OPEC – Oil & Gas 360

Oil prices slip lower on U.S. inventory build, OPEC+ output hike expectations

July 3, 2025

(Investing) – Oil prices slipped lower Thursday, reversing sharp gains from the prior session after data showing an unexpected build in U.S. inventories raised some concerns over sluggish fuel demand. At 08:20 ET (12:20 GMT), Brent oil futures for September fell 0.4% to $68.86 a barrel, while West Texas Intermediate crude futures dropped 0.3% to $67.27 a barrel. Both contracts soared between 2.5% and 3%

Oil majors compete for Libya’s first exploration tender since 2011 war

July 2, 2025

(World Oil)– Chevron Corp. and TotalEnergies SE are competing in Libya’s first energy exploration tender since the 2011 conflict, the country’s state-run oil firm said, as the OPEC member looks to oil majors to help ramp up production to a record. Eni SpA and Exxon Mobil Corp. are also among the 37 companies that have lodged interest, with contracts due

UBS sees near-term Brent prices sliding despite modest annual forecast bump

July 2, 2025

(Investing) – Brent crude prices are expected to drop to the low-to-mid-$60 per barrel range in the near term as traders eye an expected uptick in OPEC+ production and a seasonal slowdown in fuel demand, according to analysts at UBS. In a note to clients, the brokerage predicted that oil markets will see a “larger surplus” after the key summer travel

OPEC tensions build as Kazakhstan’s oil production hits all-time high

July 1, 2025

(Oil Price)– Kazakhstan’s crude oil output jumped 7.5% in June to 1.88 million barrels per day (bpd), matching the country’s all-time high set in March, according to figures leaked to Reuters. This puts Kazakhstan well over its official OPEC+ quota of 1.5 million bpd, and continues a pattern of months-long noncompliance that’s frustrating the group’s core members—especially Saudi Arabia. Total

Oil prices bounce off recent lows; OPEC+ output hike, U.S. trade deals in focus

July 1, 2025

(Investing) – Oil prices edged higher Tuesday, bouncing off three-week lows with traders awaiting more news on potential trade deals ahead of the latest OPEC+ output meeting. At 08:15 ET (12:15 GMT), Brent oil futures for September rose 0.7% to $67.18 a barrel, climbing from their lowest level since June 11, just before the onset of the Israel-Iran war, while West Texas Intermediate crude

U.S. Energy Secretary says oil output drop in 2026 ‘unlikely’

June 13, 2025

(World Oil) – U.S. Energy Secretary Chris Wright said it’s “unlikely” the country’s oil production will drop next year, contrary to the expectations released this week by a government agency. Much will depend on oil prices and whether producers will follow through on pledges to reduce investment, Wright said in an interview on Bloomberg Television. The Energy Information Administration revised

Bank analysts predict Saudis will wage ‘long but shallow’ oil price war

June 9, 2025

(World Oil) – OPEC+’s oil-output hikes are part of a Saudi strategy that will see the kingdom embark on a long but shallow price war designed to recapture market share, Bank of America Corp.’s head of commodities research said. The producer group, of which Saudi Arabia is the de-facto leader, announced a third output increase of more than 400,000 bpd last

Jefferies looks at how OPEC+ output hikes could impact the tanker shipping sector

June 6, 2025

(Investing) – OPEC+ has been unwinding its voluntary production cuts at a faster rate than it had previously outlined, although this has yet to translate into a noticeable change in volumes on very large crude carriers, according to analysts at Jefferies. Since April, the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, has either made

Oil rises 1% as China, U.S. teams to meet following Trump, Xi trade call

June 5, 2025

(Investing) – HOUSTON -Oil prices rose 1% on Thursday, rebounding from the previous day’s drop as traders responded to news that U.S. and Chinese teams will meet shortly, following a phone call on trade held between U.S. President Donald Trump and Chinese leader Xi Jinping. Brent crude futures were up 65 cents, or 1%, at $65.51 a barrel by 11:36 a.m. EDT

Oil bulls bite back as prices defy expectations

June 4, 2025

(Oil Price) – OPEC+ did what everyone expected it to do last weekend, announcing another production ramp-up. Prices, however, did something that not everyone expected them to do: they went up. All eyes are now on demand—and the disruption of supply. The eight members of OPEC+ that were keeping their production of crude oil under restraints agreed on Saturday to add

Crude futures sink on Saudi push for OPEC+ supply hikes

June 4, 2025

(Investing) – Crude futures tumbled 1.4% today as market participants reacted to a report by Bloomberg indicating that Saudi Arabia is advocating for more aggressive oil supply increases by OPEC+. The kingdom’s push for regaining market share is driving its desire to accelerate production hikes in the upcoming months. According to sources familiar with the matter, Saudi Arabia, which exerts

Is a new oil price war between the west and OPEC about to break out?

June 3, 2025

(Oil Price) – It is highly unlikely that anyone with even a modicum of intelligence has lost money in the past ten years or so by trading against the predictable thinking of those in charge of Saudi Arabia’s oil policy. Quite the reverse, in fact, with enormous profits available from the failures of the enormously well-flagged and exceptionally predictable strategy of

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