(Investing)– Oil prices settled marginally lower on Monday as OPEC’s plans to increase oil output once again outweighed hopes of a trade deal framework between the U.S. and China and renewed U.S. sanctions on Russia. Brent crude futures were down about 32 cents, or nearly 0.5%, at $65.62 a barrel, while U.S. West Texas Intermediate crude futures closed 19 cents or 0.3% lower
(Investing)- Saudi Aramco CEO Amin Nasser stated Tuesday that global oil demand remains strong, even before the recent sanctions on Russian firms Rosneft and Lukoil. “Demand is strong even before these sanctions on Rosneft and Lukoil,” Nasser said, adding that “China demand is still healthy.” The CEO projected oil demand growth for next year at 1.1-1.4 million barrels per day,
(Oil Price)- The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by a large 7.36 million barrels in the week ending October 10. Analysts had forecast a much smaller 120,000-barrel build for the week. Today’s build comes after the IEA predicted a smaller global oil demand growth estimate for this year, along with a higher
(World Oil)– ExxonMobil said net zero goals for the global energy sector are likely to drift further beyond 2050 due to consumers pushing back against high costs and a revival in demand for coal, the most polluting fossil fuel. Global emissions will fall by a quarter by 2050, far short of the more than two-thirds drop needed to meet Intergovernmental
(Oil Price) – OPEC+ served two surprises to the oil trading world in a matter of weeks. First, it said it would bring back three times the amount of oil supply it planned to originally in May. Then, it said it would repeat the exercise in June. And then it emerged that Saudi Arabia is raising selling prices for Asia when
(World Oil) – OPEC cut forecasts for global oil demand growth slightly this year and next as President Donald Trump’s tariff onslaught takes a toll on consumption, while remaining more bullish than other forecasters. The cartel lowered demand growth projections for 2025 and 2026 by about 100,000 barrels a day (bpd), projecting an expansion of 1.3 million barrels a day
(Oil Price) – Last week’s price crash, which saw Brent Crude prices dip below $60 per barre, was an excessive market reaction to the U.S. tariffs, with speculators assuming there would be no growth in oil demand due to recession fears, Gunvor’s head of research Frederic Lasserre told Bloomberg. “I think the market overreacted,” Lasserre told Bloomberg in an interview, commenting on last week’s
(Oil Price) – Amid cold winter weather and fast-depleting inventories, Europe’s natural gas prices jumped on Monday to a two-year high to levels of over $100 per barrel oil equivalent, which now makes burning oil for industrial use more cost-effective. Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, surged by 4% in Amsterdam on Monday, to the highest level since February
(Oil Price) – Crude oil demand will remain at current levels over the next 15 years at least, commodity trading major Vitol has forecast, shattering earlier predictions from outlets such as the International Energy Agency that has consistently been predicting peak oil demand growth before 2030. Demand for crude is set to rise further in the coming years, to peak at
