AM
....Oil prices have surged to a 17-month high after a group of the world’s largest producers, including Saudi Arabia and Russia, agreed to reduce output in a landmark deal. The weekend agreement between Opec and a number of non-Opec members, notably Russia, has pushed Brent crude up more than 4% to $56. ...
FTSE 100 falls despite boost for oil shares image
Source : BBC [Read Article] Monday 12th of December 2016 09:03:48 AM
....5% after crude prices surged. Oil prices jumped more than 4% after non-Opec oil producing nations agreed to cut output in a deal designed to reduce oversupply and boost prices. ...
Oil prices jump on new output deal image
Source : BBC [Read Article] Monday 12th of December 2016 08:07:29 AM
. Oil prices have surged after oil producing countries that are not Opec members agreed to cut output. ...
Non-Opec countries agree to cut oil output image
Source : BBC [Read Article] Saturday 10th of December 2016 07:23:02 PM
. Eleven oil-producing countries, who are not members of the Opec oil cartel, have agreed to cut their output to boost prices. ...
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Non-Opec countries agree to cut oil output to ease glut image
Source : Guardian [Read Article] Saturday 10th of December 2016 05:01:22 PM
. Oil-producing nations that do not belong to the Opec cartel have agreed to cut output by 562,000 barrels a day, Opec sources have said. ...
Glencore and Qatar buy $11.3bn stake in Russia's largest oil company image
Source : BBC [Read Article] Wednesday 7th of December 2016 09:09:39 PM
.... The Qatar Investment Authority is one of the biggest investors in Glencore. Speaking at a televised meeting with Rosneft chief executive Igor Sechin, Mr Putin noted that the deal follows a rally in global oil prices after Opec's decision to cut production. ...
Venezuela to issue new bolivar banknotes after dramatic fall in value image
Source : Guardian [Read Article] Sunday 4th of December 2016 04:49:40 PM
....Venezuela will introduce six new notes and three new coins from mid-December to help alleviate practical problems in doing business with the world’s most inflationary currency, according to the central bank. Currently, the Opec nation’s largest note is worth just 2 US cents on the black market, meaning cash transactions are extremely cumbersome. ...
Opec doesn’t hold all the cards, even after its oil price agreement image
Source : Guardian [Read Article] Saturday 3rd of December 2016 04:00:26 PM
. Two years of wrangling were needed before Saudi Arabia and the rest of the Opec oil cartel could agree a cut in production at its meeting in Vienna last week. ...
Opec deal pushes oil price up to $54 a barrel image
Source : Guardian [Read Article] Thursday 1st of December 2016 06:38:22 PM
. Oil prices have reached their highest level in a year amid hopes in financial markets that the Opec cartel will make a deal to curb crude production stick. ...
Oil prices rise further after Opec agrees output cut image
Source : BBC [Read Article] Thursday 1st of December 2016 12:49:28 PM
. Oil prices have risen further following Wednesday's agreement by the Opec group of oil producing nations to cut output. ...
Petrol prices to rise, plus government to act on ground rent abuse image
Source : Guardian [Read Article] Thursday 1st of December 2016 12:06:22 PM
....Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Petrol prices set to rise after Opec deal. ...
FTSE closes down but pound makes gains image
Source : BBC [Read Article] Thursday 1st of December 2016 09:21:04 AM
....". Shares in oil companies were higher, as they continued to benefit from Opec's decision on Wednesday to cut output. ...
UK petrol prices set to rise after Opec deal image
Source : Guardian [Read Article] Thursday 1st of December 2016 08:35:42 AM
. Petrol prices in Britain are set to rise after the Saudi-led Opec cartel agreed its first production cut in eight years, sending the price of oil surging. ...
Oil price hits one-year high, as 'soft Brexit' hopes boost sterling – as it happened image
...
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With its deal on barrel quotas, Opec is back on the radar – for now image
Source : Guardian [Read Article] Wednesday 30th of November 2016 07:27:03 PM
....There is life is the old cartel yet, it seems. A year ago, obituaries were being written for Opec when, despite much bullish talk, it couldn’t agree any production cuts. ...
Oil price surges as Opec agrees first cut in output since 2008 image
Source : Guardian [Read Article] Wednesday 30th of November 2016 05:40:40 PM
. The price of oil has surged by 8% after the 14-nation cartel Opec agreed to its first cut in production in eight years. ...
Opec countries agree first oil output cut in eight years image
Source : BBC [Read Article] Wednesday 30th of November 2016 11:25:29 AM
. The oil cartel Opec has agreed its first supply cut in eight years in order to boost the price of oil. ...
Oil price rises sharply as Opec members hint at deal to limit production image
Source : Guardian [Read Article] Wednesday 30th of November 2016 08:44:10 AM
. The price of oil has risen sharply after Opec members meeting in Vienna said they were on the verge of agreeing a deal to cut production. ...
Saudi Arabia asks Opec to cut world oil supply image
Source : BBC [Read Article] Wednesday 30th of November 2016 12:17:48 AM
. Opec could cut its crude supplies by over a million barrels a day, if Saudi Arabia gets its way at Wednesday's conference in Vienna. ...
