oil demand - updates

Rappler's latest stories on oil demand

ARTICLE FINDER

Big Oil confronts possibility of terminal demand decline

Jul 06, 2020 - 1:45 PM

Some are questioning whether oil demand will ever get back to 2019 levels

OIL. Pump jacks are seen at dawn in an oil field over the Monterey Shale formation near Lost Hills, California, on March 24, 2014. File photo by David McNew/Getty Images/AFP

IEA says aviation to hold back oil recovery

Jun 16, 2020 - 10:20 PM

'Unlike gasoline and diesel, which are likely to recover to close to pre-crisis levels by the end of 2020, the outlook for jet fuel is more uncertain,' says the International Energy Agency

This handout satellite image released by Maxar Technologies shows a close up of lineup parked planes at Charles De Gaulle International Airport, in Paris, France, on March 27, 2020, during the coronavirus (Covid-19) outbreak. (Photo by - / Satellite image ©2020 Maxar Technologies / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS /

OPEC, allies agree to extend deep output cuts until July 2020

Jun 07, 2020 - 7:15 AM

(UPDATED) Algerian Oil Minister Mohamed Arkab, who currently holds OPEC's rotating presidency, says the agreed cut for July 2020 is 9.6 million barrels per day

OIL FACILITY. A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. File photo by Fayez Nureldine/AFP

Weak demand pushing oil, gas toward 'terminal decline' – report

Jun 04, 2020 - 8:30 AM

Think tank Carbon Tracker says future profits from oil, gas, and coal could collapse by nearly two-thirds

Are oil prices over the worst of the crisis?

May 22, 2020 - 11:00 AM

While oil prices are recovering from historic lows, the market remains vulnerable to a much-feared second wave of coronavirus infections – and lockdowns

BATTERED INDUSTRY. An oil refinery. Photo from Shutterstock

Virus crisis adds to woes of Africa's oil producers

May 14, 2020 - 7:35 PM

Here is a look at how African oil-exporting countries are faring in the midst of the coronavirus pandemic

A view of the Kaombo Norte, a Floating Production Storage and Offloading vessel(FPSO), a project operated by Total, the French multinational oil company, on November 8, 2018, about 250km off the coast of Angola in the Atlantic Ocean. - A column of flame emanates from the bow of the boat, illuminating the jet-black ocean for miles around. For three months now the Kaombo Norte has been anchored off the northern coast of Angola and has recently begun to pump up crude oil secreted in the depths below. The arrival of the platform ship which belongs to French oil giant Total has been a timely lifeline for the Angolan government. (Photo by Rodger BOSCH / AFP)

IEA says oil outlook improves 'somewhat' on easing virus lockdowns, output cuts

May 14, 2020 - 5:00 PM

Despite the improvement in the oil market, the International Energy Agency warns that 'major uncertainties remain'

OIL FACILITY. The Marathon Refinery is seen in Carson, California, on March 9, 2020. Photo by David McNew/AFP

OPEC sees oil market already rebalancing

May 13, 2020 - 9:20 PM

The Organization of the Petroleum Exporting Countries says 'speedy supply adjustments' are already 'showing positive response'

OIL. Pump jacks are seen at dawn in an oil field over the Monterey Shale formation near Lost Hills, California, on March 24, 2014. File photo by David McNew/Getty Images/AFP

U.S. oil producers struggle to stay afloat in sea of excess

May 12, 2020 - 2:40 PM

The collapse in oil prices leads to massive losses for companies drilling in the Permian Basin

Craig Blair, co-owner of Capitan Energy is pictured in front of a "Christmas Tree", which is installed at the top operational fracking wells, on May 7, 2020 in Culberson County, Texas. - For oil and gas producers in the world's largest oil field, straddling the border between Texas and New Mexico, the losses due to the collapse of oil prices are colossal. (Photo by Paul Ratje / AFP)

With prices down and jobs leaving, U.S. oil workers learn patience

May 11, 2020 - 4:00 PM

Many oil workers in Carlsbad, New Mexico, find themselves jobless as oil prices plunge

