Friday 19 December 2014
 
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Opec

Opec can't cut alone but others would not, says Naimi

Saudi Arabia's powerful oil minister said on Thursday that Opec could not cut output without the support of other big producers and attempts to get them on board had not worked. Al Naimi said it was impossible for Opec to cut

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Despite pain, Opec hawks come round to merits of riding out oil slump

Opec members which backed an output cut at the group's meeting last month are coming around to the view of Saudi Arabia that they need to focus on market share, further reducing the chance of any action to de

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Gulf markets tumble as oil slides below $60

Gulf stock markets plunged in early trade on Tuesday after oil resumed its slide on bearish comments about Opec and weak Chinese manufacturing data. Brent crude prices fell below $60 a barrel for the first time since July 2009 as

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No emergency Opec meeting needed, says UAE oil minister

There was no need for an emergency Opec meeting despite the drop in oil prices, UAE Oil Minister Suhail Bin Mohammed Al-Mazroui said, reinforcing the idea that major Gulf producers are ready to wait out lower prices. "Opec is

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Opec's decision to retain market share, says Kuwait

Kuwait's oil minister said that Opec's decision last month to keep output unchanged was intended to retain market share, even if it meant that it "would negatively affect prices, state news agency

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Oil recovers more than $1 on strong data hopes

Oil prices bounced back more than a dollar on Monday, after hitting 5-1/2-year lows of $60.28 earlier in the session, as traders began pricing in expectations of improving manufacturing data to be published later this week. Brent

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Opec chief defends policy, says to ride out price fall

Oil producers group Opec can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators. Spea

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Opec chief says no target price, but oil slide beyond fundamentals

The head of Opec said the group had no target price for oil, signalling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets.

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Qatar sees economy booming despite oil price slide

Qatar predicted its economy would grow 7.7 per cent next year, signalling the world's top exporter of liquefied natural gas expects very little disruption to its finances from the oil price plunge which is worrying many energy exporters.

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Iraqi state oil marketer says no ‘price war’ in Opec

Iraqi state oil marketer Somo issued a rare statement denying there is a price war within the Opec exporter group, saying recent reductions to its official selling prices (OSPs) were influenced only by the market. The statement, w

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