Russians, Saudis have capacity to ramp up oil output: Russian energy minister
Saudi Arabia and Russia both have the capacity to steeply increase oil production, Russian Energy Minister Alexander Novak said on Wednesday, and he said he was not confident exporters would be able to agree on freezing their output by June.
Oil rises as Kuwaiti strike cuts output for third day
Oil prices jumped more than 3 percent on Tuesday after a strike by workers in Kuwait nearly halved the OPEC member's crude production, overshadowing bearish sentiment after Sunday's failure by producers to agree to freeze output levels.
Saudi-Iran tensions scupper deal to freeze oil output
A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices.
OPEC cuts 2016 oil demand growth forecast, warns of more
OPEC on Wednesday cut its forecast for global oil demand growth in 2016 and warned of further reductions citing concern about Latin America and China, pointing to a larger supply surplus this year.
Band plays on, as global oil glut leaves supertankers in a huge jam
It may be the world's biggest traffic jam.
Brent hovers just below $45, hits five-month high on reports of oil output freeze deal
Global oil prices hit five-month highs on Tuesday, hovering just under $45 a barrel after a report that top producers Russia and Saudi Arabia have agreed to freeze output ahead of a much-anticipated producers meeting on Sunday.
Russia sees oil price of $45-$50 per barrel 'acceptable' as it prepares for freeze deal - sources
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.
Oil edges up after Kuwait talks up output freeze plan
Oil prices edged higher on Tuesday after Kuwait's insistence that major producers will agree to freeze output this month even as Iran balks at the plan.
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