Bloomberg OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement. The proposal is the latest attempt by oil producers from Saudi Arabia to Russia to prop up prices and revive their economies. The talks are closely followed elsewhere as ...

Bloomberg Oil halted its advance after a four-day gain before OPEC meets on Thursday to decide on whether to prolong output cuts by the group and its partners. July futures dropped as much as 1 percent in New York after front-month prices on Monday capped a 4.3 percent increase over four sessions. Iraq backed a proposal to extend production curbs ...

SINGAPORE / Reuters US President Donald Trump’s proposal to sell half of the United States’ strategic oil reserve surprised energy markets on Tuesday since it counters OPEC’s efforts to control supply in order to boost prices. The White House requested in its budget released late on Monday gradually selling off the nation’s Strategic Petroleum Reserve (SPR) starting in October 2018 ...