Futures are flat with oil jumping after OPEC+ cut output by an extra 1mm bpd in a unilateral move by Saudi Arabia taking its production to the lowest level for several years.At 7:30am ET, S&P […]
OPEC Lambasts Anti-Oil Sentiment, Warns of Underinvestment – OPEC+ compliance with its collective targets keeps on worsening with the 19 members underperforming by 2.6 million b/d, just as the oil alliance prepares for its June […]
This year’s slide in oil has been painful to commodity bulls, and none more so than famed oil hedge fund manager Pierre Andurand whose already bad year is getting worse. Bloomberg reports that after dropping […]
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, May 2023 We lowered our crude oil price forecast for the rest of 2023 and for 2024 in our May Short-Term Energy Outlook (STEO) because of […]
By Tsvetana Paraskova of OilPrice.com The decline in oil prices over the past few weeks contrasts with an expected tightening of the market later this year when demand exceeds supply by nearly 2 million barrels […]
May 14 (Reuters) – ONEOK Inc (OKE.N) agreed on Sunday to buy U.S. pipeline operator Magellan Midstream Partners (MMP.N) in a cash-and-stock deal valued at about $18.8 billion including debt, bringing natural gas-focused ONEOK into transporting refined products and […]
The presidents of Iran and Syria have signed a series of long-term cooperation agreements on oil and other sectors to bolster economic ties between the two longtime allies. Iran’s Ebrahim Raisi, leading a large economic […]
Oil at $90 and $100 will hit the economies of the large oil importers. Triple-digit oil will complicate central bank efforts to quell inflation. The biggest losers will be Asia’s developed economies heavily dependent on […]
In the months before the signing of the Paris Agreement, the then-crown prince of oil-rich Abu Dhabi wondered aloud about the fate of his sheikhdom at the end of the fossil fuel era. “After we […]
The surprise oil output cuts announced on Sunday by OPEC+ members illustrate their greater power over the market, given limited supply growth by other producers such as U.S. shale firms and still-growing demand despite the […]
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