Jace Gentry, 21, from Hornbeck, Louisiana is pictured in front of his trailer on May 6, 2020 in Carlsbad, New Mexico. - Gentry lost his job in the oil fields and is headed back home to wait and see if jobs will come back. Waiting for an upturn or pulling out, a dilemma faced in recent weeks by oil industry workers in Carlsbad, in the southwestern United States, where the sharp drop in oil prices has dealt a blow to the local economy. (Photo by Paul Ratje / AFP)

Oil producers keep pumping despite price crash

Apr 30, 2020 - 7:30 AM

Storage for excess crude is running out, but 'producers remain reluctant to cut production in the short term as there are costs and consequences'

OIL. A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields in Huntington Beach, California, on April 20, 2020. Photo by Michael Heiman/Getty Images/AFP

Crisis-hit oil market in frantic hunt for storage

Apr 23, 2020 - 12:00 PM

Oil companies are racing to locate adequate storage facilities – either on land or at sea

OIL STORAGE. This photograph, taken on April 20, 2016, shows oil storage tanks on Jurong island off Singapore. Photo by Roslan Rahman/AFP

Oil price drop during pandemic a win for Philippines – NEDA chief

Apr 22, 2020 - 11:25 AM

Acting Socioeconomic Planning Secretary Karl Chua says Filipino consumers will benefit from the drastic drop in oil prices in the world market

Oil crash means more misery ahead for U.S. shale producers

Apr 22, 2020 - 9:20 AM

'Who survives will be the firms with strong balance sheets. The ones that have too much debt are really going to have a problem,' says an analyst

LOST HILLS, CA - MARCH 24: Pump jacks are seen at dawn in an oil field over the Monterey Shale formation where gas and oil extraction using hydraulic fracturing, or fracking, is on the verge of a boom on March 24, 2014 near Lost Hills, California. Critics of fracking in California cite concerns over water usage and possible chemical pollution of ground water sources as California farmers are forced to leave unprecedented expanses of fields fallow in one of the worst droughts in California history. Concerns also include the possibility of earthquakes triggered by the fracking process which injects water, sand and various chemicals under high pressure into the ground to break the rock to release oil and gas for extraction though a well. The 800-mile-long San Andreas Fault runs north and south on the western side of the Monterey Formation in the Central Valley and is thought to be the most dangerous fault in the nation. Proponents of the fracking boom saying that the expansion of petroleum extraction is good for the economy and security by developing more domestic energy sources and increasing gas and oil exports. David McNew/Getty Images/AFP

Saudi Arabia wins oil price war – at a huge cost

Apr 21, 2020 - 11:05 PM

'Riyadh may have unleashed something it is unable to control,' says an analyst

DE FACTO LEADER. Saudi Arabia's Crown Prince Mohammed bin Salman attends a signing ceremony following a meeting of Russian President Vladimir Putin with Saudi Arabia's King Salman in Riyadh on October 14, 2019. File photo by Alexey Nikolsky/Sputnik/AFP

How can oil prices be negative?

Apr 21, 2020 - 10:15 PM

Here's how the value of a barrel of oil plunged into negative territory for the first time

OIL PRODUCTION. A view of a refinery at the Jubail Industrial City in Saudi Arabia on December 11, 2019. File photo by Giuseppe Cacace/AFP

TIMELINE: The oil market's 6-week plunge

Apr 21, 2020 - 11:15 AM

Here is a look back at a tumultuous 6-week period for oil, which saw United States prices plummeting to below zero

HUNTINGTON BEACH, CA - APRIL 20: A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields on April 20, 2020 in Huntington Beach, California. Oil prices traded in negative territory for the first time as the spread of coronavirus (COVID-19) impacts oil demand. Michael Heiman/Getty Images/AFP

Saudi Aramco to supply 8.5 million barrels per day starting May

Apr 18, 2020 - 12:15 AM

Oil giant Aramco does not clarify whether or how this would be split between exports and domestic supply

SAUDI ARAMCO. Investors stand in front of the logo of Saudi state oil giant Aramco during the 10th Global Competitiveness Forum in Riyadh on January 25, 2016. File photo by Fayez Nureldine/AFP

OPEC says oil market undergoing 'historic shock'

Apr 16, 2020 - 11:10 PM

The Organization of the Petroleum Exporting Countries now forecasts a drop of around 6.8 million barrels per day in average daily demand for 2020

