Global Energy Industry News

Oil falls from one-year highs as investors question OPEC deal

October 11, 2016
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By hellenicshippingnews Oil fell back from one-year highs on Tuesday, knocked by concern that a production cut by the world’s largest exporters might not be enough to erode a two-year old global surplus of unwanted crude oil. Oil prices jumped as much as 3 percent […]

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Oil Agreement Could Bring Market Into Balance Sooner, Says IEA Executive

October 11, 2016
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By hellenicshippingnews An agreement between oil producers to curtail their output could bring the market back into balance sooner than expected, but significant questions remain over how such a deal would be implemented and its longer-term impact, The International Energy Agency’s executive director said. The IEA […]

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BP CEO: Oil market is in balance

October 11, 2016
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By hellenicshippingnews “The oil market is “pretty much in balance,” Bob Dudley the chief executive of BP has told CNBC. Speaking at the World Energy Conference in Istanbul he said the current oil price was giving producers a little more breathing room. “We look at it on a […]

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Vitol sees no oil market supply balance before second half of 2017

October 11, 2016
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By hellenicshippingnews The oil market may see supply and demand rebalance if OPEC and Russia deliver a meaningful enough production cut, but it will still take until the second half of 2017, Vitol chief executive Ian Taylor said on Monday. The Organization of the Petroleum Exporting Countries agreed […]

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