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Oil supply News

03 Oct 2019

Saudi Arabia has restored oil output after attacks, focussed on Aramco IPO

Saudi Arabia has fully restored oil output after attacks on its facilities last month and is now focussed on the listing of Saudi Aramco, its energy minister Prince Abdulaziz bin Salman said.

16 Sep 2019

Saudi Arabia shuts pipeline to Bahrain after oil outage: Trade sources

Saudi Arabia has shut down its crude oil pipeline to Bahrain after attacks on Saudi oil facilities, two trade sources told Reuters on Monday.

15 Sep 2019

Attack on Saudi Arabia's oil facilities knock out half of the kingdom's supply

Yemen’s Iran-aligned Houthi group said it attacked two plants at the heart of Saudi Arabia’s oil industry on Saturday, knocking out more than half the Kingdom’s output, in a move expected to send oil prices soaring and increase tensions in the Middle East.

13 Nov 2017

Oil steady near two-year highs, US supply increase caps rise

Middle East tensions have supported the market, despite concerns that output could rise further.

26 Sep 2017

Oil rises to 26-month high; Turkey threatens to cut Kurdistan oil pipeline

London Brent crude for November delivery was up 1 cent at USD 59.03 a barrel after settling up 3.8 percent on Monday. Earlier it rose to USD 59.49, the highest since July 10, 2015.

22 Apr 2017

Oil off on supply fears; stocks slip before French election

Oil prices fell on Friday as oversupply concerns resurfaced, while the euro and stocks slipped ahead of the first round of the French presidential election on Sunday.

29 Sep 2016

OPEC supply cut deal to add as much as $10 to H1 2017 oil prices: Goldman

Goldman Sachs said the deal reached by OPEC crude producers on Wednesday to curb output should add $7 to $10 to oil prices in the first half of next year.

Iranian crude oil

20 Sep 2016

India set to buy Iran oil for emergency reserves

India is set to buy 6 million barrels of Iranian crude for its strategic oil reserves as negotiations with the United Arab Emirates` national oil company for supplies are stuck over commercial terms, industry sources said.

13 Jul 2016

Oil prices dip in Asia as oversupply worries return

Oil prices turned lower again in Asia on Wednesday after data indicated a rise in US stockpiles, reigniting concerns about a supply glut, while profit-takers stepped in after the previous day's surge.

06 Oct 2015

Oil prices hold above $46 ahead of US inventories report

A decline in US drilling activity has supported prices recently, fuelling hopes a fall in production would help ease the global crude supply glut.

25 Aug 2015

Oil rallies but still near 6-1/2-year lows

European share markets recovered on Tuesday but Chinese stock markets closed down more than 7 percent, with panic selling intensifying after the Shanghai Composite Index crashed through key support at 3,000 points.

05 Jun 2015

OPEC agrees to keep pumping as oil glut fears persist

Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.

17 Apr 2015

Oil slips below $64 as ample supplies weigh

Oil eased below $64 a barrel on Friday as evidence this week of rising crude supplies from OPEC members outweighed signs of a slowdown in U.S. output and Middle East tensions.

19 Mar 2015

Oil falls to $55 as Kuwait comments refocus on oversupply

Brent had rallied by more than $2 a barrel on Wednesday after the Federal Reserve indicated it would raise U.S. interest rates slower than previously thought, overshadowing data showing U.S. crude stocks at a record level.

07 Jan 2015

Brent oil drops under $50 per barrel for first time since 2009

European benchmark Brent oil sank under USD 50 per barrel on Wednesday for the first time since 2009, hit by OPEC`s production stance, oversupply, weak demand and the strong dollar.

07 Jan 2015

Brent crude falls below $50 per barrel, lowest since May 2009

Oil prices hit fresh five-and-a-half-year lows on Wednesday as global business growth slowed to its weakest level in a year and analysts said a building supply glut meant that more falls were likely before a rebound.

27 Nov 2014

OPEC keeps oil output on hold despite low prices

Reflecting its lessening oil clout, OPEC decided on Thursday to keep its output target on hold and sit out falling crude prices that will likely spiral even lower as a result.

26 Nov 2014

OPEC looks for help to tackle oil supply glut

OPEC needs non-cartel members to help address an oil supply glut that is set to grow next year, Iran`s oil minister said here Wednesday.

12 Aug 2014

Oil falls below $104 as output, supplies seen stable despite Iraq tensions

September Brent crude fell $1 to $103.68 a barrel after 0700 GMT. The contract on Monday fell 34 cents to close at $104.68.

12 Aug 2014

Oil prices down on ebbing supply fears

Disruptions in supply to neighbouring Turkey and Jordan have hit Iraq hard as it is heavily dependent on oil revenues while spending more to battle the Islamic State.

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