(Bloomberg) – Ahead of the delayed OPEC+ meeting on Thursday, there are indications oil supply is running ahead of demand, highlighting the thorny challenge facing the group as it prepares to set production policy for 2024.
With futures
HOUSTON – Global demand for crude oil is continuing to rise but supply growth remains limited and will lead to higher prices later this year, a Pioneer Natural Resources PXD.N executive said on Thursday.
The impact of recessionary fears …
(Bloomberg) — OPEC+ is more than half a billion barrels behind on its pledge to supply world markets with oil, exacerbating concerns about the group’s ability to balance the global market.
In May 2020, the Organization of …
(Bloomberg) — Saudi Arabia is strengthening energy ties with China, as the oil producer Aramco agreed to build a multi-billion dollar refining and chemicals project that will tap into the Asian country’s future demand.
Globally, consumers are screaming …
(Bloomberg) –In the debate over why U.S. oil producers haven’t added additional supply, the boss of ConocoPhillips lays the blame squarely with the government.
An increasingly bitter war of words has developed between the Biden administration, which has …
A panic-induced sell-off in the oil market triggered by virus concerns has thrown the commodity’s upward march into question — but energy experts at Goldman Sachs don’t appear to be rattled.
Fears over the surging delta coronavirus variant and
A truce in Libya has busted open a renewed source of oil supply, further threatening the commodity’s faltering recovery from its historic drop earlier this year.
Libya’s main warring factions signed a purportedly permanent truce last week, a month …
UBS expects a pick-up in oil demand as virus-hit economies relax lockdowns and travel restrictions ease this month, with production to be subdued on the backdrop of current low prices and aggressive capital spending cuts by oil and gas …
The oil market is facing uncharted territory as the drop-off in demand, caused by the coronavirus pandemic, combined with rapidly filling storage, sent prices plunging into negative territory for the first time in history.
And with only guesswork as
The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.
Secretary of State …
LONDON – Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 4% bounce on Friday, as the coronavirus outbreak threatened demand and crude producers promised more supply.
Brent crude LCOc1 was up …
From Bloomberg
Iran’s offshore oil production hasn’t seen any reduction and the country just loaded crude for export, said Hamid Bovard, head of the Iranian Offshore Oil Co.
It loaded the latest batch of crude from its offshore fields for …
We Have Created a Significant Supply Gap in the Years to Come: Andurand
Pierre Andurand, one of the foremost prognosticators of the oil collapse, has declared the beginning of a bull run on oil prices that will likely span the …
Global oversupply in the oil market has almost become a curse word in the oil and gas industry. Since the OPEC decision to maintain output levels on November 28, 2014, the industry …
