The leader of Saudi Arabia promised President Donald Trump that he can boost oil
production if needed and the country has 2 million barrels per day of spare capacity available.
OPEC and Russia have agreed to extend oil production cuts until the end of 2018.
The move extends an existing deal between the oil producers to
Saudi Arabia and Russia have agreed to pump less through until March 2018 to further cut the huge amount of oil in storage around the world.
Oil prices have been on a roller coaster ride from oversupply worries, strong opinion poll numbers for French centrist Macron boosted share prices.
OPEC and non-OPEC oil producers discuss production cut extension
Oil prices have tumbled following an OPEC report that stocks are rising worldwide, despite an agreement to reduce output to try to push up prices.
Saudi Arabia reportedly wants crude oil to rise to around $60 a barrel this year to encourage new investment but not boost US shale oil output.
Oil prices jump on word that OPEC producers have achieved over 90 percent of the output cuts they had pledged.
Oil prices hit their highest in 18 months on hopes the deal between OPEC and non-OPEC members to cut production will reduce a glut of crude.
Business Line considers the details of the agreements reached by oil producers from OPEC and other countries to cut output. Will it boost oil prices?
Russia is moving forward with its plans to become a major investor in Iran through initial agreements covering various industries, particularly oil.
Global oil demand will rise more strongly than expected in 2016 and 2017 the International Energy Agency has said.
Oil hit an 18-month high after OPEC and some of its rivals agreed to jointly reduce output to try to tackle global oversupply and boost prices.
Oil prices extended gains for a second session running on Friday – fuelled by optimism that non-OPEC producers will agree to reduce output following a cartel agreement to limit…
Brent goes through 54$, WTI 51$, oil hitting year highs
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.
The oil price continues to fall on doubts OPEC will agree production cuts.
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.
Russia's President Putin says it is ready to join a proposed freeze of oil output by OPEC members but did not say at what level it would cap output.
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.
OPEC has agreed to cut its oil output for the first time since 2008.
Saudia Arabia has softened its stance on Iran pumping more oil, but an OPEC deal to freeze output remains elusive.
European stock markets are suffering a nervous Monday as investors sold off energy company and bank shares - with Deutsche Bank the biggest loser.
In this edition of Business Line we look at the chances of OPEC and non-member producers, including Russia, reaching an agreement on limiting oil production.
Oil prices jumped on Monday after Venezuela's President Nicolas Maduro said OPEC and non-OPEC countries are close to reaching a deal to stabilise markets.
Oil prices were down again on Tuesday following pessimistic predictions about the growth in demand from the International Energy Agency.