The Organization of the Petroleum Exporting Countries meeting in Vienna just got a lot more interesting. Saudi Arabia's new oil minister Khalid Al-Fali wants to show a softer side and repair diplomatic damage done that the failed “Doha Initiative.” He said that the Kingdom will back an oil production ceiling at today’s meeting.
City of London Police has seized $22 million six weeks after arresting a City broker on suspicion of using the futures market to launder money from a Russian organised crime group. Detectives took possession of the four cheques under the Proceeds of Crime Act (POCA) from a clearing firm, located in the Square Mile, after the company closed down the suspect’s five trading accounts.
Internal differences are killing OPEC and its ability to influence the markets has all but evaporated, top Russian oil executive Igor Sechin told Reuters in some of his harshest remarks ever about the oil cartel.
World stocks rose to their highest level in more than four months on Thursday and the dollar chalked up a third day of gains as markets took a positive view ahead of top policymaker and oil producer meetings.
Russia believes an oil price at $45-$50 per barrel is acceptable to allow the global oil market to balance, as it prepares to meet leading oil producers in Doha later this month, sources familiar with Russian plans said on Wednesday.
Global oil inventories are forecast to increase by an annual average of 1.6 million barrels per day in 2016 and by an additional 0.6 million b/d in 2017. These inventory builds are larger than previously expected, delaying the rebalancing of the oil market and contributing to lower forecast oil prices.
Crude oil prices rose on reports that the Russian Oil Minister said that a “critical mass” of oil producers had agreed to freeze production, but will it be enough as U.S. oil supplies continue to rise?
Russian oil companies have agreed not to increase oil production this year following preliminary deal between Russia, Saudi Arabia, Qatar and Venezuela reached last month, President Vladimir Putin told a meeting with the country's top oil firms.