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 […]
US energy secretary Jennifer Granholm spoke with Prince Abdulaziz ahead of today’s meeting and emphasised the importance of ensuring “affordable” energy for consumers. Brent crude prices have remained above $60/bl since early February. Rolling over […]
The U.S. called Saudi Arabia on the eve of an OPEC+ meeting to highlight the importance of “affordable energy,” adding another element of uncertainty into the group’s decision on production cuts. The cartel is heading […]
A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 after Saudi Arabia suggested that the figure looked too high, delegates said. The move, which was also supported by Algeria, comes […]
Energy News Beat Publishers Note: The new China – Iran oil deal will also impact supply outside the OPEC and OPEC + quotas. As OPEC and its allies prepare for another decision on oil output, […]
Russia would support broadly stable oil output by OPEC+ group of leading global oil producers in May, while seeking a relatively small output hike for itself to meet the rising seasonal demand, a source familiar […]
Any sharp oil sell-off, like the one this week, always has a clutch of plausible explanations and a sense that some sure-bet trade has unwound in a rout. And that’s almost certainly true. But there’s […]
Oil markets aren’t on the verge of a new price supercycle as plentiful supplies mean any concerns of a shortfall are misguided, the International Energy Agency said. Crude rallied to a 14-month high last week after Saudi Arabia and […]
China is gorging on sanctioned Iranian oil — with imports forecast to more than double this month from February — as other countries hold off purchases for fear of incurring the wrath of the U.S. […]
A big unilateral cut by Saudi Arabia enabled Opec-plus to post the highest compliance rate so far with the oil production cuts it began implementing last May. The Saudis lowered their production by 979,000 barrels […]
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