OPEC and its allies are increasingly inclined to ditch their plan to raise output next week, as a new virus variant triggered oil’s worst crash in over a year. The 23-nation alliance led by Saudi […]
Oil prices erased losses and jumped on Tuesday morning following the SPR release announcement Despite the seemingly big number, 50 million barrels, the U.S. release actually equals around two and a half days of American […]
Oil gained as investors turned their attention to a key OPEC+ meeting, with the group facing calls from consumers to pump more crude. Futures in New York rose back above $81 a barrel, with the […]
Saudi Aramco said oil-output capacity across the world is dropping quickly and companies need to invest more in production. It’s a “huge concern,” Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi Arabia’s […]
Two weeks ago, in a short and terse affair that did nothing to address the spill-over from overheating gas markets, OPEC+ confirmed that it would stick to its July agreement to boost output by 400,000 […]
Skyrocketing prices for natural gas, coal and electricity are putting extra pressure on oil markets, boosting demand as industries and power generators seek to switch to liquid fuels to keep a lid on costs. But […]
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 […]
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