(Bloomberg) – Shale drillers from the Permian basin in West Texas to the Bakken shale of North Dakota have ramped up oil production well beyond what analysts foresaw, pushing output to a record just as OPEC and its …
OPEC kept on Wednesday its oil demand growth forecasts for this year and next, citing better-than-expected economic performance so far this year and blaming “exaggerated concerns about oil demand growth” for the recent slump in oil prices.
In …
(Bloomberg) – OPEC+ will need to maintain its latest oil production cuts throughout next year in order to keep the global market in balance, according to Citigroup Inc. OPEC and its allies have announced that it will cut …
MOSCOW – Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy only days after a fractious …
Record crude oil production in the United States is serving a fresh blow to oil bulls and OPEC, just as the cartel was trying to push benchmarks higher by adopting deeper production cuts. The EIA reported last week …
U.S. crude oil production broke another record in September, putting additional pressure on the OPEC+ group, which looks to keep oil prices above $80 per barrel by controlling “market stability.”
The underwhelming OPEC+ meeting last week showed that …
Last week, OPEC and its partners from OPEC+ agreed to deepen and extend their production cuts into the first quarter of 2024. The move, almost unanimously seen as a means to propping up oil prices, did not have …
RIO DE JANEIRO – Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras PETR4.SA told Reuters.…
Oil prices were broadly steady on Friday following a 2% drop on Thursday, with the market unconvinced that the latest round of production cuts by the OPEC+ coalition will be able to lift prices out of their recent slump.…
LONDON – Oil prices rose on Wednesday as investors turned their attention to an OPEC+ meeting to decide on output policy, while supply disruption caused by a storm in the Black Sea combined with lower U.S. inventories to …
LONDON :OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday.
Several analysts have said they expect OPEC+ to …
An OPEC+ source told Reuters on Monday that the expanded cartel is considering bigger oil output cuts during its November 30 meeting, which was originally delayed for four days over a production quota dispute between OPEC leaders and …
(Bloomberg) – Ahead of the delayed OPEC+ meeting on Thursday, there are indications oil supply is running ahead of demand, highlighting the thorny challenge facing the group as it prepares to set production policy for 2024.
With futures
DUBAI – OPEC Secretary General Haitham Al Ghais on Monday accused the International Energy Agency (IEA) of vilifying the oil and gas industry, in the latest clash between the groups over climate policy.
Al Ghais was referring to a …
LONDON – Oil prices fell on Monday, with the Brent benchmark dropping near $80 a barrel as investors awaited this week’s OPEC+ meeting and expected curbs on supplies into 2024. Brent crude futures LCOc1 were down 35 cents, or …
The world’s top oil fund, United States Oil ETF (NYSEARCA: USO), booked on Tuesday its biggest daily outflows since December 2016 amid heightened volatility ahead of the OPEC+ meeting which was scheduled for the coming weekend …
LONDON – An OPEC technical panel invited a top financial market dealer to give a presentation this week which painted a bearish outlook for the oil market, according to materials from the presentation seen by Reuters.
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LONDON – Oil prices tanked 4% on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts.
Brent crude futures was down $3.39, or 4.1%, to …
MOSCOW – As the world’s most powerful oil producers ponder further supply cuts, Russia has little incentive for a radical change as its energy revenue is strong, oil prices are higher than its forecasts and its budget deficit is …
OPEC’s third-largest producer, the United Arab Emirates (UAE), could raise its oil output next year as it has won a higher quota under the OPEC+ agreement.
The UAE, OPEC’s third-biggest producer after Saudi Arabia and Iraq, said in …
Brent and U.S. crude futures climbed more than 2.5%, gaining $2 a barrel on Monday, as further supply cuts in OPEC+ production are expected in the coming weeks.
Brent crude futures were up $2.19 to $82.80 a barrel by …
(Bloomberg) — OPEC is seeking to expand its legal team as the oil producer group prepares for challenges posed by the global shift away from fossil fuels. The Organization of Petroleum Exporting Countries wants to hire a new …
World’s top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday.
Current oil …
OPEC’s crude oil production rose in October by 80,000 barrels per day (bpd) compared to September, but the output at the countries bound by the OPEC+ pact continued to be well below the levels agreed, OPEC said on …
(Bloomberg) – OPEC+ still has a positive outlook for growth in oil demand, despite the headwinds faced by the global economy, as it prepares for its next ministerial meeting. “The economy, despite the challenges, is still doing quite …
LONDON – OPEC oil output has risen for a third straight month in October, a Reuters survey found on Tuesday, led by increases in Nigeria and Angola and despite ongoing cuts by Saudi Arabia and other members of the …
NEW YORK – U.S. waterborne imports of crude from OPEC+ members including Saudi Arabia have dropped steadily over the last year, further tightening supplies in the U.S. while supporting other markets including Europe, according to flows data and analysts.…
Global oil demand is set to rise by 2.4 million barrels per day (bpd) this year and by another 2.2 million bpd next year amid improving Chinese economy, OPEC said on Thursday, leaving its demand forecast for both …
