Saudi Arabian Oil Minister Ali Al-Naimi said on Wednesday he hoped and expected the oil market to balance and prices, which hit a near six-year low in January, to stabilize.
In a speech, he said his country was committed to helpin
Brent held above $60 a barrel on Wednesday supported by a hike in Saudi crude prices and strikes on oil facilities in Libya.
In a move widely seen as a vote of confidence by Saudi Arabia in demand recovery, the Opec kingpin raised
Opec's oil supply fell in February as bad weather delayed exports from Iraq's southern ports, a Reuters survey found, slowing an expansion of supplies in the group's second-largest producer.
The survey also found sligh
The crude oil output from Organisation of the Petroleum Exporting Countries (Opec) has fallen by 350,000 bpd in February, below its target of 30 million bpd, according to a Reuters survey.
The organisation had at a meeting on Nove
Oil prices have probably touched bottom and should recover in the second half of 2015 as the collapse in the market over the last year begins to curb production, a survey of analysts showed yesterday.
Oversupply is likely to keep
Oil rose above $62 a barrel on Thursday as indications of a coming recovery in demand offset a further jump in US crude stockpiles which underlined currently ample supplies.
Crude benchmarks in the US and Europe posted their large
Opec kingpin Saudi Arabia is feeling vindicated after a strategy of allowing oil to flood the market has begun to achieve what it was aiming for.
As a global oil glut pushed prices down 60 per cent between June 2014 and January 20
Brent crude fell towards $61 on Thursday, reversing previous gains as a bulging US crude stockpiles offset glimpses of an oil demand recovery.
Both Brent and US crude recorded their largest percentage gains in nearly two weeks at
Saudi Arabia's Oil Minister Ali Al-Naimi said on Wednesday that oil demand is growing and markets are calm, in some of his first public comments since the price of crude rebounded from a near six-year low.
Oil crashed by 60 pe
Brent crude rose marginally towards $59 a barrel on Wednesday, helped by better than expected Chinese factory activity data, the Federal Reserve's flexible stance on US interest rates and the eurozone's approval of reforms proposed by Gr