The International Energy Agency (IEA) said on Friday (August 11) it&nbsp;raised its projection for global oil demand growth in 2023 to "scaling record highs".&nbsp;

IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher.&nbsp;

The Paris-based IEA said in its monthly report noted that the world oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak".&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/country-garden-billionaire-bags-big-payouts-as-default-looms-bloomberg-624506">Country Garden billionaire bags big payouts as default looms: Report</a>&nbsp;

It said, "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day."&nbsp;

The IEA said that China accounted for 70 per cent of growth. It further added that demand in the Asian giant was "also stronger than expected, reaching fresh highs despite persistent concerns over the health of the economy".&nbsp;

The IEA said: "World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity."&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/china-slides-towards-deflation-with-breakfast-buffets-costing-just-40-cents-624488">China slides towards deflation, with breakfast buffets costing just 40 cents</a>&nbsp;

The agency said that the projected increase in global demand in 2023 will be the "highest ever annual level," having already anticipated an annual record for the year of 101.9 million barrels per day in February.&nbsp;

The increasing demand for oil comes amid tensions in world markets as global oil supply plunged in July. A sharp reduction in production by Saudi Arabia last month to help prop up prices saw output from the 23-nation OPEC+ alliance fall 1.2 million barrels per day, to 50.7 mb/d.&nbsp;

(With inputs from agencies)

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The International Energy Agency (IEA) said on Friday (August 11) it raised its projection for global oil demand growth in 2023 to "scaling record highs". IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher.

The International Energy Agency (IEA) said on Friday (August 11) it raised its projection for global oil demand growth in 2023 to "scaling record highs". IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher. The Paris-based IEA said in its monthly report noted that the world oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak". Also read: Country Garden billionaire bags big payouts as default looms: Report It said, "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day." The IEA said that China accounted for 70 per cent of growth. It further added that demand in the Asian giant was "also stronger than expected, reaching fresh highs despite persistent concerns over the health of the economy". The IEA said: "World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity." Also read: China slides towards deflation, with breakfast buffets costing just 40 cents The agency said that the projected increase in global demand in 2023 will be the "highest ever annual level," having already anticipated an annual record for the year of 101.9 million barrels per day in February. The increasing demand for oil comes amid tensions in world markets as global oil supply plunged in July. A sharp reduction in production by Saudi Arabia last month to help prop up prices saw output from the 23-nation OPEC+ alliance fall 1.2 million barrels per day, to 50.7 mb/d. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

International Energy Agency says oil demand going up, prices could rise further this year

A senior Democratic lawmaker has raised concerns that Saudi Arabia might share sensitive US defense technology with Russia. This comes after the kingdom’s recent decision to side with Moscow over the interests of the US. In an interview with Guardian, Richard Blumenthal, a member of the Senate armed services committee, said he would “dig deeper into the risk” in discussions with the Pentagon.

The Senate armed services committee had proposed a one-year freeze on weapons sales to Saudi following Opec+’s decision to cut oil production.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/us-looking-for-alternatives-after-opec-disappointment-may-ease-venezuela-sanctions-523120">US looking for 'alternatives' after OPEC 'disappointment'</a>

“I want some reassurances that they are on top of it and if there are risks, I want to determine what can be done to mitigate those risks immediately,” Blumenthal said.

Washington isn't happy with Opec+’s decision to begin cutting oil production next month by two million barrels a day. The Saudi monarchy and Democrats in Washington seem to be at loggerheads over the matter. The decision sent indications that Saudi is siding with Russia in the Ukraine war, besides hitting the Biden administration hard before next month's mid-term elections. The reduction in oil output will lead to an increase in gas prices.

Biden even warned that Saudi would face “consequences” for the move. On Sunday, the White House national security adviser, Jake Sullivan, said Biden will “methodically” work towards re-evaluating the relationship with Saudi Arabia. However, changes to security assistance to the major oil producer are likely.

Also Read |&nbsp;<a href="https://www.wionews.com/world/opec-decision-of-output-cut-not-aimed-against-us-says-saudi-arabia-525212">OPEC decision of output cut not aimed against US, says Saudi Arabia</a>

Blumenthal informed that a primary area of concern was to make sure that Russia doesn't benefit from the sensitive technology that has been shared with US partners in Riyadh.

