• Oil gains 2 percent as Saudi Arabia readies more supply cuts

    8 days ago - By Reuters

    Oil prices were up more than 2 percent on Tuesday on steep OPEC production cuts, with its de-facto leader Saudi Arabia planning to drop March crude output by more than a half a million barrels per day below its initial pledge.
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  • Oil supply concerns mount as OPEC cuts output, US sanctions bite

    Oil supply concerns mount as OPEC cuts output, US sanctions bite

    8 days ago - By Business Insider

    OPEC said on Tuesday production fell by nearly 800,000 barrels per day in January.
    The expected drawdown comes at the same time that US sanctions restrict supply from Iran and Venezuela.
    Leaving refiners with few other options, those conditions could squeeze supply of heavy crude.
    As Middle Eastern oil producers follow through with plans to slash production, US energy sanctions have raised concerns about global supply of heavy crude.
    Output has been falling in the countries that ship heavy crude to the US, with OPEC posting on Tuesday an expected drawdown in January output. As part of a...
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