Oil holds steady as Russia reaffirms commitment to output cuts
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Thursday
August 11, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
THURSDAY, AUGUST 11, 2022
Oil holds steady as Russia reaffirms commitment to output cuts

Global Economy

Reuters
28 October, 2019, 08:30 am
Last modified: 28 October, 2019, 08:42 am

Related News

  • Oil prices fall due to recession fears
  • Oil prices plunge on dimming demand, recession fears
  • Oil prices fall as recession fears trump tight supply
  • Oil rebounds after steep drop, underpinned by tight supplies
  • Oil prices extend losses on fears of economic slowdown

Oil holds steady as Russia reaffirms commitment to output cuts

Prices were also supported by a statement from the United States and China that they are close to finalizing some parts of a trade agreement after high level discussions

Reuters
28 October, 2019, 08:30 am
Last modified: 28 October, 2019, 08:42 am
Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang province, China August 22, 2019. Reuters/Stringer
Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang province, China August 22, 2019. Reuters/Stringer

Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices.

Brent crude was down 1 cent at $62.01 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last week, its best weekly gain since Sept. 20.

West Texas Intermediate (WTI) crude futures were down 4 cents at $56.62 a barrel, having risen more than 5% last week, also the biggest weekly increase since Sept. 20.

Russia's energy ministry said on Friday it is continuing close cooperation with Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers to enhance market stability and predictability.

The statement came a day after Igor Sechin, CEO of Russian oil producer, Rosneft, said the September attacks on Saudi oil assets created doubts over its reliability as a supplier. The attacks temporarily shut down around half of the kingdom's oil output.

"(Russian) oil companies have wanted to get busy stealing oil market share from the Saudis and others for a few years now but ... Moscow has them in a bit of a box and is driving the bus," said Greg McKenna, strategist at McKenna Macro.

OPEC+, an alliance of OPEC members and other major producers including Russia, has since January implemented a deal to cut output by 1.2 million bpd to support the market.

The pact runs to March 2020 and the producers meet to review policy on Dec. 5-6.

Prices were also supported by a statement from the United States and China that they are close to finalizing some parts of a trade agreement after high level discussions.

Elsewhere, a suggestion by US President Donald Trump that Exxon Mobil or another US oil company could operate Syrian oil fields drew rebukes from legal and energy experts.

World+Biz / Top News

Oil prices

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • A shopping cart is seen in a supermarket as inflation affected consumer prices in Manhattan, New York City, US on 10 June 2022. REUTERS/Andrew Kelly
    Is global inflation nearing a peak?
  • Photo: TBS
    Govt fixes area-wise staggered holidays for factories
  • Debapriya Bhattacharya. TBS Sketch
    Transitional policy, subsidy review and reforms needed: Debapriya

MOST VIEWED

  • Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken June 29, 2021. REUTERS/Dado Ruvic/Illustration
    Crypto derivatives volumes surge to $3.12 trillion in July - CryptoCompare
  • A shopping cart is seen in a supermarket as inflation affected consumer prices in Manhattan, New York City, US on 10 June 2022. REUTERS/Andrew Kelly
    Is global inflation nearing a peak?
  • A tanker truck delivers fuel at a gas station in Mexico City, Mexico, on January 14, 2019. REUTERS/Henry Romero/File Photo
    OPEC, unlike IEA, sees lower 2022 oil demand growth
  • Photo: Reuters/Lucas Jackson
    Futures extend gains ahead of more data on inflation
  • FILE PHOTO - A PetroChina worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China June 27, 2018. REUTERS/Stringer AT
    Oil rises as IEA hikes 2022 demand growth forecast
  • Photo: Reuters
    Switch from gas boosts oil demand, but economic headwinds loom - IEA

Related News

  • Oil prices fall due to recession fears
  • Oil prices plunge on dimming demand, recession fears
  • Oil prices fall as recession fears trump tight supply
  • Oil rebounds after steep drop, underpinned by tight supplies
  • Oil prices extend losses on fears of economic slowdown

Features

Bye bye! Photographer: Michael Zarrilli/Getty Images North America via Bloomberg

Three major takeaways from the FBI search on Trump’s home

8h | Panorama
Photo: Noor A Alam/TBS

Big dreams in small rooms: The aspiring nurses of Geneva Camp

11h | Panorama
Illustration: TBS

How to deal with toxic people at work

12h | Pursuit
Women were more likely to report leaving the workforce between March 2020 and September 2021 than their male counterparts. PHOTO: BLOOMBERG

Being single and smart is bad for your career if you are a woman

11h | Pursuit

More Videos from TBS

Control on liquor import boosts local Carew sales

Control on liquor import boosts local Carew sales

51m | Videos
Is Bangladesh losing opportunity to sent more expats to the Middle East?

Is Bangladesh losing opportunity to sent more expats to the Middle East?

1h | Videos
When hassles at airport will come to an end?

When hassles at airport will come to an end?

4h | Videos
How to spot a Pyramid Scheme?

How to spot a Pyramid Scheme?

4h | Videos

Most Read

1
Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 
Banking

Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 

2
Diesel price hiked by Tk34 per litre, Octane by Tk46
Energy

Diesel price hiked by Tk34 per litre, Octane by Tk46

3
Photo: Collected
Transport

Will Tokyo’s traffic model solve Dhaka’s gridlocks?

4
Infographic: TBS
Banking

Dollar rate will be left to market after two months: Governor

5
Arrest warrant against Habib Group chairman, 4 others 
Crime

Arrest warrant against Habib Group chairman, 4 others 

6
File Photo: State Minister for Power, Energy and Mineral Resources Nasrul Hamid
Energy

All factories to remain closed once a week under rationing system

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]