“We are going to be consulting with the Pentagon, speaking to them very frankly about their assessment of the risk in the transfer of technology in advanced weapons systems made already,” he said. “I am not leaping to any conclusions but it needs to be a consideration that is heightened.”

While the Republicans haven't said much on the matter till now, Blumenthal expects bipartisan support for measures to curb weapons sales and the issue is likely to be taken up formally next month.

(With inputs from agencies)

&nbsp;

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A senior Democratic lawmaker has raised concerns that Saudi Arabia might share sensitive US defense technology with Russia. This comes after the kingdom’s recent decision to side with Moscow over the interests of the US.

A senior Democratic lawmaker has raised concerns that Saudi Arabia might share sensitive US defense technology with Russia. This comes after the kingdom’s recent decision to side with Moscow over the interests of the US. In an interview with Guardian, Richard Blumenthal, a member of the Senate armed services committee, said he would “dig deeper into the risk” in discussions with the Pentagon. The Senate armed services committee had proposed a one-year freeze on weapons sales to Saudi following Opec+’s decision to cut oil production. Also Read | US looking for 'alternatives' after OPEC 'disappointment' “I want some reassurances that they are on top of it and if there are risks, I want to determine what can be done to mitigate those risks immediately,” Blumenthal said. Washington isn't happy with Opec+’s decision to begin cutting oil production next month by two million barrels a day. The Saudi monarchy and Democrats in Washington seem to be at loggerheads over the matter. The decision sent indications that Saudi is siding with Russia in the Ukraine war, besides hitting the Biden administration hard before next month's mid-term elections. The reduction in oil output will lead to an increase in gas prices. Biden even warned that Saudi would face “consequences” for the move. On Sunday, the White House national security adviser, Jake Sullivan, said Biden will “methodically” work towards re-evaluating the relationship with Saudi Arabia. However, changes to security assistance to the major oil producer are likely. Also Read | OPEC decision of output cut not aimed against US, says Saudi Arabia Blumenthal informed that a primary area of concern was to make sure that Russia doesn't benefit from the sensitive technology that has been shared with US partners in Riyadh. “We are going to be consulting with the Pentagon, speaking to them very frankly about their assessment of the risk in the transfer of technology in advanced weapons systems made already,” he said. “I am not leaping to any conclusions but it needs to be a consideration that is heightened.” While the Republicans haven't said much on the matter till now, Blumenthal expects bipartisan support for measures to curb weapons sales and the issue is likely to be taken up formally next month. (With inputs from agencies)

US Senator cautions against Saudi Arabia sharing US defense technology with Russia

Oil prices rose on Wednesday after a report of declining US&nbsp;crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from US&nbsp;President Donald Trump.

US&nbsp;West Texas Intermediate (WTI) crude oil futures were at $55.99 per barrel at 0600 GMT, up 49 cents, or 0.9 per cent, from their last settlement.

International Brent crude futures were at $65.65 per barrel, up 44 cents, or 0.7 per cent from their last close.

US&nbsp;crude oil inventories fell by 4.2 million barrels in the week to February 22, to 444.3 million barrels, the American Petroleum Institute (API) estimated in a weekly report on Tuesday.

Official data will be released by the US&nbsp;Energy Information Administration (EIA) after 1800 GMT on Wednesday.

Oil markets have generally received support this year from supply curbs by the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-affiliated producers like Russia, known as OPEC+, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prop up prices.

And the group has indicated it will continue to withhold supply despite pressure from Trump this week to stop artificially tightening markets.

"Crude oil futures bounced as OPEC members remained firm on planned production cuts despite heightened political pressure from US&nbsp;President Trump early this week," said Benjamin Lu of Singapore-based brokerage Phillip Futures.

Trump tweeted on Monday that oil prices were getting too high for the global economy, asking OPEC to relax its supply cuts.

Despite the OPEC-led curbs, oil remains in ample supply as US&nbsp;crude production has risen by more than 2 million bpd over the past year, to a record 12 million bpd, and because demand growth is low due to a global economic slowdown and improving energy efficiency across industries.

