Opec panel recommends 6-month extension of cuts

Opec panel recommends 6-month extension of cuts

An Opec and non-Opec technical committee recommended that producers extend a global deal to cut oil supplies for six months from its June expiry, a source familiar with the matter said, to clear a glut that has weighed on prices.

Oil producers to decide on extension to supply cuts

Oil producers to decide on extension to supply cuts

Opec plans to meet with non-Opec oil producers on the same day as its scheduled May 25 conference, sources familiar with the arrangements said, as they decide whether to extend supply cuts into the second half of the year.

Opec, non-Opec to look at extending output cut

Opec, non-Opec to look at extending output cut

A joint committee of ministers from Opec and non-Opec oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday.

Oil prices slide on bulging US crude inventories

Oil prices slide on bulging US crude inventories

Oil prices slipped back towards three-month lows on Wednesday after data showed US crude inventories rising faster than expected, piling pressure on Opec to extend output cuts beyond June.

Opec delivering on agreed oil output cuts: Kuwait

Opec delivering on agreed oil output cuts: Kuwait

The Opec oil cartel has implemented more than 90% of its agreed output cuts aimed at curbing a glut on world markets, Kuwait's oil minister said on Monday.

IEA: Opec cut compliance helps oil market rebalance

IEA: Opec cut compliance helps oil market rebalance

Global oil output plunged in January as Opec and non-Opec producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said.

Ministers positive on Opec, non-Opec oil output cuts

Ministers positive on Opec, non-Opec oil output cuts

Energy ministers from Opec and non-Opec countries meeting in Vienna have struck a positive note regarding their agreement to cut oil output as a committee set to monitor compliance with the deal meets for the first time.

Oil rises further above $52 on tighter US fuel stocks

Oil rises further above $52 on tighter US fuel stocks

Oil climbed further above $52 a barrel on Friday, supported by a drop in US fuel inventories, though gains were kept in check by ample crude supplies even as Opec plans to cut output.

Global oil glut set to last at least until mid-2017: IEA

Global oil glut set to last at least until mid-2017: IEA

A global oil glut that has hurt producers but means cheaper pump prices for consumers looks set to go on at least six months longer than previously thought, the International Energy Agency said on Tuesday.

Algeria sees consensus on need to steady oil price

Algeria sees consensus on need to steady oil price

Algeria's energy minister has said there is a consensus among Opec and non-Opec members about the need to stabilise the oil market to support prices, state news agency APS reported on Saturday.

Putin says oil output freeze would be right decision

Putin says oil output freeze would be right decision

Russian President Vladimir Putin said an agreement between oil exporters to freeze output would be the right decision for the global market and a compromise should be found for Iran to achieve a deal.

IEA sees oil markets slowly tightening after months of oversupply

IEA sees oil markets slowly tightening after months of oversupply

Oil markets will begin to tighten in the second half of 2016 but the process will be slow and painful as global demand growth declines and non-Opec supplies rebound, the International Energy Agency said on Thursday.