08282016Sun
Last update: Sun, 28 Aug 2016 01am

Europe

Markets - Energy - Europe

Oil hits 2003 low below $28 as Iran sanctions lifted LONDON: Oil prices reached a 2003 low below $28 per barrel on Monday as the market braced for a rise in Iranian exports after the lifting of sanctions against Tehran over the weekend.The United States revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), issued an order on Monday to increase production by 500,000 bpd, the country's deputy oil minister said.Worries about Iran's return to an already oversupplied oil market drove down Brent crude to $27.67 a barrel early on Monday, its lowest since 2003. The benchmark was down 12 cents at $28.82 by 1537 GMT.U.S. crude was down 27 cents at $29.15 a barrel, not far from a 2003 low of $28.36 hit earlier in the session."Iran's return to ...

Markets - Energy - Europe

Oil firms after hitting 2003 low on lifting of Iran sanctions LONDON: Oil prices rose on Monday, recovering from a 2003 low as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.Iran, a member of the Organization of the Petroleum Exporting Countries ...

Markets - Energy - Europe

OPEC sees oil market rebalancing in 2016, but Iran to counter non-OPEC decline LONDON: OPEC forecast on Monday that oil supply from non-member countries will post a larger-than-expected decline this year due to the collapse in prices, boosting the need for crude from the producer group.Supply outside the Organization of the Petroleum Exporting Countries (OPEC) would decline by 660,000 barrels per day (bpd) in 2016, led by the United States, OPEC said in a report. Last month, OPEC predicted a drop of 380,000 bpd."The analysis indicates that 2016 ...

Markets - Energy - Europe

Oil prices rebound from new depths LONDON: World oil prices rebounded Monday from new 12-year depths struck after the West lifted sanctions on Iran, paving the way for higher crude exports from the Islamic Republic.Brent crude tumbled below $28 a barrel in Asia trading hours to reach a fresh 2003 low point on fears about a worsening global supply glut.But the market then found support, rebounding above $29 on bargain-hunting and as OPEC said it expects a "rebalancing process" to begin ...

Markets - Energy - Europe

Oil slides to lowest since 2003 after Iran sanctions lifted LONDON/SINGAPORE: Oil prices hit their lowest since 2003 on Monday, as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), ...

Markets - Energy - Europe

Saudi crude exports rise in November to 7.719mn bpd DUBAI: Saudi Arabia's crude oil exports in November rose to 7.719 million barrels per day from 7.364 million bpd in October, official data showed on Monday.Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organisations Data Initiative (JODI), which published them on its website.Copyright Reuters, 2016 ...

Markets - Energy - Europe

Oil prices slump further ahead of Iran return LONDON: Oil prices slumped to 12-year low points this week, as dealers prepared for increased Iranian exports to the market against a backdrop of a global supply glut.In Friday trading, New York prices hit $29.28 a barrel, a level last seen in November 2003, and following a series of new 12-year lows hit throughout the week.Brent meanwhile dropped to $29.11 -- the lowest level since February 2004."The energy sector suffered its worst weekly set-back since ...