Posts Tagged ‘Opec’

Global oil supply glut to ‘shrink dramatically’ this year: IEA

(Media Release) A global oil glut that has sent prices tumbling is set to “shrink dramatically” later this year, as wildfires have disrupted Canada’s output and demand in India soars, the International Energy Agency (IEA) said Thursday. Demand for oil worldwide is set to grow at a “solid” rate in 2016, with India the “star […]

Oil prices in reverse amid Opec call

(Media Release) Oil prices tumbled again on Monday, eroding last week’s gains, as Opec called for co-operation from oil-producing nations outside the cartel. Brent crude fell 2.6% to $31.34 a barrel following a 10% rise on Friday, while US oil shed 95 cents to $31.24. The slide came as the head of Opec called for […]

Opec holds oil production as BP says energy demand rose

FOR IMMEDIATE RELEASE Oil consumption rose by its fastest rate since 2004 last year, according to the latest statistics from BP. The news came as members of the Opec oil cartel failed to agree on increasing oil production as a way of lowering prices. Analysts had expected the Vienna meeting to raise output. As a result, […]

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