"The OPEC+ production cuts have ... so far failed to create the tightness needed to support a continued rally," said Ole Hansen, head of the commodity strategy at Denmark's Saxo Bank.

Oil prices rose on Wednesday after a report of declining US crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from US President Donald Trump.

Oil prices rose on Wednesday after a report of declining US crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from US President Donald Trump. US West Texas Intermediate (WTI) crude oil futures were at $55.99 per barrel at 0600 GMT, up 49 cents, or 0.9 per cent, from their last settlement. International Brent crude futures were at $65.65 per barrel, up 44 cents, or 0.7 per cent from their last close. US crude oil inventories fell by 4.2 million barrels in the week to February 22, to 444.3 million barrels, the American Petroleum Institute (API) estimated in a weekly report on Tuesday. Official data will be released by the US Energy Information Administration (EIA) after 1800 GMT on Wednesday. Oil markets have generally received support this year from supply curbs by the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-affiliated producers like Russia, known as OPEC+, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prop up prices. And the group has indicated it will continue to withhold supply despite pressure from Trump this week to stop artificially tightening markets. "Crude oil futures bounced as OPEC members remained firm on planned production cuts despite heightened political pressure from US President Trump early this week," said Benjamin Lu of Singapore-based brokerage Phillip Futures. Trump tweeted on Monday that oil prices were getting too high for the global economy, asking OPEC to relax its supply cuts. Despite the OPEC-led curbs, oil remains in ample supply as US crude production has risen by more than 2 million bpd over the past year, to a record 12 million bpd, and because demand growth is low due to a global economic slowdown and improving energy efficiency across industries. "The OPEC+ production cuts have ... so far failed to create the tightness needed to support a continued rally," said Ole Hansen, head of the commodity strategy at Denmark's Saxo Bank.

Oil prices rise as OPEC resists Trump pressure to ease supply cuts

<a href="http://www.wionews.com/business-economy/oil-prices-jump-as-us-threatens-sanctions-against-venezuela-192607">Oil prices rose</a> for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation.

US West Texas Intermediate (WTI) crude futures were at $54.47 per barrel at 0758 GMT, up 24 cents, or 0.4 per cent, from their last settlement.

International Brent crude oil futures were up 36 cents, or 0.6 per cent, at $62.01 per barrel.

The price rise came after a report from the US Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States.

"Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade. EIA's weekly report showed that US imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels per day (bpd). This is the second lowest level in weekly data going back to 2010," ANZ bank said.

Saudi Arabia is the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-OPEC producers, including Russia, announced supply cuts late last year aimed at tightening the market and propping up prices.

US sanctions imposed on state-oil firm Petroleos de Venezuela SA (PDVSA) this week are also causing some supply disruptions.

Venezuela's oil inventories have started to build up at the country's ports and terminals as PDVSA is finding it cannot export crude at its usual rate due to US sanctions imposed earlier this week.

As of Wednesday, Venezuela had 25 tankers with nearly 18 million barrels of crude - representing about two weeks of the country's production - either waiting to load or expecting authorisation to set sail, shipping data showed.

Matt Stanley, a broker with Starfuels in Dubai, said the combination of US sanctions against oil producers Venezuela and Iran, the OPEC-led supply cuts, as well as hopes that the trade dispute between the United States and China could soon be resolved meant oil prices would likely rise further.

"There are just too many factors that can only cause the price to go one way and that is up," Stanley said.

Despite this, oil remains in ample supply, not least because of soaring US crude oil production, which jumped by more than 2 million bpd last year to a record 11.9 million bpd.

This shows in high US commercial crude oil stockpiles, which rose by 919,000 barrels in the week to January 25, to 445.94 million barrels, EIA data showed. Stockpiles are 6.6 per cent higher than a year ago.

Oil prices rose for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation.

