global glut

 
 

Saudis offer extra oil in Asia as Opec leader pumps more

SINGAPORE, July 16 — Evidence is mounting that Saudi Arabia is heeding US President Donald Trump’s call for Opec to keep the oil market amply supplied and rein in prices. The Middle East kingdom is offering extra crude volumes on top of its…


There are fears about an oil spike above US$150

HONG KONG, July 6 — Oil investors may regret urging companies to cough up cash now instead of investing in growth for later as the dearth of exploration is setting the stage for an unprecedented crude price spike, according to Sanford C. Bernstein…


All eyes on Opec as Trump gripes over prices

NEW YORK, June 13 — Just nine days before a big Opec meeting, US President Donald Trump joined the oil-market fray yesterday, blaming the group for high prices. “Oil prices are too high, Opec is at it again. Not good!” the US president said on…


Oil mixed as Opec cites uncertain market outlook for 2018

NEW YORK, June 13 — Oil prices were mixed yesterday, with US crude settling higher before falling in post-settlement trading, and Brent slipping as investors prepared for a key meeting of the Opec producer group next week. Brent crude futures fell…


Oil rides best weekly winning streak since 2011 on flaring risks

LONDON, May 18 — Oil in London is set for the longest weekly run of gains in seven years on growing concerns over supply disruptions from the Middle East to Venezuela and on signs a global glut has dwindled. Brent futures are heading for a sixth…


Oil nears US$80 in London amid falling stockpiles and Iran risks

SEOUL, May 17 — Oil traded at a three-year high in London near US$80 (RM317) a barrel as US crude inventories fell and traders braced for the impact of renewed sanctions on Opec member Iran. Brent futures added 0.7 per cent. US crude stockpiles…


UAE sees Opec oil capacity ‘buffer’ offsetting Iran sanctions

ABU DHABI, May 13 — Opec has enough spare production capacity to cushion oil markets if the US re-imposes sanctions on Iran, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Three members of the Organisation of Petroleum…


US crude edges toward US$70 as traders brace for Iran decision

NEW YORK, May 7 — Oil futures in New York were on the verge of passing US$70 (RM276) a barrel for the first time since November 2014 as traders braced for a re-imposition of US sanctions on Iran. Prices added as much as 0.3 per cent to US$69.91 a…


Crude nears US$70 with traders on edge ahead of Iran deal decision

NEW YORK, May 5 — Oil futures in New York zeroed in on US$70 (RM275.84) a barrel as traders brace for a re-imposition of US sanctions on Iran. Prices jumped 1.9 per cent yesterday to close at the highest level since November 2014. Even though US…


Oil heads for monthly gain on Iran risks and as Opec clears glut

SEOUL, April 30 — Oil’s poised for a second monthly advance, propelled by the prospect of a disruption in Iranian supplies and as Opec closes in on its target of wiping out a global glut. Futures in New York are up 3.9 per cent this month, even…