Post Tagged with: "Oil demand"
OPEC flags risk to oil demand outlook from Ukraine war, inflation
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 …
Oil analysts predict a prolonged rally as OPEC resists calls to ramp up supply
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 …
Brent oil jumps to nearly 3-year high above $80 before turning negative
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 …
OPEC+ yet to make progress in resolving impasse, sources say
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.…
Is this the end of OPEC? How Saudi Arabia and UAE infighting threatens the future of the oil alliance
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 …
As demand accelerates, BofA expects oil to reach $100/bbl next year
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 …
Oil rises as threat recedes of Iran supply resuming soon
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 demand rebound to prevail over potential Iran, India headwinds: Poll
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 …
IEA sees oil demand recovery outpacing growth in supply
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 …
Analysis: Saudi $7 trillion investment goal puts spotlight on oil prices
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
Suez Canal steps up efforts to remove blockage as shipping rates surge, tankers diverted away
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 …
OPEC expects most of 2021 oil demand recovery in second half
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 …
Oil executives say demand will rise, despite emphasis on renewables
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 …
Oil prices slide as virus cases rise, demand worries persist
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 …
OPEC “cautiously optimistic” oil market will recover in 2021
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 …
Saudi voluntary oil cut to help with low demand in first quarter, OPEC chief says
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 …
Vaccine impact on moribund oil demand is several months away – IEA
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 …
Oil prices pull back as surge in virus cases raises concerns about demand
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 …
Exclusive: OPEC+ sees oil cut extension curbing 2021 rise in oil stocks, document shows
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 …
Column: U.S. oil inventories offer hope, and a warning, to OPEC+ – Kemp
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+ …
OPEC expects coronavirus to curb oil demand recovery into 2021
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
Oil price path depends on coronavirus control: Kemp
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 …
Oil extends losses with 4% slump on renewed lockdowns
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 …
OPEC, in major shift, says oil demand to plateau in late 2030s
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 …
Oil falls as crews return to U.S. Gulf rigs, economic recovery stalls
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 …
Oil prices at one-month low on demand worries
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 …
Where the U.S. oil industry stands
The global Covid-19 pandemic led to an abysmal second quarter for the earnings of U.S. oil companies, but oil prices themselves staged a recovery during the quarter.
The second quarter began with oil prices having fallen into the teens, …
Coronavirus surge, renewed lockdowns fan fresh worries about global fuel demand
LONDON/NEW YORK – Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of …
