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Tag Archives: OPEC

UAE energy minister refuses to discuss tentative oil cap

UAE energy minister refuses to discuss tentative oil cap

DUBAI, United Arab Emirates (AP) — Dodging reporters’ questions, the United Arab Emirates’ energy minister refused Wednesday to discuss a proposed cap to crude oil production agreed to by four oil-producing countries the day before, raising new questions about the proposal aimed at stabilizing global prices. Minister Suhail Mohamed al-Mazrouei’s stance suggests regional rivalries also may be in play, as ...

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Russia, Saudis tentatively offer to freeze oil production levels

Russia, Saudis tentatively offer to freeze oil production levels

DUBAI, United Arab Emirates — Russia’s energy minister said Tuesday that his country has agreed with OPEC members Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same. The ministry quoted Energy Minister Alexander Novak announcing the decision following an unexpected, closed-door meeting involving the four countries in the Qatari capital, Doha. The meeting ...

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Shale boom leads US to first annual trade surplus with OPEC

In 2015, the United States recorded an annual trade surplus with the Organization of the Petroleum Exporting Countries. For the first time ever in trading with OPEC, exports exceeded imports. The United States finished $6.6 billion in the black, according to the U.S. Bureau of Economic Analysis data. More than $72 billion worth of goods were exported to OPEC countries, ...

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Russia: No firm plans to coordinate oil output with OPEC

Russia: No firm plans to coordinate oil output with OPEC

MOSCOW (AP) — The Kremlin says there are no concrete plans to cut oil output in coordination with major producers Saudi Arabia and OPEC. Spokesman Dmitry Peskov told reporters on Thursday that Russia is “actively discussing the instability of oil markets,” with Saudi Arabia and OPEC, but, as of yet, there are no conclusions from the talks. On Wednesday, the ...

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US stocks are little changed in early trade; oil price rises

NEW YORK — U.S. stocks are wavering between small gains and losses Thursday morning following a sharp sell-off the day before. The price of oil is climbing for the third consecutive day as key oil-producing nations discuss cuts in production. Strong earnings are propelling Facebook and Under Armor higher. KEEPING SCORE: The Dow Jones industrial average was off 22 points, ...

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