Showing 11 results for 'opec'
Articles (x) Videos (x)
OPEC has failed to agree on limiting output which would have boosted the price of crude but Saudi Arabia promised not to flood the oil market with extra barrels.
The International Energy Agency is no longer so concerned about the oil market "drowning in supply" this year and says unplanned disruptions to output could help run down the global glut of crude.
In this edition of Business Line we look in depth at the major oil producers attempts to stop prices falling and why they failed, plus the good news for the music industry from the digital revolution.
Oil price tumbled on Monday and OPEC's credibility has been seriously undermined with the failure of talks to try to freeze the production of crude.
Oil prices continue to be pulled down by the lack of a deal between OPEC and other countries to freeze production.
OPEC is very unlikely to cut oil output at its next meeting in June, even if crude prices remain extremely low, according to OPEC sources and delegates
Iran has said it supports in principle the freezing of oil production but stopped short of offering to limit its output in response to a Saudi and Russian proposal aimed at pushing up prices.
Saudi Arabia, Russia, Venezuela and Qatar have agreed to freeze their country's oil output, but only if other major producers do the same. There will now be talks with Iran and Iraq.
The International Energy Agency thinks oil prices won't rise significantly this year as declines in US output take time and OPEC is unlikely to agree with other producers to cut output.
The bad news keeps pouring out of the oil industry. BP suffered its biggest loss in 20 years and Exxon Mobil has reported its smallest quarterly profit in more than a decade.
Russian Energy Minister Alexander Novak has confirmed that Saudi Arabia had proposed oil producing countries cut production by up to 5 percent each in order to support weak oil prices.