02132016Sat
Last update: Sat, 13 Feb 2016 01am

Europe

Markets - Energy - Europe

Russia says ready to meet key OPEC members, old price regulation tools ‘no longer working’: RIA MOSCOW: Russia is ready to meet the main oil producers within the Organisation of the Petroleum Exporting Countries (OPEC) if a consensus on such a meeting is reached with them, RIA news agency quoted Russia's foreign minister as saying on Wednesday."We consider it important to understand what is going on on the markets. The markets are being influenced by many factors, and old mechanisms are unlikely to work. I think we all understand this," Sergei Lavrov was quoted as saying during a visit to Oman.Copyright Reuters, 2016 ...

Markets - Energy - Europe

EU wants to see Gazprom contracts with European clients: report FRANKFURT: The EU wants to examine the contracts which Gazprom has signed with European companies, amid suspicions that the Russian state energy giant has imposed unfair prices which breach the bloc's trading rules, a German newspaper reported.Contacted on the story in Wednesday's edition of the Frankfurter Allgemeine Zeitung (FAZ) daily, which cites an internal EU document, there was no comment from Brussels.Last April the European Commission, the EU's executive arm, accused Gazprom of infringing the ...

Markets - Energy - Europe

Oil slips towards $33 as hopes for production cut fade LONDON: Oil prices fell around 3 percent on Tuesday, dented by worries about the demand outlook and rising supply, while hopes for a deal between OPEC and Russia on output cuts faded.Brent for April delivery was down $1.01 at $33.23 a barrel by 1120 GMT, after settling down $1.75, or 4.9 percent, in the previous session.The front-month contract for West Texas Intermediate (WTI) was down 89 cents at $30.73 after falling $2.00, or 5.9 percent, ...

Markets - Energy - Europe

Russian oil output hits high in January amid OPEC deal speculation MOSCOW: Oil production in Russia hit a post-Soviet high in January, reaching an average of 10.88 million barrels per day (bpd), preliminary data released by the Energy Ministry showed on Tuesday.That means Russia is adding to a global glut of oil at a time when markets are looking for any signs of a potential deal between OPEC and non-OPEC countries. Russia, the world's top oil producer, has in the last week sent mixed signals about ...

Markets - Energy - Europe

Oil prices slide as output cut hopes fade LONDON: Oil prices slumped Monday as traders took profits on receding prospects of an imminent cut to the global supply glut.Prices hit three-week highs earlier Monday, building on last week's strong gains driven by dollar weakness and after Russia said it could meet the OPEC producers' group for talks on possible output cuts.But they sharply reversed direction as analysts further doubted a looming reduction in the amount of oil being pumped out by leading producers.Around ...

Markets - Energy - Europe

Oil rises towards $34 on chance of production cut LONDON: Oil rose towards $34 per barrel on Thursday, hitting a three-week high and bouncing well off a 12-year low set this month, supported by the possibility that major producers may cooperate to cut production.Russian Energy Minister Alexander Novak said on Thursday that it was reasonable to discuss the situation on the oil market and that exporters group OPEC was trying to organise a meeting with other producers next month.Members of the Organization of the ...

Markets - Energy - Europe

Oil prices higher as volatility grips crude market LONDON: Oil prices were higher Thursday after yet more volatile trading, as dealers reacted to further evidence of a supply glut and hints at possible action to reverse the market slide.At about 1200 GMT, US benchmark West Texas Intermediate for delivery in March was up 11 cents at $32.41 a barrel. Brent North Sea crude for March grew 36 cents compared with Wednesday's close to stand at $33.46.Prices slid in earlier Asian trading hours, a ...