LONDON – Brent crude oil has been trading in a tight range of $75-$90 a barrel since late 2022 as OPEC+ cuts keep a floor under prices while sizeable spare capacity, demand uncertainty and sanctions policy prevent the
Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter due to economic problems.
Global …
MOSCOW/LONDON – OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and next year, saying on Wednesday that resilient economic growth and air travel would support fuel use in the summer months.
(Bloomberg) – OPEC’s crude production remained steady for a third month, while some key members continued to pump above agreed limits.
OPEC produced an average of 26.98 MMbpd in June, or 80,000 bpd less than during the previous …
(Bloomberg) – A U.S. Senate committee is investigating whether oil producers are illegally coordinating with OPEC to raise prices, following allegations that the former head of Pioneer Natural Resources Co. colluded with the group.
The probe is being …
(Bloomberg) – U.S. shale drillers will continue to raise oil production for years before the juggernaut stalls around 2028, dashing OPEC+ hopes for a quicker fall-off in American output growth, according to HSBC Holdings Plc.
Improvements in drilling …
Since 2008, the shale boom has grown U.S. oil production by about 9 million barrels per day. In the early days of the shale boom, when it wasn’t clear whether this development would have a significant impact, it …
LONDON – Oil edged higher on Monday as hopes for a boost to demand from the summer driving season in the northern hemisphere offset Chinese data that underscored a bumpy recovery for the world’s biggest crude importer.
Apart
LONDON – Brent oil futures prices ticked higher on Friday and were on course for their best week in more than four months after projections for solid crude oil and fuel demand in 2024.
Brent crude futures were …
Peak oil demand is not on the horizon, OPEC Secretary General Haitham Al Ghais said on Thursday, blasting the International Energy Agency’s prediction that global oil demand will peak before 2030.
Some net-zero scenarios suggest that oil should …
Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024.
Hedge funds and other money managers sold the equivalent of 194 …
LONDON – Oil pared gains on Friday as demand concerns intensified after strong U.S. jobs data soured hopes of the Federal Reserve cutting interest rates soon.
Brent crude futures edged up 12 cents to $79.99 a barrel while …
The energy ministers of heavyweight OPEC+ producers dismissed the bearish market reaction to the group’s latest oil production plan, saying that market participants and analysts will realize soon that the alliance did the right thing in communicating its …
(Bloomberg) — Oil advanced from a four-month low as traders tried to establish a price floor after several days of declines.
West Texas Intermediate rose after five straight days of losses, hovering near $74 per barrel. The market …
HOUSTON – Oil prices fell more than $1 a barrel on Tuesday on scepticism about an OPEC+ decision at the weekend to boost supply later this year into a global market where demand has already shown signs of …
NEW YORK – Oil prices tumbled more than $2 a barrel on Monday to multi-month lows, as investors worried about the demand outlook and took a complicated OPEC+ output decision as a sign that members of the producer …
LONDON/DUBAI-OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production.
Brent …
The OPEC+ group is likely to roll over their current production cuts into the second half of 2024 when producers meet online this weekend, according to analysts and market expectations.
The alliance is likely to extend the current …
LONDON – Global oil prices steadied on Tuesday as the prospect of OPEC+ maintaining oil supply curbs at its June 2 meeting and hopes of strong U.S. summer fuel demand balanced concern about higher-for-longer U.S. interest rates.
On
The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2.
The meeting was to have …
A resilient global economy early this year has additional upside potential in the second half with the possible easing of monetary policies, OPEC said on Tuesday, keeping its 2024 and 2025 outlook of robust oil demand unchanged from …
LONDON – OPEC will stop publishing a calculation of the world’s demand for its own crude in its monthly oil report, two sources close to the matter said, focusing instead on forecasts for demand for oil from the …
(Bloomberg) – The main question for OPEC+ when it meets next month is whether to continue its oil production cuts into the second half. But it may also need to tackle the longer-term issue of production capacity.
OPEC …
LONDON/MOSCOW – OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but three sources from OPEC+ producers said they could keep their cuts
As part of their commitment to compensate for exceeding production quotas, certain OPEC+ members have submitted detailed plans outlining how they intend to implement these compensatory cuts.
Both Iraq and Kazakhstan, nations that had surpassed their agreed-upon oil …
(Bloomberg) – The International Monetary Fund expects OPEC and its partners to start increasing oil production gradually from July, a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year.…
(Bloomberg) – Oil will need to be closely watched in the coming months to ensure “a sound and sustainable market balance” during an expected surge in demand, OPEC said in its monthly oil market report.
The producers group …
OPEC+ once again extended its oil production cuts this month. The decision was anything but unexpected and, unlike previous production policy announcements, it had the desired effect on prices. However, it could only work for so long. Soon, …
