(Oil Price) – At the end of February, the Alberta government released its draft budget for the year, forecasting a deficit resulting from low oil prices, set to extend over the next three years. Now, Canada—and Alberta specifically—are about to become some of the big winners from the oil price rally resulting from the Middle East supply crunch. Canadian oil producers are set
(Oil Price)– The latest flare-up between Saudi Arabia and the United Arab Emirates over Yemen looks dramatic on the surface, but OPEC cohesion, not missiles or militias, is what ultimately matters to the oil markets, which is why the latest public spat between Saudi Arabia and the UAE over Yemen created just a temporary blip in crude prices. Saudi forces
(Oil Price) – Crude oil inventories in the United States increased by 1.8 million barrels during the week ending September 26, after shrinking by 600,000 barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 416.5 million barrels according to government data, which is still 4%
(Investing) – The oil market is anticipated to a see a “big surplus” from the fourth quarter onwards, driven in large part by the return of OPEC+ producer group barrels over the next 12 months, according to analysts at HSBC. In a note to clients, the strategists led by Kim Fustier forecast a surplus growing from 600,000 barrels per day in
(Oil Price) – Russia believes that Moscow, its OPEC+ ally Saudi Arabia, and the United States could work together to stabilize the oil market if necessary, the head of Russia’s sovereign wealth fund told Reuters on Thursday. “There was an example when (Russian) President Putin, (U.S.) President Trump and (Saudi) Crown Prince Mohammed bin Salman played a key role in stabilising markets,” Dmitriev,
(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) – Ten days ago, the Biden administration expanded sanctions on Iran’s petroleum and petrochemical sectors in response to Iran’s October 1 attack on Israel, its second direct attack on Israel this year. According to the White House, Iran’s oil exports are enabled by a network of illicit shipping facilitators in multiple jurisdictions which, through obfuscation and deception, load and transport Iranian
Oil Price Oil market participants are “dramatically overestimating” a supply glut, as Chinese demand is not as doom-and-gloom as headline figures suggest and U.S. crude oil production is basically flat this year, Jeff Currie, chief strategy officer of energy pathways at Carlyle, said on Tuesday. Fears of a major oil glut are “completely overplayed,” Currie told the Asia Pacific Petroleum
Oil Price Crude oil prices have been tightly range-bound for about a year now, with bearish and bullish factors largely balancing each other out. But one Wall Street major believes the market is nearing a breakout point. The only question is whether the breakout will be a bearish or a bullish one. In a recent note, Bank of America analysts referred to
Oil Price The oil market is shifting from a surplus to a supply deficit that will last for all of 2024 if OPEC+ further extends its production cuts until the end of the year, the International Energy Agency (IEA) said on Thursday. Early this month, the members of the OPEC+ alliance that had pledged the Q1 cuts announced they would roll
Nasdaq LONDON – Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday. Still, the Paris-based energy watchdog sees demand growth next year rising by more than anticipated despite the rise being less than
Nasdaq LONDON – Oil prices fell on Monday after a revolt by Russian mercenaries over the weekend, though the political instability did not appear to pose an immediate threat to oil supply from one of the world’s largest producers. Brent crude futures LCOc1 were down 8 cents, or 0.1%, at $73.77 a barrel by 0900 GMT. U.S. West Texas Intermediate crude (WTI) CLc1 was