PRICE DROP. An oil refinery. Photo from Shutterstock

IEA sees record 2020 oil demand fall due to coronavirus

Apr 15, 2020 - 10:00 PM

For 2020 overall, oil demand will fall by 9.3 million barrels per day, says the International Energy Agency

OIL WOES. An oil refinery is lit up in the night on January 19, 2016 in Big Spring, Texas. Photo by Spencer Platt/Getty Images/AFP

Saudi says total oil curbs could reach 19.5 million barrels

Apr 14, 2020 - 8:15 PM

The Organization of the Petroleum Exporting Countries and its allies are cutting output to arrest the slump in oil prices

SET FOR IPO. A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. File photo by Fayez Nureldine/AFP

Top oil producers agree on 'historic' cuts due to coronavirus crisis

Apr 13, 2020 - 8:10 AM

(UPDATED) In a compromise, major oil-producing countries agree to slash output by 9.7 million barrels per day starting May 1, down slightly from 10 million barrels per day envisioned earlier

A picture taken on September 15, 2019 shows an Aramco oil facility at the edge of the Saudi capital Riyadh. - Saudi Arabia raced today to restart operations at oil plants hit by drone attacks which slashed its production by half, as Iran dismissed US claims it was behind the assault. The Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, have claimed thi weekend's strikes on two plants owned by state giant Aramco in eastern Saudi Arabia. (Photo by FAYEZ NURELDINE / AFP)

Top oil producers except Mexico agree to output cuts – OPEC

Apr 10, 2020 - 3:35 PM

Oil output will be cut by 10 million barrels per day in May and June, though Mexico rejects its share of cuts, which would have been 400,000 barrels per day

OIL STORAGE. This photograph, taken on April 20, 2016, shows oil storage tanks on Jurong island off Singapore. Photo by Roslan Rahman/AFP

OPEC chops oil demand forecast over coronavirus

Mar 11, 2020 - 10:30 PM

The Organization of the Petroleum Exporting Countries lowers its forecast for global average daily demand to 99.73 million barrels

Oil prices saw a record surge after attacks on two Saudi facilities in the world's top gas producer. Photo by DARREN LANGIT

Coronavirus to cause 1st annual decline in oil use in decade – IEA

Mar 09, 2020 - 5:55 PM

'The coronavirus crisis is affecting a wide range of energy markets – including coal, gas, and renewables – but its impact on oil markets is particularly severe,' says International Energy Agency chief Fatih Birol

A passenger uses his mobile phone as the train stops at Wuhan railway station in Wuhan in China's central Hubei province on March 4, 2020. - China on March 4 reported 38 more deaths from the new coronavirus but a fall in fresh cases for a third consecutive day. The death toll nationwide is now 2,981, the National Health Commission said, with more than 80,200 people infected in total. (Photo by NOEL CELIS / AFP)

Novel coronavirus causing 1st drop in oil use in decade – IEA

Feb 13, 2020 - 11:55 PM

The International Energy Agency says 'global oil demand has been hit hard by the novel coronavirus...and the widespread shutdown of China's economy'

An aerial view shows residential and commercial buildings of Wuhan in China's central Hubei province on January 27, 2020, amid a deadly virus outbreak which began in the city. - China on January 27 extended its biggest national holiday to buy time in the fight against a viral epidemic and neighbouring Mongolia closed its border, after the death toll spiked to 81 despite unprecedented quarantine measures. (Photo by Hector RETAMAL / AFP)

Oil producers eye extension of output cuts

Mar 27, 2017 - 1:20 AM

OPEC and non OPEC producers are studying whether to extend the cuts for another 6 month period

OIL OUTPUT. An oil pumpjack works on January 19, 2016 in Sweetwater, Texas. File photo by Spencer Platt/Getty Images/AFP

Oil producers say output cut on track

Jan 23, 2017 - 12:45 AM

Compliance is great it s been really fantastic says Saudi Arabian Oil Minister Khaled al Falih

SWEETWATER, TX - JANUARY 19: An oil pumpjack works on January 19, 2016 in Sweetwater, Texas. Global oil prices continue their downward fall with U.S. oil dropping towards $27 a barrel, its lowest since 2003, on worries about global oversupply. Following a diplomatic agreement on nuclear fuel with America, Iran has forecast it will add 500,000 barrels per day to global production, following the lifting of sanctions. Spencer Platt/Getty Images/AFP

