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 daily basis and it is pretty much […]

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 in Algiers last month to limit output […]

By hellenicshippingnews The chain of meetings, starting with ministers in Istanbul next week, signal that unlike in the first half of 2016, the exporting group is more serious now about managing the global supply glut and propping up prices. First up, OPEC energy ministers will be meeting each other and Russian officials for informal talks […]

By hellenicshippingnews Saudi Arabia welcomed an agreement reached in Algiers last week on restraining oil output, and said it hoped for further cooperation between oil producers inside and outside OPEC to help the interests of producers and consumers. “The council of ministers stressed the kingdom's keen desire for the stability of the international oil market […]