Oil prices edged lower on Tuesday, giving up most of the prior session’s gains that followed an announcement by the world’s top exporter, Saudi Arabia, that it would further cut output.
Brent crude futures were down 23 cents, …
Saudi Energy Minister Prince Abdulaziz bin Salman defended the voluntary output cuts announced by some allied oil producers in April, which he noted were first criticized as likely to spike crude prices — then, as failing to support them.…
STORY: Saudi Arabia on Sunday said it would dramatically cut its crude oil output as part of a deal by OPEC+ nations to tighten supply into 2024 as producers seek to boost falling oil prices.
The Saudi energy minister, …
SINGAPORE – Oil prices jumped more than $1 a barrel on Monday after the world’s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets.…
NEW YORK – Oil prices fell by about 4% on Tuesday on concerns about whether the U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of
Oil prices ticked up on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting.
Brent crude was last up 53 cents at $76.79 a barrel, while U.S. …
LONDON – The number of short positions in oil essentially betting that prices will fall has risen ahead of the next OPEC+ policy meeting on June 4, analysts said, making a surprise decision by producers at those talks more …
(Bloomberg) – OPEC invited Ecuador to rejoin the oil producers’ group just over three years after its departure, according to a letter received by the country’s Energy Ministry.
Secretary-General Haitham Al-Ghais wrote that readmission of the Latin …
Crude oil prices have been on a losing streak for four consecutive weeks now, erasing all the gains they booked after OPEC’s latest supply cut announcement as economic fears take precedence over demand expectations.
When the cartel announced …
LONDON – OPEC on Thursday further raised its forecast for Chinese oil demand growth in 2023 following the relaxation of the country’s COVID-19 curbs, although it left the global total steady citing potential downside risks for growth in other …
(Bloomberg) – A key OPEC+ minister played down the need for further cuts to balance supply and demand, weeks after the organization shocked the oil market by announcing a round of large production reductions.
“I’m not that worried …
WASHINGTON – When OPEC+ made a surprise decision earlier this month to cut oil production, President Joe Biden responded with the political equivalent of a shrug – a far cry from his declaration that there would be “consequences” for …
Money managers boosted their net bullish bets on Brent Crude by the second-largest amount on record following the surprise announcement from major OPEC+ producers that they would remove more than 1 million barrels per day (bpd) from the …
Investors bought petroleum futures and options at the fastest rate for more than three years after Saudi Arabia and other OPEC+ producer group members announced voluntary cuts in oil output.
Hedge funds and other money managers bought the …
(Bloomberg) — One oil exchange-traded fund saw its largest one-day outflow in more than three years, a possible sign that some investors remain concerned about the outlook after OPEC+ delivered an unexpected supply cut.
WisdomTree’s Brent Crude Oil …
LONDON – Oil prices held broadly stable on Wednesday, as the market weighed worsening economic prospects against expectations of U.S. crude inventory declines and plans by OPEC+ producers to reduce output.
Brent crude futures inched down 15 cents, or …
Several OPEC+ members are set to tighten global production by an additional 1.16 million barrels per day until the end of the year, further burdening central bank efforts to curtail global inflation — but critically protecting the alliance’s broader …
(Bloomberg) – OPEC+ announced a surprise oil production cut of more than 1MMbpd, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
It’s a significant reduction for a market …
LONDON/DUBAI – OPEC+ is likely to stick to its deal on output cuts of 2 million barrels per day (bpd) until the end of the year, even after a banking crisis sent crude prices plunging, three delegates from the …
OPEC’s Secretary General Haitham Al Ghais and Iraq’s Prime Minister met over the weekend and called for coordinated action among oil exporters globally in order to reduce volatility in the oil market and avoid adverse impacts for consuming …
LONDON/DUBAI – OPEC+ considers this week’s slide in oil prices to a more than one-year low to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise, four delegates from the …
The OPEC+ group will keep its oil production targets unchanged until the end of the year in view of the high level of uncertainty on the global markets and with global economic growth, Saudi Arabia’s Energy Minister, Prince …
(Bloomberg) – Global oil markets appear on track for a modest surplus next quarter amid a seasonal lull in demand, according to OPEC.
The Organization of Petroleum Exporting Countries is pumping about 28.92 MMbpd, or about 300,000 …
(Bloomberg) – OPEC Chief Haitham Al-Ghais broke bread with U.S. shale leaders Monday night in his first meeting with the producers since he took the helm of the oil group in July.
At the table, which included Occidental …
(Bloomberg) — Saudi Arabia’s energy minister said oil production cuts announced last year by OPEC+ show the group’s readiness to be flexible.
The kingdom and other members of the OPEC+ coalition have already signaled the group will …
Bloomberg) — The OPEC+ alliance plans to stick with an oil deal agreed in late 2022 for the rest of the year, Saudi Arabia’s energy minister said, reinforcing earlier signals from the group.
In October, OPEC …
