Energy crisis
OPEC backs biggest oil cut since 2008 crisis, awaits Russia
OPEC agreed on March 5 to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak but made its action conditional on Russia and others joining in.
Coronavirus pushes Brent oil to lowest in 31 months
The coronavirus epidemic has pushed the price of Brent crude on March 2 to its lowest in 31 months and on the same week that investors await the critical OPEC meeting that will be held in Vienna, Austria on March 5.
International benchmark Brent crude fell as low as $48.40 per barrel on March 2 to mark its lowest level since July 24, 2017, according to official data.
Turkey's crude steel output on rise in January
Turkey's crude steel production surged 17.3 percent year-on-year to 3 million tons in January, according to a trade association on March 2.
The country's steel products exports showed a moderate rise of 0.6 percent to 1.9 million tons during the same period, the Turkish Steel Producers' Association (TCUD) said in a statement.
- Read more about Turkey's crude steel output on rise in January
- Log in to post comments
US crude oil inventories rise higher than expectation
The U.S.' crude oil inventories increased higher than the market expectation last week, according to data released by the Energy Information Administration (EIA) on Feb. 5.
Oil prices up with hopes of deeper OPEC production cuts
Crude oil prices were up on Feb. 5 as the global oil market and investors hope that the Organization of Petroleum Exporting Countries (OPEC) would make deeper cuts in crude production to support low prices.
The international benchmark Brent crude was trading at $54.20 per barrel at 0723 GMT for a 0.7 percent increase after closing on Feb. 4 at $53.81 a barrel.
Oil prices down with lost gains after Trump's comments
Crude oil prices were down on Jan. 8 having lost gains recorded in the previous sessions after U.S. President Donald Trump's comments to calm tensions in the Middle East.
"Iran appears to be standing down, which is a good thing for all parties concerned," Trump said on Jan. 8 amid Iran's attack on two locations in Iraq earlier in the day.
Oil prices up 3 pct with tensions in Middle East
Crude oil prices were up by around 3 percent during Jan. 3's trading start as rising tensions in the Middle East threaten secure crude supply from the region.
International benchmark Brent crude was trading at $68.18 per barrel at 0615 GMT with a 2.83 percent increase after closing on Jan. 2 at $66.30 a barrel.
- Read more about Oil prices up 3 pct with tensions in Middle East
- Log in to post comments
Crude steel production at 31M tons in January-November
Turkey's crude steel output was 30.9 million tons in January-November, a trade association said on Dec. 17.
Crude steel production in the country dropped 10.4 percent the first 11 months of 2019 on an annual basis, the Turkish Steel Producers' Association (TCUD) said.
Meanwhile, the production of crude steel fell 15 percent to 2.7 million tons year-on-year in November.
Iran condemns detention of oil supertanker in Gibraltar
Iran on July 4 condemned the "illegal interception" of one of its oil tankers in Gibraltar where authorities said they suspected it was carrying crude to Syria in violation of EU sanctions.
Oil price could fall to $30: Novak
Russian Energy Minister Alexander Novak said on June 10 he could not rule out a scenario in which oil prices could fall to $30 per barrel if the global oil deal was not extended.
Novak said there were big risks of oversupply on the market and that Moscow needed to monitor the oil market more in order to be able to take a balanced decision in July.
- Read more about Oil price could fall to $30: Novak
- Log in to post comments