Russia's major oil producer Rosneft and Venezuela's state oil firm PDVSA inked a deal to establish a joint venture to develop natural gas in the South American country, as stated by Rosneft on Saturday.
read more... 22/02/2016
Crude oil prices declined 4 percent on Friday, with Brent falling for a third consecutive week, as a record high in U.S. crude inventories aggravated worries that a plan to freeze output will have a low contribution in reducing massive oil supplies. A decrease in the U.S. equity market also weighed on crude. Brent crude lost $1.27, or 3.7 percent, to settle at $33.01 a barrel. U.S. crude fell $1.13, also ending 3.7 percent lower at $29.64.
read more... 22/02/2016
The United Arab Emirates (UAE) will back the initiative of top producers to freeze output levels in case of a deal by OPEC members and Russia, helping to halt a slide in crude prices that has pushed them to their lowest point in more than a decade.
read more... 19/02/2016
Brent crude ended lower on Thursday after figures indicated U.S. crude stockpiles soared to record highs eclipsed output freeze plans by top oil producers that had considerably increased the market this week. Brent crude fell 22 cents to settle at $34.28 a barrel, having boosted more than $1.20 before the data. U.S. crude rose slightly 11 cents to end at $30.77 a barrel, after an earlier peak at $31.98.
read more... 19/02/2016
Crude oil prices rebounded 7 percent on Wednesday after Iran announced it will support any effort to stabilize oil prices, including Russia- Saudi move to freeze production to deal with the market glut that dragged down prices to their weakest level in a dozen years. Brent rose by $2.32, or 7.2 percent, to settle at $34.50 a barrel. U.S. crude boosted $1.62, or 5.6 percent, to close at $30.66 a barrel.
read more... 18/02/2016