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  • Reuters25 minutes ago

    Rosneft cuts oil output with an eye to ramping up again

    Russia's Rosneft (ROSN.MM) is ready to resume full oil output quickly once OPEC-led cuts end as the country's top producer has focused its own cuts on newer fields, its chief executive has said. "Restrictions (under the OPEC deal) are mainly applied to greenfields," Rosneft Chief Executive Igor Sechin told reporters last week, referring to newer oil fields. "We will maintain mature fields as they are and won't cut production there," he said.

  • OPEC set to prolong oil cuts as delegates predict smooth meeting
    Reuters55 minutes ago

    OPEC set to prolong oil cuts as delegates predict smooth meeting

    OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. On Monday, Saudi Energy Minister Khalid al-Falih won support from OPEC's second-biggest and fastest-growing producer, Iraq, for a nine-month extension and said he expected no objections from anyone else.

  • CNBC6 hours ago

    Op-Ed: OPEC still the 'greatest show on earth' for oil traders

    The OPEC circus is back in Vienna this week for its bi-annual performance.