Page 3 - Oil Supply

Oil prices decline, heading for biggest weekly drop since month of May

Oil prices fell on Friday, heading for their biggest weekly drop since at least May as expectations of more supplies spooked investors, with OPEC likely to add output

Oil falls over 1%; extends losses as investors brace for more supplies

Oil prices fell more than 1% on Thursday, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as US fuel stocks rose

Oil prices drift sideways as investors await OPEC+ decision on supply cuts

Oil prices traded sideways on Thursday as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year

US resumes calls to Saudi Arabia as OPEC+ debates increase or rollover

Trump insisted OPEC raise production to prevent prices from spiking too high

Oil prices slip as Suez Canal opens, focus turns to OPEC+ output cuts

Brent crude was down 50 cents, or 0.8%, at $64.48 a barrel by 0851 GMT. US oil was off by 58 cents, or 0.9%, at $60.98 barrel

India to buy oil from cheapest supplier on favourable terms, says Pradhan

UAE, Kuwait and Nigeria -- some of the biggest suppliers of oil to India -- are all OPEC members

A ship stuck in Suez

On Tuesday morning, the container ship Ever Given ran aground while navigating the Suez Canal. It swung sideways, blocking almost the entire channel. It hasn't been refloated yet

India calls Saudi Arabia's advice on tapping stored oil 'undiplomatic'

India, the world's third-biggest oil importer and consumer, has asked refiners to speed up diversification and cut reliance on Middle Eastern oil

Iraq's SOMO awards fuel oil supply contracts to Chevron, Reliance

Iraqi state-owned marketer SOMO has finalised a term contract to supply 750,000 tonnes of straight-run fuel oil (SRFO) per month from April to September, three fuel oil trade sources said

Oil extends losses in post-settlement trade on oversupply worries

Oil prices plunged about 6% on Tuesday, falling even lower in post-settlement trade, as concerns over new pandemic curbs and slow vaccine rollouts in Europe added to oversupply uneasiness

OPEC+ compliance with oil production cuts in October seen at 101%

OPEC+ is due to meet next on Nov. 30 and Dec. 1, following a high-level ministerial meeting on Tuesday

Libyan Commander Khalifa Haftar committed to ending oil blockade: US

The statement said the eastern-based Libyan National Army (LNA) had conveyed "the personal commitment of General Haftar to allow the full reopening of the energy sector no later than Sept. 12"

Oil slips in Asian market as traders eye easing in supply cut at OPEC meet

Brent crude fell 27 cents to $42.97 a barrel by 0114 GMT while US West Texas Intermediate crude was at $40.27 a barrel, down 28 cents

Opec, Russia meet to extend record oil supply cuts, push for compliance

An extension to cuts was contingent on high compliance, three Opec sources told Reuters

Putin, Donald Trump discuss cooperation on coronavirus, oil: Kremlin

"The heads of state expressed serious concern regarding the scope of the spread of the coronavirus in the world," the Kremlin said in a statement

Oil may touch $100/barrel if Saudi fails to resume oil supply: Analysts

Industry sources have said it may take weeks to bring production fully online

Saudi committed to remain a reliable oil supplier to India: Pradhan

Oil Minister Dharmendra Pradhan on a three-nation visit courted the new Saudi Arabian minister in Jeddah

Oil demand concerns overdone, Brent to rally above $70 per bbl: Goldman

Demand is off to a strong start in 2019, with recent oil data suggesting current demand concerns should ease further, Goldman said

OPEC waiting for Russia before deciding how much oil production to cut

OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction

Opec seeks 'sufficient cut' to prop up plunging crude oil prices: Saudi

We're looking for a sufficient cut to balance the market, equally distributed between countries, said Opec