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SINGAPORE (Reuters) - Oil prices fell on Tuesday after Venezuela said that global crude supplies needed to fall by 10 percent in order to bring production down to consumption levels, confirming analyst views that markets remain heavily over supplied.
VIENNA: Eleven countries agreed on Saturday to cut their oil output, teaming up with the OPEC cartel in an exceptional bid to end the world’s glut of crude and reverse a dramatic fall in income.
WASHINGTON (Reuters) - The Trump administration is considering imposing U.S. sanctions on Venezuela's vital oil sector in response to Sunday's election of a constitutional super-body that Washington has already denounced as a "sham" vote, U.S. officials said.
LONDON(Reuters) - The leader of Saudi Arabia has assured U.S. President Donald Trump that the Kingdom can raise oil production if needed and the country has 2 million barrels per day of spare capacity that could be deployed to help cool down oil prices to compensate for falling output in Venezuela and Iran.
BASRA/ERBIL, Iraq (Reuters) - Civil unrest fuelled by anger against perceived corruption and misrule by Iraq's political elite intensified across the south of the country on Friday, as protesters stormed the Iranian consulate in Basra while others briefly took workers hostage at a nearby oilfield.
DUBAI (Reuters) - U.S. President Donald Trump called Saudi Arabia's King Salman on Saturday and they discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth, Saudi state news agency SPA reported.
GEORGE TOWN (Bernama): The government will only recalibrate the 2019 Budget if average crude oil price dip below US$50 (RM210) per barrel, says Finance Minister Lim Guan Eng.