The OPEC+ cartel’s production policy will be the main factor influencing oil prices over the coming months, according to Vitol Group. There’s little chance of Iranian barrels returning to global markets this year and U.S. shale […]
China’s oil consumption could peak in five years at a daily level of around 16 million barrels, a senior Sinopec executive has forecast, as quoted by Reuters. Ma Yongsheng, acting chairman of the state oil major, also […]
Oil jumped to the highest in six weeks amid signs of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles. Futures in New York surged 3.1% on Wednesday […]
It has been a shift in commodity matrices like never before, where supply and demand are still critical, but not the only factors. Geopolitical, natural gas hunger, low supplies in Europe and Asia, and no […]
OPEC will likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in […]
Lukoil PJSC, Russia’s second-largest oil producer, has enough spare capacity to restore output to pre-pandemic levels, indicating that OPEC+ cuts haven’t had any significant impact on its production potential. The company has about 90,000 barrels a […]
OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia […]
Source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), August 2021 In our August Short-Term Energy Outlook (STEO), we forecast that total world petroleum production will average 98.9 million barrels per day (b/d) in the second half of 2021 (2H21), […]
Saudi Aramco plans to have 550,000 barrels per day (bpd) more in oil production capacity by 2025 when the expansion projects on two major oilfields are complete, Saudi Arabia’s state-owned oil giant said on Sunday. Aramco, which […]
Oil fell after four monthly gains as data signaled a slowdown in China and investors monitored the spread of the delta coronavirus variant. West Texas Intermediate slipped 0.6%, after climbing 2.6% last week. China’s economic […]
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