Russia produced 10.91 million barrels per day in March. This recorded as the highest in 30 years and raising the doubt on the production freeze.
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Premier Oil posted a widened loss in the year 2015 amid lower oil price. The firm also urged the government to promote infrastructure policies in the North Sea to lure investment.
US oil explorers are expected to report a combined loss of about $14 billion for the year 2015, as a result of the sharpest oil price slump in a generation. Bankruptcies and disappointing debt exchanges have led the oil explorers to cut thousands of staffs, trim dividends, and abandon drilling projects to preserve capital and resist insolvency.
The US Energy Information Administration (EIA) has lowered outlook for the US crude production in 2016. EIA has reduced the forecast for 2016 by one percent in the US oil production.
Oil prices dropped further on Friday trading following the alert from the US Central Bank that global economy is weakening. Adding to this, indications that Organization of Oil Exporting Countries (OPEC) would keep up oil production, in order to maintain its market share, also further dampened the market confidence. Equities on the US and European stock markets opened lower. The fundamentals seem to have turned bearish, fell the analysts. Oil price is expected to be $80 per barrel by 2020.
Oil prices dropped on Friday as a rising U.S. rig count stoked more concerns about global oversupply while an investigation by Chinese regulators into suspected stock market manipulation further unsettled the market.
The dollar was near a three-week high on Thursday and world stock markets had a delicate feel, as the implication of U.S. jobs data later for a possible Fed rate hike added to Europe's uncertainty over Greece.
Oil prices were steady on Thursday as an unexpected build in U.S. gasoline inventories offset a higher than forecast draw in crude stocks.
Oil prices rose above $63 a barrel on Monday in response to new proposals from Greece that the European Union welcomed as a basis for progress at talks to try to stave off a default that could cause turmoil in financial markets.
Bond yields and the dollar fell on Thursday after the Federal Reserve signaled that U.S. interest rates would rise more slowly than markets had expected, while Greece's drift closer to default pushed European stocks lower.
Brent crude oil rose on Wednesday as strong demand and falling stockpiles in the United States pushed prices higher.
A year on from the start of one of the biggest oil price crashes in history, the driving force behind the slide remains intact: there is still too much crude.
Shares in Europe and Asia fell on Tuesday as speculation intensified that the Federal Reserve could raise U.S. interest rates sooner than many expect, although this failed to give the dollar a significant boost.
More sales of German government bonds weighed on European stock markets on Monday, while the dollar retreated after a report - later denied - that President Barack Obama had expressed concern over its strength after a year-long rally.
Brent crude oil fell below $66 a barrel on Tuesday as the dollar strengthened and on evidence of ample supplies of Middle Eastern oil despite wars in northern Iraq, Syria and Yemen.