Qatar, Kuwait to cut oil production from January 1

Dec 14, 2016 - 1:10 PM

Oil companies in the two countries say they will comply with the recent OPEC agreement

A general view taken on April 16, 2016 shows the Shuaiba oil refinery south of Kuwait City. Kuwaiti oil workers plan to go on strike on April 17, 2016 in protest to what they call the government's plan to cut their annual benefits and bonuses. / AFP PHOTO / YASSER AL-ZAYYAT

Saudi oil minister says OPEC production cut 'imperative'

Nov 14, 2016 - 12:10 AM

Khalid al Falih urges cartel members to stick to the agreement they reached in Algiers in September

Saudi Minister of Energy, Industrial and Mineral Resources Khalid al-Falih arrives for the opening ceremony of the Qatari and Saudi Economic Forum on November 6, 2016 in Riyadh. / AFP PHOTO / FAYEZ NURELDINE

OPEC pumping oil at record levels ahead of crunch meeting – IEA

Nov 11, 2016 - 1:15 AM

Production rises to a record 33 83 million barrels a day in October according to the International Energy Agency

A man fills his car with gas at a Wawa gas station in Woodbridge, Virginia, January 5, 2016. Oil prices fell further January 5 as the crude supply glut overshadowed a diplomatic row between key producers Saudi Arabia and Iran as fuel prices in the US have fallen below $2 per gallon. AFP PHOTO / SAUL LOEB / AFP PHOTO / SAUL LOEB

Saudi Aramco CEO predicts oil market balance by early 2017

Nov 02, 2016 - 3:30 PM

The gap between supply and demand is closing says Amin Nasser

Amin al-Nasser, president of state oil giant Saudi Aramco, delivers a speech on October 11, 2016 during the 23rd World Energy Congress in Istanbul.  World Energy Congress in Istanbul brings together players across the energy sector to discuss a transformation of the sector. Saudi Arabia said on October 10 it was "not unthinkable" that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. / AFP PHOTO / OZAN KOSE

Oil price down cycle 'nearing end' – Saudi minister

Oct 24, 2016 - 12:25 AM

We are optimistic that oil prices will continue to improve in the future says Saudi Oil Minister Khalid al Falih

Saudi Oil Minister Khalid al-Falih addresses a Gulf ministerial meeting in Riyadh on October 23, 2016. Falih said that the current cycle of falling crude prices is close to an end as market fundamentals improve. Oil prices are currently hovering at around $50 per barrel after hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014.    / AFP PHOTO / FAYEZ NURELDINE

Oil market still weak despite recovery – Saudi Aramco

Sep 26, 2016 - 10:50 PM

There are fears that oil producing countries will not be able to reach a deal in Algiers this week

A picture taken on May 10, 2016 shows over Shaybah, the base for Saudi Aramco's Natural Gas Liquids plant and oil production in the surrounding Shaybah field in Saudi Arabia's remote Empty quarter desert close to the United Arab Emirates, on May 10, 2016. Despite collapsed global oil prices, production is expanding at Shaybah, as it is in other units of the company at the centre of the kingdom's Vision 2030 drive for diversification away from oil. The Saudi government plans to sell less than five percent of the company in what officials say will be the world's largest-ever share offering, while transforming Saudi Aramco into "a global industrial conglomerate". By 2020 the company says it will have tripled its gas processing capacity from levels at the turn of the century. / AFP PHOTO / IAN TIMBERLAKE

Global oil glut set to last at least until mid-2017 – IEA

Sep 13, 2016 - 9:15 PM

Demand growth is slowing and supply is rising explains the International Energy Agency in its monthly report

BIG SPRING, TX - JANUARY 19: An oil refinery is lit up in the night on January 19, 2016 in Big Spring, Texas. Global oil prices continue their downward fall with U.S. oil dropping towards $27 a barrel, its lowest since 2003, on worries about global oversupply. Following a diplomatic agreement on nuclear fuel with America, Iran has forecast it will add 500,000 barrels per day to global production, following the lifting of sanctions. Spencer Platt/Getty Images/AFP

