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OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC agreed to keep oil production restrained until early next year. Saudi Arabia and Russia have instead signed up for eternity. OPEC will extend production cuts into 2020. Oil surged to a five-week high after Saudi Arabia and Russia signaled their support. OPEC+ will agree to extend production cuts for at least another six months...

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Oil halts record losing streak as Saudis advocate supply cuts

Oil halts record losing streak as Saudis advocate supply cuts

Oil prices fell nearly 1 percent on Friday as global supply increased and investors worried demand growth could slow, pressuring U.S. crude to its longest stretch of daily declines since 1984. Crude futures benchmarks have slid about 20 percent or more since peaking in early October. Oil climbed the most in 2 1/2 weeks, halting...

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OPEC should boost crude production at next meeting, the IEA says

OPEC should boost crude production at next meeting, the IEA says

OPEC and its allies appear to have accomplished their mission of reducing global oil stocks to desired levels, the International Energy Agency said on Friday, signalling that the market could become too tight if supply remains restrained. OPEC must decide to boost oil output at its next meeting to “comfort” a tightening market, said the...