Energy

  Bloomberg The oil market is in “much more critical” shape than when OPEC last met and its members must seek ways to stabilize crude prices, possibly by freezing or cutting output, Algeria’s energy minister said ahead of talks among the group’s members this week in Algiers. Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, is ...

  Bloomberg China’s got the world puzzling over its oil hoard. From underground caverns by the Yellow Sea to a scattering of islands in the Yangtze River delta, the government has been stockpiling crude for emergencies in a network of storage sites dotted around the country. Record purchases this year by the world’s biggest energy consumer have helped oil prices ...

  Bloomberg OPEC members aren’t likely to reach a supply deal in Algiers next week, but an agreement to boost prices could be drawing closer after Saudi Arabia signaled for the first time in two years that it’s willing to cut production. Saudi Arabia and Iran, whose rivalry thwarted a deal with other major producers in April, didn’t reach agreement ...

  Bloomberg The largest oil traders are anticipating little relief to what has become the worst market slump in a generation. All but one of 15 senior oil traders and executives interviewed this week at the annual Asia-Pacific Petroleum Conference in Singapore expect crude to remain between $40 and $60 a barrel over the next 12 months. Brent crude has ...

  BAGHDAD / AP Iraq’s Oil Minister said his country supports any deal to prop up oil prices in the international market ahead of next week’s meeting of oil producers in Algeria, adding that fluctuating prices have badly affected the producers. Members of the Organization of the Petroleum Exporting Countries and non-OPEC producers are scheduled to meet Sept. 28 in ...

  Bloomberg OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria. The two oil producers, along with fellow OPEC member Qatar, met at the headquarters of the Organization of Petroleum Exporting Countries in Vienna, according to three people familiar with the ...

  Bloomberg Oil extended gains after weekly government data showed US inventories dropped to the lowest since February, trimming stockpiles at the highest seasonal level in at least three decades. November futures rose as much as 1.2 percent in New York after advancing 2.9 percent on Wednesday. Inventories fell by 6.2 million barrels last week, according to the Energy Information ...

  Bloomberg Now is the right time for OPEC to reach an agreement on oil output, and crude prices may fall if its members fail to take a decision when they meet next week in Algiers, Iraq’s governor to the producer group said. Conditions in the oil market are better than in April when members of the Organization of Petroleum ...

  Benghazi / AFP An oil tanker left the Libyan port of Ras Lanouf for Italy, an official said, the first shipment since fighting erupted over control of the “oil crescent” two years ago. Oil is war-ravaged Libya’s key asset, and rival administrations have been vying for control of its oil wealth and territory since the 2011 uprising that overthrew ...

  Bloomberg Oil climbed near $45 a barrel after Algeria said OPEC may turn its informal talks next week into a formal session and as weekly industry data showed U.S. crude inventories declined. November futures rose by as much as 2.5 percent in New York. OPEC ministers can transform the gathering into an extraordinary meeting since they will all be ...