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OPEC

Business

Oil prices hit 18-month high on production cut hopes

Oil prices hit their highest in 18 months on hopes the deal between OPEC and non-OPEC members to cut production will reduce a glut of crude.

Oil prices hit their highest in 18 months on hopes the deal between OPEC and non-OPEC members to cut production will reduce a glut of crude.

Business

OPEC and Russia oil cut deals promise to address supply glut

Business Line considers the details of the agreements reached by oil producers from OPEC and other countries to cut output. Will it boost oil prices?

Business Line considers the details of the agreements reached by oil producers from OPEC and other countries to cut output. Will it boost oil prices?

Business

Russia signs oil development deals with Iran

Russia is moving forward with its plans to become a major investor in Iran through initial agreements covering various industries, particularly oil.

Russia is moving forward with its plans to become a major investor in Iran through initial agreements covering various industries, particularly oil.

Business

Oil prices spike on promises to pump less

Oil hit an 18-month high after OPEC and some of its rivals agreed to jointly reduce output to try to tackle global oversupply and boost prices.

Oil hit an 18-month high after OPEC and some of its rivals agreed to jointly reduce output to try to tackle global oversupply and boost prices.

Business

Oil extends gains ahead of OPEC talks

Oil prices extended gains for a second session running on Friday – fuelled by optimism that non-OPEC producers will agree to reduce output following a cartel agreement to limit…

Oil prices extended gains for a second session running on Friday – fuelled by optimism that non-OPEC producers will agree to reduce output following a cartel agreement to limit…

Business

OPEC agrees first production cut in eight years

OPEC gets its act together in first co-ordinated action in ages and agrees production cut, but analysts say no oil price shock is on the cards.

OPEC gets its act together in first co-ordinated action in ages and agrees production cut, but analysts say no oil price shock is on the cards.

Business

Oil prices surge up on output cut hopes

Oil prices rose to three-week highs on Monday amid expectations that OPEC is moving close to a deal to cut output when it meets next week.

Oil prices rose to three-week highs on Monday amid expectations that OPEC is moving close to a deal to cut output when it meets next week.

Business

Scepticism mounts over OPEC production cut move

Oil producers in the OPEC cartel have agreed they need to cut production to address a supply glut and lift prices - but the devil is in the details.

Oil producers in the OPEC cartel have agreed they need to cut production to address a supply glut and lift prices - but the devil is in the details.

Business

Glut alert! Oil demand slowing, production still high

Oil prices were down again on Tuesday following pessimistic predictions about the growth in demand from the International Energy Agency.

Oil prices were down again on Tuesday following pessimistic predictions about the growth in demand from the International Energy Agency.

Business

Saudi Arabia and Russia signed an oil deal - but what does it mean?

Saudi Arabia and Russia have agreed to cooperate over oil, with a task force to recommend measures and actions, but no immediate action by the world's two top producers.

Saudi Arabia and Russia have agreed to cooperate over oil, with a task force to recommend measures and actions, but no immediate action by the world's two top producers.

Business

Oil production freeze speculation increases

A freeze of oil output by major producers is looking more likely as Saudi Arabia signals a change in approach ahead of an OPEC meeting in Algeria later this month.

A freeze of oil output by major producers is looking more likely as Saudi Arabia signals a change in approach ahead of an OPEC meeting in Algeria later this month.

Business

Oil dips below $50 a barrel as production limit hopes fade

Crude oil prices have slipped back after hitting an eight-week high following their longest run of gains in four years in the belief that a limit on output will not be agreed by producers.

Crude oil prices have slipped back after hitting an eight-week high following their longest run of gains in four years in the belief that a limit on output will not be agreed by producers.

Business

OPEC fails to agree on limiting output, denies it is 'dead'

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.

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.

Business

IEA oil forecast brightens

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.

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.

Business

Cheap oil and the music industry's digital revolution

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.

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.

Business

Iran cool on oil production freeze plan

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.

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.

Business

Saudi Arabia and Russia agree oil output freeze but only if others do the same

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.

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.