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Oil future image
Source : BBC [Read Article] Wednesday 30th of November 2016 12:15:09 AM
. Oil prices are too low for the taste of Opec, the Organization of the Petroleum Exporting Countries. ...
FTSE 100 lower as oil stocks fall image
Source : BBC [Read Article] Tuesday 29th of November 2016 09:04:20 AM
. Oil companies weighed on the London market as energy shares were hit by a fall in oil prices ahead of the meeting of Opec oil producers on Wednesday. ...
US growth revised up; Iran rules out oil production cuts – as it happened image
Source : Guardian [Read Article] Tuesday 29th of November 2016 08:30:37 AM
...
North Sea oil firms see hope after turmoil, survey reveals image
Source : Guardian [Read Article] Tuesday 29th of November 2016 12:01:33 AM
....North Sea oil firms are still laying off staff and slashing pay amid low oil prices but the industry is beginning to see light at the end of the tunnel, according to an annual survey. The note of cautious optimism came as oil prices rose slightly on Monday on raised hopes that this week’s meeting of Opec oil producing countries will yield an agreement to cut output. ...
Stocks close at record highs as traders keep betting on Trump business boom image
....49 after touching their highest levels in about three weeks as the dollar weakened. The Russian president, Vladimir Putin, said he believed there was “a strong likelihood” that the Organization of Petroleum Exporting Countries (Opec) would agree to cap production later this month. ...
FTSE 100 ends flat despite good gains for miners image
Source : BBC [Read Article] Monday 21st of November 2016 09:38:31 AM
....4%. Shares in energy firms were also higher after oil prices hit a three-week high on hopes of an output cut by the Opec oil producers' group. ...
Oil industry faces boom-and-bust, warns IEA energy group image
Source : BBC [Read Article] Wednesday 16th of November 2016 11:45:54 AM
....The IEA says world-wide investment must now rise to at least $700bn a year because it takes between three and six years for a new oil field to start producing. The Opec oil producers' cartel made a similar point last week. ...
World could face oil shortage by end of decade, says IEA image
Source : Guardian [Read Article] Wednesday 16th of November 2016 08:00:13 AM
....”. The oil price has fallen again in the past month, as the Opec group of oil-producing countries struggles to reach agreement on limiting production. ...
Rosneft reports plunge in profits image
Source : BBC [Read Article] Friday 11th of November 2016 08:37:25 AM
....Oil prices peaked at about $115 a barrel in the summer of 2014, but then fell sharply due to a combination of increased supply and slowing demand. In October, news that the Opec oil producers' cartel had agreed a limit on production sent the oil price to its highest in a year, with Brent crude rising above $53 a barrel. ...
Asia's emerging currencies plunge amid fears of Trump trade barriers image
Source : Guardian [Read Article] Friday 11th of November 2016 05:27:45 AM
....3%. Oil prices fell in early trading on Friday, as the market refocused on a persistent supply overhang that is not expected to abate unless Opec and other producers make a significant cut to their output. ...
Petrol and diesel prices reach 15-month high, says RAC image
Source : BBC [Read Article] Thursday 3rd of November 2016 12:01:45 AM
....The RAC suggested that the price of fuel might stabilise in the coming months. "Opec, which represents some of the world's biggest oil producers, recently agreed in principle a cut in production," said Mr Williams. ...
Oil giant BP sees profits nearly halve image
Source : BBC [Read Article] Tuesday 1st of November 2016 08:22:32 AM
....The oil price peaked at about $115 a barrel in the summer of 2014, but then fell sharply due to a combination of increased supply and slowing demand. Last month, news that the Opec oil producers' cartel had agreed a limit on production sent the oil price to its highest in a year. ...
Lost riches image
Source : BBC [Read Article] Thursday 27th of October 2016 11:07:39 PM
....The euphoria with Petrobras started in 2006, when the company announced massive new oil reserves in the so-called "pre-salt" layer of rocks - some 4,000m beneath the seabed of the Atlantic Ocean (itself up to 3,000m deep at this point). The new oil find was supposed to turn Brazil into one of the wealthiest non-Opec oil producers. ...
Oil price lifted by Russia backing Opec production freeze image
Source : BBC [Read Article] Monday 10th of October 2016 04:25:56 PM
. Russia has said it will support a proposal by Opec to freeze oil production in order to reverse the slump in global prices. ...
Oil price: Is Opec back in charge? image
Source : BBC [Read Article] Friday 30th of September 2016 09:42:14 PM
. Opec, the oil producers' group is back in the driving seat. ...
FTSE 100 eases back from earlier losses image
Source : BBC [Read Article] Friday 30th of September 2016 07:35:57 AM
....96% better. Oil prices, boosted this week in the wake of hopes of an Opec agreement to cut output, made further gains. ...
US stocks dragged by Deutsche Bank fall image
Source : BBC [Read Article] Thursday 29th of September 2016 07:10:19 PM
....9% and 0. 5% respectively as traders questioned whether an output cut agreed by the Opec oil cartel would be binding. ...

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