Oil prices rose for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation. US West Texas Intermediate (WTI) crude futures were at $54.47 per barrel at 0758 GMT, up 24 cents, or 0.4 per cent, from their last settlement. International Brent crude oil futures were up 36 cents, or 0.6 per cent, at $62.01 per barrel. The price rise came after a report from the US Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States. "Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade. EIA's weekly report showed that US imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels per day (bpd). This is the second lowest level in weekly data going back to 2010," ANZ bank said. Saudi Arabia is the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-OPEC producers, including Russia, announced supply cuts late last year aimed at tightening the market and propping up prices. US sanctions imposed on state-oil firm Petroleos de Venezuela SA (PDVSA) this week are also causing some supply disruptions. Venezuela's oil inventories have started to build up at the country's ports and terminals as PDVSA is finding it cannot export crude at its usual rate due to US sanctions imposed earlier this week. As of Wednesday, Venezuela had 25 tankers with nearly 18 million barrels of crude - representing about two weeks of the country's production - either waiting to load or expecting authorisation to set sail, shipping data showed. Matt Stanley, a broker with Starfuels in Dubai, said the combination of US sanctions against oil producers Venezuela and Iran, the OPEC-led supply cuts, as well as hopes that the trade dispute between the United States and China could soon be resolved meant oil prices would likely rise further. "There are just too many factors that can only cause the price to go one way and that is up," Stanley said. Despite this, oil remains in ample supply, not least because of soaring US crude oil production, which jumped by more than 2 million bpd last year to a record 11.9 million bpd. This shows in high US commercial crude oil stockpiles, which rose by 919,000 barrels in the week to January 25, to 445.94 million barrels, EIA data showed. Stockpiles are 6.6 per cent higher than a year ago.

Oil prices rise on Saudi cuts to US; Venezuela struggles to keep up exports

Oil prices soared by around $1 per barrel on Friday after the United States launched dozens of cruise missiles at an airbase in Syria.

U.S President Donald Trump said he had ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched earlier this week, declaring he acted in America&#39;s &quot;national security interest&quot; against Syrian President Bashar al-Assad.

After tepid trading before the news, Brent crude futures, the international benchmark for oil, jumped by around $1 per barrel, or almost 2 percent, to $55.78 per barrel by 0237 GMT.

U.S. West Texas Intermediate (WTI) crude futures also climbed around $1 per barrel, or almost 2 percent, to $52.64 a barrel.

It was the highest level for both benchmarks since early March.

The strikes rattled global markets. While oil prices surged as traders priced in what has in the past been called a Middle East risk premium, and safe-haven products like gold jumped, stock markets and the U.S. dollar slumped.

U.S. officials said the military had fired dozens of cruise missiles against the airbase, controlled by Assad&#39;s forces, in response to a poison gas attack on Tuesday in a rebel-held area.

The Pentagon said it had informed Russia ahead of the strikes, and that it did not target sections of the base in Syria where Russian forces were believed to be present.&nbsp;

(Reuters)

Oil prices soared by around $1 per barrel

Oil prices soared by around $1 per barrel on Friday after the United States launched dozens of cruise missiles at an airbase in Syria. U.S President Donald Trump said he had ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched earlier this week, declaring he acted in America's "national security interest" against Syrian President Bashar al-Assad. After tepid trading before the news, Brent crude futures, the international benchmark for oil, jumped by around $1 per barrel, or almost 2 percent, to $55.78 per barrel by 0237 GMT. U.S. West Texas Intermediate (WTI) crude futures also climbed around $1 per barrel, or almost 2 percent, to $52.64 a barrel. It was the highest level for both benchmarks since early March. The strikes rattled global markets. While oil prices surged as traders priced in what has in the past been called a Middle East risk premium, and safe-haven products like gold jumped, stock markets and the U.S. dollar slumped. U.S. officials said the military had fired dozens of cruise missiles against the airbase, controlled by Assad's forces, in response to a poison gas attack on Tuesday in a rebel-held area. The Pentagon said it had informed Russia ahead of the strikes, and that it did not target sections of the base in Syria where Russian forces were believed to be present. (Reuters)

Oil prices jump after US launches missile strike against Syria

&nbsp;

Oil prices settled up nearly 6 per cent on Wednesday after OPEC struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since 2008 and after the market crashed on oversupply.

The Organization of the Petroleum Exporting Countries reached agreement to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of the September 26-28 International Energy Forum in Algiers, group officials told Reuters.

OPEC estimates its current output at 33.24 million bpd.

&quot;We have decided to decrease the production around 700,000 bpd,&quot; Iranian oil minister Bijan Zanganeh said.

