OPEC chief Suhail al-Mazrouei said he expected the global oil market to be balanced this year, as producers continue to trim production following a 2014 market crash.
OPEC Secretary-General Mohammad Barkindo told CNBC on Tuesday he has President Vladimir Putin’s word that Russia will not flood the oil markets.
The global oil market will likely show a surplus, as rising US supply offsets OPEC’s discipline in maintaining its production cuts for the whole of next year.
IEA chief said the global oil market could tighten towards the second half of 2018 if demand remains robust and key producers continue their current policies.
Saudi Aramco have never been linked to developments in the oil market, its chief executive told Al Arabiya television.
Saudi Oil Minister Khalid al-Falih said in Baghdad that the global oil market is improving and stabilising.
Oil markets jumped as Iraqi forced entered Kirkuk, taking territory from Kurdish fighters and raising concerns over OPEC’s second-largest producer.
Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel.
Oil prices rallied for a third straight session as the Organization of the Petroleum Exporting Countries (OPEC) said the oil market showed signs of rebalancing.
Petrol pump dealers have deferred till month-end their planned 'no-purchase, no-sale' agitation against daily revision in fuel prices.
Provident Housing Ltd enters Goa with Adora de Goa an Integrated Resort distric
Project is expected to deliver a Sales Volume of close to Rs 1000 cr over the next 5 years
Group is entering into a management contract with The Park Hotels
Rare Enterprises Buys 3 Cr Shares At Rs 18.37/Sh
Attracts 26 bidders for 51% stake quoting bids between Rs 8000-10,000 Cr
Firms such as ITC, Patanjali Ayurved, Emami Group and Aion Cap are among the bidders
Bidders are bullish on the sector after Govt raise import duties on certain vegetable oils
The govt announced in the budget a hike in import duty to 30-35%
TPG Cap and Manipal Health are eyeing controlling stake in the co
Likely to lead to 2 simultaneous open offers leasing to premium offers to attract investors
Will have to buy at least 26% stake through Voluntary open offer as part of takeover code
A 26% shareholding will automatically trigger the mandatory open offer for additional 20%
Business Standard Reports
TRAI issues show-cause notice to co
Seeks details of non-transparent, discriminatory tariffs to consumers
Have to respond till Mar 25
Action to depend on if tariff reported to regulator or not
Notice first one after TRAI issued tariff order on predatory pricing
Economic Times Reports