Shell net profit tumbles on low oil prices

Jul 28, 2016 - 7:35 PM

Lower oil prices continue to be a significant challenge across the business particularly in the upstream says Royal Dutch Shell CEO Ben van Beurden

epa05113059 (FILE) A file photo dated 30 July 2015 showing a company flag flying infront of the head office of Royal Dutch Shell in The Hague, The Netherlands. Royal Dutch Shell plc on 20 January 2016 reported a sharp fall in profits for the last quarter of 2015 as low oil prices hit earnings and the company restructured to reduce costs. Shell said it expected fourth-quarter earnings to be between 1.6 billion and 1.9 billion dollars, down from 4.2 billion dollars in the fourth quarter of 2014. Full-year earnings, including the impact of lower prices on the company's oil inventory, are expected to total 10.4 billion to 10.7 billion dollars, about 45 per cent lower than the 19 billion dollars reported in 2014. EPA/JERRY LAMPEN

'Enormous' inventories to keep lid on oil price – IEA

Jun 14, 2016 - 4:35 PM

4th UPDATE Even though supply and demand are expected to be more balanced by the end of the year large oil inventories remain

epa05234220 A picture made available on 29 March 2016 shows an oil well on the grounds of the Luetow petroleum production site on Usedom Island, Germany, 18 March 2016. The petroleum output has declined from 4,800 tons (2014) to 3,600 tons (2015) as the crude oil sources in Western Pomerania are beginning to dry up. The company Engie (formerly known as Gaz de France) is producing oil at the drilling locations in Luetow and Mesekenhagen. EPA/STEFAN SAUER

OPEC says oil glut to ease

Jun 13, 2016 - 8:25 PM

Oil exporting nations expect a more balanced market toward the end of the year

epa05328112 A tugboat sails past oil tankers berthed off the east coast of Singapore, 25 May 2016. Low crude oil prices, and traders expecting a rise, has given rise to many tankers being parked off the coast of Singapore, a major oil refining hub. As many as 40 tankers are estimated to surround the island state awaiting to offload their cargo. EPA/WALLACE WOON

Oil prices hit new 2016 highs

Jun 09, 2016 - 12:15 AM

UPDATED The increases are due to supply woes in Nigeria and lower petroleum inventories in the US

epa02833016 Fenog Nig ltd workers operate equipment at their drilling site in Chanomi creeks in the Niger delta southern Nigeria, 20 July 2011. Fenog Nig ltd, the 4th largest HDD drilling company in the world, is drlling for oil in Chanomi creek in the oil rich Niger delta with their Horizontal Directional Drilling rig. EPA/GEORGE ESIRI

Oil price plasters over OPEC rifts – for now

Jun 05, 2016 - 6:30 PM

Analysts express concern that there could be more woes ahead for oil exporting nations

epa05342205 (L-R) OPEC Director of Research Division, Omar Abdul-Hamid, Qatari Minister of Energy and Industry Mohammed Bin Saleh Al-Sada, and President of the OPEC Conference, and OPEC Secretary General Libyan Abdalla Salem El- Badri, attend a news conference after the 169th meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, 02 June 2016. Reports state OPEC members did not change their supply policy. The basket of crude oil used as a benchmark indicator by the OPEC fell by 1.04 percent to 44.68 US dollars on 02 June. EPA/HANS PUNZ

OPEC to keep oil gushing, fails to agree ceiling

Jun 02, 2016 - 8:35 PM

UPDATED The 13 nation group does not set a new output target in their latest meeting in Vienna

epa05341610 A general view prior to the start of the 169th meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria, 02 June 2016. EPA/HANS PUNZ

OPEC ministers upbeat on oil recovery

Jun 01, 2016 - 11:15 PM

Several officials of oil producing countries expect the market to improve in the second half of the year but others are more cautious

epa05152578 (FILE) A file picture dated 03 July 2001 showing the OPEC logo and signage in Vienna, Austria. The Organization of the Petroleum Exporting Countries (OPEC) increased its total oil production by 131,000 barrels per day (bpd) in January even though oversupply has been a major reason for falling oil prices, according to data issued by the cartel on 10 February 2016. The Vienna-based group of mostly Arab, African and Latin American countries said that they pumped 32.3 million bpd last month. This was 1.8 million bpd above the projected average demand for OPEC oil in the first quarter, the group's monthly oil market report showed. Saudi Arabia and other Arab members of OPEC have so far stopped the group from propping up prices by lowering output, in an apparent effort to use the current slump to win market shares from the US, where oil production is costlier than in the Gulf. EPA/BARBARA GINDL AUSTRIA OUT

