Continued weakness in manufacturing activity in the United States, Europe, and China eased demand for diesel and other distillates in the fourth quarter, also easing the diesel markets that were very tight at the beginning of the third …
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 …
LONDON, March 15 – OPEC said on Tuesday that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this …
LONDON — Oil prices climbed to multi-year highs shortly after a group of some of the world’s most powerful oil producers opted against a big supply boost.
Now energy analysts believe crude prices could be poised to rally toward …
International oil benchmark Brent crude jumped during early trading on Tuesday morning, topping $80 per barrel for the first time since October 2018 before reversing those gains and dipping into negative territory. The breather comes after five straight positive …
MOSCOW/LONDON – OPEC+ is yet to make progress closing divisions between Saudi Arabia and the United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting this week less likely, OPEC+ sources said.…
LONDON — Oil producer group OPEC has been plunged into crisis, with bitter infighting between Saudi Arabia and the United Arab Emirates raising questions about the future of the energy alliance.
OPEC and non-OPEC partners, a group of some …
BofA Global Research raised its Brent crude price forecasts for this year and next, saying that tighter oil supply and demand balances in 2022 could push oil briefly to $100 per barrel.
“We believe that the robust global oil …
TOKYO – Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a …
Oil prices will see a gradual uptick this year as economies shake off pandemic blues and weather headwinds from the coronavirus crisis in India and a potential return of Iranian supply, a Reuters poll showed on Tuesday.
The survey …
LONDON -Oil demand is already outstripping supply and the shortfall is expected to widen even if Iran boosts exports as vaccinations against COVID-19 bolster the global economy, the International Energy Agency (IEA) said on Wednesday.
“The anticipated supply growth …
DUBAI – In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices.
A multi-trillion dollar spending push designed to diversify the economy’s sources of income will require state companies to cut the
CAIRO – The Suez Canal stepped up efforts on Friday to free a giant stuck container ship and end a blockage that has sent shipping rates for fuel tankers soaring and disrupted global supply chains for everything from grains …
LONDON – OPEC said on Thursday a recovery in oil demand will be focused on the second half of the year as the impact of the pandemic lingers as a headwind for the group and its allies in supporting …
NEW YORK – Oil demand is expected to rise over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, Hess Corp Chief Executive John …
NEW YORK – Oil prices eased on Tuesday as coronavirus cases globally continued to rise, but losses were capped amid reports of a blast in Saudi Arabia.
Brent crude was up 4 cents, or 0.1%, at $55.92 by 12:57 …
LONDON – OPEC’s secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought about by the coronavirus pandemic.
Monthly meetings of the Organization of the Petroleum Exporting …
LONDON – Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event on Wednesday.
Saudi Arabia, the defacto leader …
LONDON – The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned on Tuesday.
“The understandable euphoria around the start of vaccination …
NEW YORK – Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand.
Brent crude was …
DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude …
LONDON – U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance.
But with stocks of crude and distillates still well above the five-year average, OPEC+ …
LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market.
Demand will rise by
LONDON- Global jet fuel consumption remains severely affected by the uneven recovery in aviation; cargo volumes have rebounded but cross-border passenger flying remains blocked by quarantine restrictions in many countries.
In the United States, commercial jet fuel production over …
NEW YORK – Oil prices tumbled by more than 4% on Thursday, dropping to a five-month low and extending the previous day’s sharp decline on the impact renewed coronavirus lockdowns could have on oil demand.
December Brent crude futures …
LONDON – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus …
LONDON – Oil prices fell on Thursday as U.S. producers in the Gulf of Mexico prepared to resume output following Hurricane Sally, and amid concerns about the slow economic recovery from the COVID-19 pandemic as U.S. jobless claims remained …
LONDON – Oil prices extended losses on Thursday, falling to their lowest point since early August, as worries about weaker U.S. gasoline demand and a sluggish economic recovery from the COVID-19 pandemic dented sentiment.
Brent crude LCOc1 fell 55 …
