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UAE’s Minister of Energy: OPEC to achieve stability soon

Arab Energy News
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OPEC’s oil-producing nations will overcome current ‘market challenges’ to achieve stability, according to the UAE’s Minister of Energy. The organisation’s member countries are “at a good level despite different views on the oil market”, said Suhail bin Mohammed Faraj Faris Al Mazrouei, according to state news agency WAM. Al Mazrouei  tweeted: “We acknowledge and understand […]

OPEC Plays The Emotion Game to Support Oil Prices

Arab Energy News
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One of the key factors that supported oil prices recovery in the last few weeks was the news from some of OPEC’s members who are calling once again for an output freeze deal. Positive comments were given by both, Saudi Arabia energy minister Khalid Al-Falih and Venezuelan President Nicolas Maduro, which lay the groundwork for […]

Oil falls on US stocks build, China demand fears

Arab Energy News
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Oil prices fell early on Wednesday as an unexpected build in US crude stocks weighed on markets, along with concerns that Chinese crude demand could falter as Beijing clamps down on alleged tax evasion in the oil industry. International Brent crude oil futures LCOc1 were trading at $49.57 a barrel at 2054 ET, down 39 […]

Oil falls as August price rally seen as overblown

Arab Energy News
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Oil prices fell on Monday as analysts doubted upcoming producer talks would be able to rein in oversupply, saying that Brent would likely fall back below $50 a barrel as August’s more than 20-per cent crude rally looks overblown. Soaring exports of refined products from China also pressured prices, as this was seen as the […]

Oil at 5-week high on hopes of producer action

Arab Energy News
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Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market. Oil production losses in Nigeria, where more than 700,000 barrels per day (bpd) was missing due to militant attacks and pipeline problems, were also helping to support prices […]

Saudi vows to help stabilise oil market

Arab Energy News
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Saudi Arabia will work with Opec and non-Opec members to help stabilise oil markets, it said on Thursday a month ahead of an informal meeting of major producing countries in Algeria. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum (IEF), which groups producers and […]

Oil Down 1% As Global Glut Offsets US Crude Draw Forecast

Arab Energy News
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Oil futures settled 1 percent lower  on Tuesday as worries about a stubborn global petroleum glut offset forecasts for a weekly drop in U.S. crude inventories. Prices lost the previous day’s upward momentum as speculation fizzled that the Organization of the Petroleum Exporting Countries and other oil producers would embark on another round of talks […]
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