Gulf Times - oil-production
Opec, Russia close to slashing oil output despite US pressure

Opec, Russia close to slashing oil output despite US pressure

Opec and its Russia-led allies moved closer on Friday to clinching a deal that would cut oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude.

Brent crude hits three-month low on higher supply

Brent crude hits three-month low on higher supply

Brent crude futures fell 33 cents to $71.83 a barrel, while US West Texas Intermediate (WTI) crude futures fell 45 cents to $67.63 a barrel.

Opec agrees modest hike in oil supply after Saudi and Iran compromise

Opec agrees modest hike in oil supply after Saudi and Iran compromise

Opec agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.

Iran to increase oil production by 460mn barrels in three years

Iran to increase oil production by 460mn barrels in three years

Iran is pursuing a plan to increase its oil output by 460 million barrels within three years, oil minister Bijan Zanganeh said on Saturday, according to SHANA, the news site of the Iranian oil ministry.

'Landmark' deal to cut oil output led to stability: Al-Sada

'Landmark' deal to cut oil output led to stability: Al-Sada

“Now, we have a healthy, nearly balanced market with a win-win situation for all,” HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada said.

Oman sees oil price trading within $65-$70 range

Oman sees oil price trading within $65-$70 range

Oman's current production was around 965,000 to 970,000 barrels per day, he said, complying with the global oil production cut agreement.

Oil hits highest since 2015 as Iran unrest spooks market

Oil hits highest since 2015 as Iran unrest spooks market

Six days of anti-government protests in Opec's third-largest producer have added a geopolitical risk premium to oil prices, though Iran's production and exports have not been affected.

Iraq targets 1 million bpd output for Kirkuk oilfields

Iraq targets 1 million bpd output for Kirkuk oilfields

Iraq aims to double the output of oilfields in the northern province of Kirkuk retaken from the Kurds to one million barrels per day (bpd), Oil Minister Jabbar al-Luaybi said on Monday.

Oil hits seven-month high as producers say market rebalancing

Oil hits seven-month high as producers say market rebalancing

The November Brent crude futures contract was up 35 cents at $57.21 a barrel by 0927 GMT, its highest since February 23.

Saudis to cut August oil exports to lowest level this year

Saudis to cut August oil exports to lowest level this year

Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, a Saudi industry source said.

Qatar oil production up marginally to 615,000 bpd in April: QNB

Qatar oil production up marginally to 615,000 bpd in April: QNB

Qatar oil production increased to 615,000 bpd in April from 610,000 bpd the previous month, QNB’s new data showed.

Oil prices rebalancing after Opec deal: al-Sada

Oil prices rebalancing after Opec deal: al-Sada

Global energy markets are moving in the right direction after oil prices fell to historic lows due to oversupply, Qatar's Minister of Energy and Industry HE Dr Mohamed bin Saleh al-Sada said.