United States

Rania El Gamal

OPEC, Russia rebuff Trump's call for immediate boost to oil output

3:34am EDT

ALGIERS OPEC's leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump's calls for action to cool the market.

Exclusive: OPEC and allies consider oil output boost as Iranian supply falls - source

Sep 21 2018

ALGIERS OPEC and other oil producers are discussing the possibility of raising output by 500,000 barrels per day (bpd) to counter falling supply from Iran because of U.S. sanctions, a source familiar with the discussions told Reuters.

OPEC unlikely to agree official output increase in Algeria, but pressure mounts

Sep 20 2018

DUBAI OPEC and its allies are unlikely to agree an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent a spike in oil prices ahead of new U.S. sanctions on Iran, OPEC sources said.

OPEC, non-OPEC panel to discuss sharing oil-output boost

Sep 07 2018

DUBAI/LONDON An OPEC and non-OPEC technical committee will later this month discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer group after it decided in June to ease supply curbs.

Saudi Arabia aims to keep crude in $70 to $80 band: sources

Sep 05 2018

DUBAI/LONDON Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world's biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections, OPEC and industry sources said.

UAE's Brooge Petroleum aims for London listing before year end- sources

Sep 04 2018

DUBAI/ABU DHABI UAE-based Brooge Petroleum and Gas Investment Co (BPGIC) plans to raise $400 million (311.69 million pounds) in an initial public offering in London, which could be potentially launched before the end of this year, three sources familiar with the deal said.

OPEC, non-OPEC seek to formalize oil policy coordination: draft charter

Aug 30 2018

DUBAI OPEC and non-OPEC oil producers will aim to formalize their long-term cooperation later this year by approving a charter that will make possible further joint action on output, according to a draft charter seen by Reuters.

RPT-Iraq's SOMO close to JV with China's Zhenhua to boost crude sales

Aug 27 2018

* JV could help China replace Iran, U.S. oil imports, if needed

Iraq's SOMO close to JV with China's Zhenhua to boost crude sales

Aug 27 2018

BEIJING/DUBAI Iraq's state oil marketer SOMO is close to a deal with China's state-run Zhenhua Oil to boost the OPEC member's crude oil sales to the world's top oil importer, four sources with knowledge of the matter said.

World News

As U.S. sanctions near, Europe fails to protect Iran deal

At a meeting in Washington after Donald Trump pulled out of the Iran nuclear deal in May, a senior U.S. official told European diplomats that their efforts to save the deal by protecting EU investment in the Islamic republic were pointless.