OPEC will agree to production levels for each member country at its November 30 meeting in Vienna, group officials said. After reaching its group target, it will seek support from non-member oil producers to further ease the global glut.

Brent crude settled up $2.72, or 5.9 per cent, at $48.69 a barrel, hitting a more than two-week high of $48.96.

US West Texas Intermediate (WTI) crude rose by $2.38, or 5.3 per cent, to settle at $47.05, after a peak $47.45, its highest since September 8.&nbsp;

The oil rally spilled over into the stock market, with Wall Street&#39;s index of energy shares rising 4 per cent for its best one-day gain since January.

&quot;This is a historic deal. This is the first time OPEC and non-OPEC will agree together in over a decade. This should put a floor on oil and should see oil move back toward the $60s,&quot; Phil Flynn, analyst at Chicago-based brokerage Price Futures Group.

&quot;The cartel proved that it still matters even in the age of shale!,&quot; Flynn wrote in a market commentary. &quot;This is the end of the &#39;production war&#39; - OPEC claims victory.&quot;

Other analysts saw a selloff down the road, citing OPEC&#39;s general lack of adherence to quotas.

Oil prices have more than halved from highs above $100 a barrel in mid-2014 as surging production from US shale oil combined with other global oversupplies and OPEC output.

As oil traders looked to OPEC to cut output, key members such as Saudi Arabia and Iran resisted, becoming more protective of individual market share even though the rout hurt the group&#39;s oil-dependent economies. The deal in Algiers follows failed talks in Qatar in April for a production freeze.

&quot;This was unexpected for sure,&quot; Scott Shelton, energy broker for ICAP in Durham, North Carolina, said, referring to the deal. &quot;No one that I know of saw it coming. The market doesn&#39;t seem positioned for it. The fundamentals in the US are already tighter than we expected and is due to get tighter.&quot;

Oil prices gyrated earlier in the day after US government data showed a surprise drop in domestic crude stockpiles for a fourth week in a row.

Jeff Quigley, director of energy markets at Stratas Advisors in Houston, said it was &quot;too preliminary&quot; to get excited over the OPEC deal.

&quot;The devil&#39;s in the details here,&quot; Quigley said. &quot;And for them to say it&#39;s going to start in November is very suspect to me. We don&rsquo;t know yet who&#39;s going to produce what. I want to hear from the mouth of the Iranian oil minister that he&#39;s not going to go back to pre-sanction levels.&quot;

Before the news of Wednesday&#39;s deal, Iranian&#39;s Zanganeh said the Islamic Republic would agree to curb production &quot;at close to 4 million barrels per day&quot;. Iran&#39;s output has stagnated at 3.6 million bpd since the lifting of Western sanctions.

Michael Cohen, head of energy commodities research at Barclays in New York, was similarly pessimistic.

&quot;Our view is that it is likely that what is going to happen is nothing more than the status quo, in which the Saudis usually reduce their output post-summertime,&quot; Cohen said. &quot;And this is a good way to put a good face on what is likely happening already.&quot;

(Reuters)

 
&nbsp;

The OPEC reached agreement to limit its production to a range of 32.5-33.0 million barrels per day in the International Energy Forum

