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Oil prices will be stuck below $60 through 2020, Credit Suisse forecasts

Analysts once believed an agreement by oil producers to pump less would send crude prices to $60 a barrel in relatively short order. Now, Credit Suisse believes prices won’t even approach that level until 2020. The investment bank on Monday lowered its long-term price forecast for U.S. West Texas Intermediate crude (New York Mercantile Exchange: […]

Oil rises 1 percent after Saudi vows to cap crude exports next month

Oil rose more than 1 percent on Monday, after leading OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut, and Halliburton Co’s (HAL.N) executive chairman said the U.S. shale drilling boom would probably ease next year. Saudi Energy Minister Khalid al-Falih said his country would limit crude […]

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 rein in oversupply and tackle flagging prices. Brent crude futures were up 68 cents at $49.28 a barrel by 1054 GMT. U.S. West Texas Intermediate […]

Nigeria: Opec Caps Nigeria’s Oil Output At 1.8 Million Bpd

The Organization of Petroleum Exporting Countries (OPEC) yesterday approved the capping of Nigerian oil production at 1.8 million barrel per day (bpd). Accordingly, OPEC called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. A ministerial committee of OPEC and non-OPEC known as the Joint […]

Halliburton Sees Drillers `Tap the Brakes’ on Shale Boom

Halliburton Co., promising to be disciplined in adding more fracking gear to the oilfields, says U.S. explorers are “tapping the brakes” on drilling as the price of oil struggles to breach $50 a barrel. The comments come days after Baker Hughes data found that explorers reduced the number of U.S. rigs for the second time […]

Oil Rises as Saudis Pledge Deep Export Cuts, Shale Boom Slows

Oil rose as Saudi Arabia promised deep cuts to crude exports next month while the U.S. shale boom showed signs of slowing. Futures in New York added 1.8 percent, the biggest gain in almost a week. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year […]

Kuwaiti oil minister says further production cuts are possible

Kuwait’s oil minister Essam al-Marzouq said on Saturday that compliance with oil production cuts by OPEC and non-OPEC countries is good and that deeper cuts are possible. Asked about the possibility of further cuts to support the price of crude, the minister said: “Everything is open.” Ministers from the Organization of the Petroleum Exporting Countries […]

Oil rises after Saudi vows to cap crude exports next month

Oil rallied on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of global supply and demand. Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day in August, almost 1 million bpd below […]

Crude Oil Price Update – Reversing to Upside after Earlier Losses

September West Texas Intermediate crude oil futures are trading slightly higher after recovering from early session weakness. The price action suggests investors are waiting for news from the OPEC/Non-OPEC oil ministers meeting in St. Petersburg, Russia. There is speculation that the Saudi’s will cap crude exports next month, or the oil ministers will agree to […]

Saudi Arabia in crisis: OPEC’s plot to raise oil prices FAILS as cartel meets in Russia

The OPEC (Organization of the Petroleum Exporting Countries) cartel led by Saudi Arabia is meeting for crisis talks in Russia as the value of the so-called black gold continues to plunge.  The kingdom tried to manipulate prices by slashing output to increase demand, but the plan backfired as US shale producers continued to pump more […]