Oil advanced with OPEC+ producers reaching a tentative agreement to add limited supplies to the market in the coming months. Futures in New York rose as much as 3.7% on Thursday to the highest intraday […]
Source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO) In the June Short-Term Energy Outlook (STEO), we forecast that rising global production of petroleum and other liquid fuels (driven by OPEC, Russia, and the United States) will limit price increases […]
OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace […]
(Bloomberg) –OPEC+ appears in control of crude prices as U.S. production is lagging pre-pandemic levels, according to a senior executive at the world’s biggest independent oil trader, Vitol Group. The decline in U.S. drilling and […]
OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace […]
After over a year of pandemic-driven volatility and weak oil demand, Saudi Arabia is now experiencing an oil export boom. Saudi Arabia’s oil exports increased in March by 75 percent year-on-year, at a value of […]
Energy News Beat Publishers Note (ENB): The fact that Russia relies on an estimated 35% of its GDP from exports from energy, they do not want to disrupt the revenue source. “Besides, instability in the […]
The group’s latest Monthly Oil Market Report (MOMR) puts global oil demand at 96.46mn b/d this year, up by 190,000 b/d from its previous report and 5.95mn b/d higher than last year. “The upward revision mainly takes into account […]
The government has decided to reduce oil imports from Saudi Arabia by a whopping 36 per cent in May, news agency Reuters reported quoting sources. The decision comes even after the Kingdom supported the idea of boosting […]
Saudi Arabia‘s energy minister took a cautious view of any increase in oil production as members of the OPEC cartel met Thursday with allied non-member countries to decide production levels. Speaking ahead of the meeting, Abulaziz bin Salman […]
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