Oil prices settled up nearly 6 per cent on Wednesday after OPEC struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since 2008 and after the market crashed on oversupply. The Organization of the Petroleum Exporting Countries reached agreement to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of the September 26-28 International Energy Forum in Algiers, group officials told Reuters. OPEC estimates its current output at 33.24 million bpd. "We have decided to decrease the production around 700,000 bpd," Iranian oil minister Bijan Zanganeh said. OPEC will agree to production levels for each member country at its November 30 meeting in Vienna, group officials said. After reaching its group target, it will seek support from non-member oil producers to further ease the global glut. Brent crude settled up $2.72, or 5.9 per cent, at $48.69 a barrel, hitting a more than two-week high of $48.96. US West Texas Intermediate (WTI) crude rose by $2.38, or 5.3 per cent, to settle at $47.05, after a peak $47.45, its highest since September 8. The oil rally spilled over into the stock market, with Wall Street's index of energy shares rising 4 per cent for its best one-day gain since January. "This is a historic deal. This is the first time OPEC and non-OPEC will agree together in over a decade. This should put a floor on oil and should see oil move back toward the $60s," Phil Flynn, analyst at Chicago-based brokerage Price Futures Group. "The cartel proved that it still matters even in the age of shale!," Flynn wrote in a market commentary. "This is the end of the 'production war' - OPEC claims victory." Other analysts saw a selloff down the road, citing OPEC's general lack of adherence to quotas. Oil prices have more than halved from highs above $100 a barrel in mid-2014 as surging production from US shale oil combined with other global oversupplies and OPEC output. As oil traders looked to OPEC to cut output, key members such as Saudi Arabia and Iran resisted, becoming more protective of individual market share even though the rout hurt the group's oil-dependent economies. The deal in Algiers follows failed talks in Qatar in April for a production freeze. "This was unexpected for sure," Scott Shelton, energy broker for ICAP in Durham, North Carolina, said, referring to the deal. "No one that I know of saw it coming. The market doesn't seem positioned for it. The fundamentals in the US are already tighter than we expected and is due to get tighter." Oil prices gyrated earlier in the day after US government data showed a surprise drop in domestic crude stockpiles for a fourth week in a row. Jeff Quigley, director of energy markets at Stratas Advisors in Houston, said it was "too preliminary" to get excited over the OPEC deal. "The devil's in the details here," Quigley said. "And for them to say it's going to start in November is very suspect to me. We don’t know yet who's going to produce what. I want to hear from the mouth of the Iranian oil minister that he's not going to go back to pre-sanction levels." Before the news of Wednesday's deal, Iranian's Zanganeh said the Islamic Republic would agree to curb production "at close to 4 million barrels per day". Iran's output has stagnated at 3.6 million bpd since the lifting of Western sanctions. Michael Cohen, head of energy commodities research at Barclays in New York, was similarly pessimistic. "Our view is that it is likely that what is going to happen is nothing more than the status quo, in which the Saudis usually reduce their output post-summertime," Cohen said. "And this is a good way to put a good face on what is likely happening already." (Reuters)

Oil soars 6 per cent as OPEC reaches deal to limit output in November

Oil prices went up today by almost 2 per cent after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilising deal.&nbsp; 
 
Venezuelan President Nicolas Maduro said that a deal could be announced this month to stabilise oil markets which has been under pressure due to surplus and a price collapse over the past two years., international news agency Reuters reported.&nbsp; 
 
Brent crude futures were at $46.59 per barrel, up 82 Cents or 1.8 per cent at 0301 GMT. While US crude was up 88 cents or 2 per cent at $43.91 a barrel. 
 
Ric Spooner, CMC Markets&#39; chief market analyst said that the rise in oil prices is a reaction to Venezuelan comments about producers reaching a possible output agreement.&nbsp; 
 
&quot;(Libya) unable to get their first ship loaded is a reminder that it may be difficult for Libya to increase production,&quot; he added.&nbsp; 
 
The loading of the first oil cargo from Ras Lanuf was stopped due to the clashes in Libya, raising fears of a new conflict over Libya&#39;s oil resources. 
 
(WION with inputs from Reuters) 
 
 
&nbsp;

Venezuelan President Nicolas Maduro said that a deal could be announced this month to stabilise oil markets

Oil prices went up today by almost 2 per cent after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilising deal. Venezuelan President Nicolas Maduro said that a deal could be announced this month to stabilise oil markets which has been under pressure due to surplus and a price collapse over the past two years., international news agency Reuters reported. Brent crude futures were at $46.59 per barrel, up 82 Cents or 1.8 per cent at 0301 GMT. While US crude was up 88 cents or 2 per cent at $43.91 a barrel. Ric Spooner, CMC Markets' chief market analyst said that the rise in oil prices is a reaction to Venezuelan comments about producers reaching a possible output agreement. "(Libya) unable to get their first ship loaded is a reminder that it may be difficult for Libya to increase production," he added. The loading of the first oil cargo from Ras Lanuf was stopped due to the clashes in Libya, raising fears of a new conflict over Libya's oil resources. (WION with inputs from Reuters)

Oil prices rise as Venezuela sees output deal

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