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UPDATE 4-OPEC, Russia rebuff Trump's call for immediate boost to oil output

*Trump demanded OPEC boost output immediately. *Iranian oil supply decline raises pressure on OPEC. "I do not influence prices," Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non- OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.

Source: Reuters

Trump's claim that OPEC is pushing oil prices up is 'not true,' Saudi oil minister says

Saudi Arabia's oil minister rebuffed President Donald Trump's recent accusations that OPEC is pushing crude prices higher, insisting that supply is robust and OPEC will work to offset geopolitical challenges to the market.

Source: CNBC.com

Russia says it has 'significant potential' to hike oil production after Iran sanctions

Russia could restore production to "October 2016 levels," Energy Minister Alexander Novak said.

Source: CNBC.com

Oil industry needs to invest $11 trillion to meet demand through 2040, OPEC says

The oil industry will need to shell out about $11 trillion over the next two decades to meet the world's growing appetite for crude, OPEC says in its annual outlook.

Source: CNBC.com

OPEC raises U.S. oil supply outlook, sees lower demand for own crude

*OPEC sharply upgrades non- OPEC supply boost to 2023. "Declining demand for OPEC crude is a result of strong non- OPEC supply in the 20172023 period, most notably from U.S. tight oil," the Organization of the Petroleum Exporting Countries said in its long-term world oil outlook. OPEC said it had revised its growth outlook for non- OPEC crude and liquids to 2023, and was...

Source: Reuters

Trump's claim that OPEC is boosting prices is not true, Saudi oil minister says

Khalid Al-Falih responds to President Donald Trump's comments about the oil producer group.

Source: CNBC.com

UPDATE 2-OPEC, Russia rebuff Trump's call for immediate boost to oil output

*Trump demanded OPEC boost output immediately. "I do not influence prices," Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non- OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost. The price rally mainly stemmed from a decline in oil exports from OPEC member Iran due to...

Source: Reuters

OPEC, allies end meeting with no pledge to boost supply

ALGIERS, Sept 23- OPEC and allied oil producers including Russia ended their meeting on Sunday with no formal recommendation for any additional supply boost. Oman's Oil Minister Mohammed bin Hamad Al-Rumhy and Kuwaiti counterpart Bakhit al-Rashidi told reporters that producers had agreed they needed to focus on reaching 100 percent compliance with...

Source: Reuters

OPEC, Russia rebuff Trump's call for immediate boost to oil output

Saudi Energy Minister Khalid Al-Falih said Riyadh had spare capacity to increase oil output but no such move was needed at the moment.

Source: Reuters

UPDATE 2-OPEC and allies struggle to pump more oil as Iran supply falls

*OPEC, allies meeting in Algiers as Iran sanctions bite. ALGIERS, Sept 22- OPEC and its allies reduced oil output in August as a drop in Iranian supply due to U.S. sanctions derailed their attempts to raise production to agreed levels, delegates said on Saturday as the energy producers prepared to hold talks in Algiers. On Friday, a source familiar with the...

Source: Reuters