Tag: Oil

Oil prices rose following OPEC kingpin Saudi Arabia’s decision to cut production by another million barrels per day.

OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters.

Saudi oil minister Prince Abdulaziz bin Salman on Tuesday told market speculators to “watch out,” reiterating his warning that they could face pain ahead.

Oil futures opened higher on Friday, recovering from losses booked a day earlier as investors continued to monitor U.S. debt-ceiling talks as well as evidence of demand from China.

State oil giant Saudi Aramco on Tuesday reported a 19% drop in its first-quarter earnings, recording net income of $31.9 billion down from $39.5 billion the previous year amid falling oil prices.