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OPEC

Business 5 years ago

Currencies slip as OPEC+ output cuts provide little cheer

The greenback drifted higher against its Australian and New Zealand counterparts, which are seen as risk sentiment barometers, in a sign investors remain concerned about the global demand for commodities.

Business 5 years ago

Oil rallies as top producers agree massive output cuts

OPEC Secretary General Mohammad Barkindo called the cuts "historic".

Business 5 years ago

OPEC, allies consider output cut after price crash

Top crude producers will on Thursday hold a crucial teleconference to discuss a possible cut in output after a collapse in demand caused by the coronavirus and a damaging Saudi-Russia price war caused a crash in the market.

Business 5 years ago

Oil rallies as deal takes shape before key meeting

US benchmark West Texas Intermediate rose 4.6 percent to US$26.26 a barrel, while Brent crude, the international benchmark, jumped 2.7 percent to $33.73.

Opinion 5 years ago

Oil output cuts inevitable, but at what price?

Oil is witnessing an unprecedented, simultaneous demand and supply shock that has the potential to send prices further down, as the world runs out of space to store supplies coming to a market that has seen demand crash due to the COVID-19 pandemic.

Business 5 years ago

Saudi Arabia seeks urgent OPEC+ meeting to stabilize oil market

Leading world crude exporter Saudi Arabia on Thursday made a surprise call for a meeting of the OPEC+ oil producers to "stabilize the oil market" amid a price war.

Business 5 years ago

Saudi oil supply hits record as price war rages

State giant Aramco offering 18.8 million barrels on a single day despite a global supply glut as a price war rages with Russia.

Business 6 years ago

Oil plummets to 17-year low as broken market drowns in crude

Futures in London fell as much as 7.6 percent to the lowest since November 2002, while New York crude briefly dipped below US$20 a barrel.

Business 6 years ago

Oil slumps below $30 a barrel as coronavirus spreads, OPEC rancor remains elevated

Brent crude settled down $3.80, or 11.2 percent, at $30.05 a barrel. The international benchmark fell as low as $29.52 a barrel, its lowest since January 2016.