A looming glut in global oil supply could “upend” attempts by the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, to prop up prices by cutting production, according to the International Energy Agency. The Paris-based IEA said Wednesday that it expects growth in global oil production — led by the United States […]
Investing.com — The recent OPEC+ announcement to begin easing production curbs later this year has been blamed for the recent turmoil seen in oil prices, but one analyst believes that if prices continue to dwindle or fall below current levels, then the oil cartel could be forced to walk back or delay its plan to […]
(Bloomberg) — Oil held losses near the lowest close in almost four months after OPEC+’s plan to return barrels to the market raised concerns about oversupply. Most Read from Bloomberg Brent futures traded near $78 a barrel after the August contract tumbled 3.4% on Monday. West Texas Intermediate was above $74. The alliance is scheduled […]
Oil prices fell as much as 3.5% on Monday following OPEC+’s decision to start unwinding some voluntary cuts earlier than anticipated amid recent softness in oil prices and demand concerns heading into 2025. West Texas Intermediate (CL=F) futures slid to below $75 per barrel, while Brent (BZ=F), the international benchmark price, was hovering around $78.60 […]
Oil prices fell to a four-month low – AFP Oil prices have slumped nearly 4pc despite Opec production cuts amid signs that Saudi Arabia will struggle to maintain caps on future supply. The price of Brent crude dropped by more than $3 on Monday, falling to a four-month low of $78.33 per barrel, even after […]
(Bloomberg) — Oil swung between gains and losses after OPEC+ set out a plan to restore some production as early as October, despite concerns over the demand outlook and robust supply from outside of the group. Most Read from Bloomberg Production cuts will continue in full in the third quarter and then be gradually phased […]
(Bloomberg) — OPEC+ agreed to extend its oil supply cuts, delegates said, as the group continues its efforts to avert a global surplus and shore up prices. Most Read from Bloomberg The so-called “voluntary” cuts from key members including Saudi Arabia and Russia, which total roughly 2 million barrels a day and were set to […]
By Yuka Obayashi TOKYO (Reuters) – Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2. The Brent crude July contract dropped 3 cents to $83.07 a barrel by 0038 GMT. The […]
(Bloomberg) — Oil rose as tensions in the Middle East ratcheted higher following the death of an Egyptian soldier during a clash with Israeli troops. Most Read from Bloomberg West Texas Intermediate climbed about 1% from Friday’s close toward $79 a barrel, with no settlement on Monday due to a US holiday, while Brent traded […]
(Bloomberg) — Oil edged lower as traders looked ahead to an OPEC+ meeting on supply policy, with Iraq giving out mixed messages about its stance. Most Read from Bloomberg Global benchmark Brent fell toward $82 a barrel after losing 1.3% on Friday, while West Texas Intermediate was below $78. Iraqi Oil Minister Hayyan Abdul Ghani […]
(Bloomberg) — Canada’s newest oil pipeline may spell trouble for a Middle Eastern country almost 7,000 miles away: Iraq. Most Read from Bloomberg The Trans Mountain pipeline’s expansion, which will almost triple Alberta oil-sands producers’ ability to ship their heavy crude to the Pacific Coast, will most directly affect a similar grade called Basrah Heavy […]
(Bloomberg) — One major beneficiary of sanctions on Russian and Venezuelan oil? US suppliers who’ve muscled their way into markets once dominated by OPEC and its allies. Most Read from Bloomberg US oil exports have set five new monthly records since Western nations began imposing sanctions on Russia in 2022. And with trade restrictions on […]