OPEC: Oil glut 'may ease' by 2017 as non-cartel supply drops

May 14, 2016 - 1:15 PM

Oil producers warn however that global oil inventories currently remain at record highs

epa05244380 (FILE) A file picture dated 08 December 2012 fuel dripping from a fuel nozzle at a gasoline station in Sana'a, Yemen. The basket of crude oil used as a benchmark indicator by OPEC has dropped to 33.33 US dollars, the OPEC said on 05 April 2016. The basket includes 13 varieties of crude oil. EPA/YAHYA ARHAB

Global oil supply glut to 'shrink dramatically' this year – IEA

May 13, 2016 - 9:00 AM

This forecast is partly due to rising demand for oil in India

epa03005463 An Indian petrol pump attendant fills cars with petrol at local petrol filling station in the eastern Indian city of Kolkata on 16 November 2011. Reports state that the Government of India, for the first time in 3 years has decreased the price of petrol in the country, with effect from 16 November 2011. An Indian government official said, 'The new decline in global crude oil prices have resulted in an decline of petrol prices in India. EPA/PIYAL ADHIKARY

Iran: Oil production freeze would prolong sanctions

Apr 19, 2016 - 9:20 PM

Accepting a production freeze in practice amounts to a voluntary acceptance of sanctions by our country says Iran s oil minister

epa05244381 (FILE) A file picture dated 09 November 2007 showing an oil worker under an oil well as he checks the oil pumping equipment at Gudong oil field which is a part of China's Shengli oil field, Dongying, China. The basket of crude oil used as a benchmark indicator by OPEC has dropped to 33.33 US dollars, the OPEC said on 05 April 2016. The basket includes 13 varieties of crude oil. EPA/WU HONG

Oil prices plunge after Doha output talks fail

Apr 18, 2016 - 9:32 AM

3rd UPDATE An analyst warns oil price losses could reach 15

In this file photo, an attendant fills up a motorcycle with gasoline at a gasoline station in Kamuning, Quezon City. Joel Liporada/Rappler/File

Oil producers fail to agree output freeze

Apr 18, 2016 - 9:31 AM

Qatar s energy minister says oil producers concluded after 6 hours of talks that they needed more time

The logo of the Organization of Petroleum Exporting Countries (OPEC) at the organization's headquarters in Vienna, Austria, February 11, 2016. Christian Bruna/EPA

No guarantee of oil deal at Doha talks

Apr 15, 2016 - 10:45 PM

Iran s oil minister will skip the talks on Sunday April 17 triggering more doubts that an agreement could be reached

epa05192674 A general view of installations of the Zubair oil field, some 20 kilometers south west of Basra, southern Iraq, 03 March 2016. The redevelopment of the onshore oil field, that is said to contain some 4.5 billion barrels of oil reserves, was granted to a consortium of international oil companies in 2009. The oil field in a distance of about 500 kilometers of the Iraqi capital originally was discovered by the Basrah Petroleum Company in 1949. EPA/HAIDER AL-ASSADEE

OPEC warns on oil 'oversupply' ahead of crunch Doha meeting

Apr 13, 2016 - 10:20 PM

UPDATED Positive market sentiments continue to arise but hurdles prevail as oversupply persists

epa05244378 (FILE) A file picture dated 11 November 2008 shows barrels of oil stacked up at a fuel depot in Jakarta, Indonesia. The basket of crude oil used as a benchmark indicator by OPEC has dropped to 33.33 US dollars, the OPEC said on 05 April 2016. The basket includes 13 varieties of crude oil. EPA/BAGUS INDAHONO

Oil market could drown in over-supply – IEA

Jan 19, 2016 - 8:33 PM

The International Energy Agency expects the price of oil to drop even more in 2016