Strong oil demand growth helping market rebalance: IEA

Strong oil demand growth helping market rebalance: IEA

World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak Opec compliance with output cuts, the International Energy Agency said on Friday.

Oil extends gains as Saudi pledges export curbs

Oil extends gains as Saudi pledges export curbs

Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and Opec called on several members to boost compliance with output cuts to help to rein in oversupply and tackle flagging prices.

Oil prices flat after weeks of steep declines

Oil prices flat after weeks of steep declines

Oil prices were flat on Monday after diving 13% since late May as rising production in the United States, Libya and Nigeria have foiled an Opec-led effort to support the market by cutting production.

Saudi Arabia, Russia agree oil output cuts until March 2018

Saudi Arabia, Russia agree oil output cuts until March 2018

Saudi Arabia and Russia, the world's two top oil producers, agreed on Monday to extend oil output cuts for a further nine months until March 2018 in a bid to erode a global crude glut, pushing up prices.

Oil producers 'might have to' extend output cuts: Saudi

Oil producers 'might have to' extend output cuts: Saudi

Saudi Arabia's energy minister said on Thursday that oil-producing countries might have to prolong output cuts agreed for the first six months of the year in order to achieve the desired rebalancing of the market.

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.

Kuwait expects oil to climb to $60 a barrel

Kuwait expects oil to climb to $60 a barrel

Kuwait's new oil minister said on Thursday he expects crude prices to climb to $60 a barrel as output cuts agreed by Opec and non-Opec producers take hold next year.

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.