Marine Link
Friday, September 30, 2016

Oil Prices Steady

January 9, 2001

Oil prices steadied on Tuesday after a technical rout the previous day wiped more than 60 cents off a barrel of crude, although prices remain firm on expectations OPEC will curb output soon. U.S. benchmark light, sweet crude stood 12 cents up at $27.44 a barrel, after losing 63 cents in New York on Monday. London's Brent crude futures dropped 74 cents to $24.43 a barrel. OPEC officials have said recently there is consensus among the cartel's 11 members for output restraints as peak winter demand dwindles with warmer spring temperatures in the second quarter. Qatari Oil Minister Abdullah bin Hamad al-Attiyah was quoted as saying on Monday that OPEC should cut by at least two million barrels per day (bpd) to avoid any major price slump, a figure also preferred by Kuwait. OPEC's biggest producer, Saudi Arabia, has said that consensus was building for a reduction of 1.5 million bpd. OPEC ministers will gather for an extraordinary meeting to discuss production policy in Vienna on January 17. - (Reuters)


Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News