By Simon Watkins of Oilprice.com In what turned out to be extraordinary timing, October 3 saw a Western coalition of France’s TotalEnergies and Italy’s Eni, plus Qatar Energy, apply for the second licensing round on […]
OPEC raised forecasts for global oil demand through to the middle of the century, even as the world shifts away from fossil fuels to avert catastrophic climate change. Oil consumption will climb 16% over the […]
Data source: Bloomberg L.P. Note: The figure is based on the five-day moving average of the price spread between Dated Brent and Dubai Fateh. Crude oil production cuts among OPEC+ members are limiting the global […]
On the International Energy Agency’s recent Op-Ed published on 12 September 2023, asserting that fossil fuel demand would peak before 2030, OPEC notes that consistent and data-based forecasts do not support this assertion. It is […]
World oil demand remains on track to grow by 2.2 mb/d in 2023 to 101.8 mb/d, led by resurgent Chinese consumption, jet fuel and petrochemical feedstocks. In 2024, naphtha and LPG/ethane, especially in China, will […]
Last week, Brent crude topped $90 per barrel for the first time since last November, and WTI climbed to an 11-month high, too. The reason: Saudi Arabia and Russia said they would extend their oil […]
Aug 31 (Reuters) – Analysts have raised their 2023 oil price forecasts for the first time in four months with OPEC+ output cuts expected to keep supply tight, offsetting risks to demand from a stalling […]
US oil production this year will rise faster than previously expected, providing additional crude supplies to a market that has tightened because of Saudi Arabian output cuts, according to a new government forecast. Higher-than-expected well […]
By Grant Smith, Bloomberg Markets Live oil reporter The biggest question in oil markets is how long Saudi Arabia will extend its 1 million-barrel-a-day supply cut. Riyadh’s handling of a previous strategy offers some guidance […]
Oil prices are set to rise to $86 per barrel at year-end, from $80 now, as record-high oil demand and lowered supply will lead to a large market deficit. “We expect pretty sizable deficits in […]
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