(Oil Price) – Crude futures slumped on Monday, extending their biggest single-day slide in weeks as OPEC+ signaled it may press ahead with another round of output increases despite production shortfalls across the group. By 12:48 p.m. ET, benchmark contracts were down more than 3%, reflecting both cartel politics and shifting supply expectations. Brent crude was at $67.88 per barrel, a drop
(BOE Report) – Kazakhstan’s oil and condensate output rose to 8.885 million metric tons in August from 8.631 million tons in July, driven by production growth at Tengiz, Kashagan, and Karachaganak oilfields, official data showed on Friday. The August figure translates into 2.150 million barrels per day, according to Reuters calculations. Despite exceeding quotas set by the Organization of the
(Oil Price) – The OPEC+ group is not hiking oil production as much as the headline figures in the agreement suggest, as some members are close to capacity while others are compensating for previous overproduction. This could come as a relief to the market, which expects a major oversupply later this year and early next year. The OPEC+ members have so
(BOE Report)– Citi analysts on Friday forecast Brent crude oil prices would fall to $60 per barrel by year-end and average $62 per barrel between the second and fourth quarters of 2026, citing OPEC+ production increases and China’s stockpiling. The bank revised its global liquids balance outlook after OPEC+ announced plans to unwind an additional 1.6 million barrels per day
(Oil Price)-OPEC+’s decision last week to increase its collective oil production has surprised many, given the soft outlook for oil prices for the remainder of this year and into next. It is true that the 137,000 barrels per day (bpd) rise from October is much lower than the 411,000 bpd and 555,000 bpd respective increases for the June and July
(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)– Lately, Wall Street has been warning that oil markets could soon face a surplus, putting more pressure on already depressed oil prices. To wit, Goldman Sachs has predicted that oil markets could be oversupplied by 1.9 million b/d in 2026 amid OPEC+ unwinding production cuts and production in the Americas rising. Wall Street now sees oil prices sinking to the $50s
(Oil Price) – OPEC’s view of global oil demand growth was left unchanged as of today’s September Monthly Oil Market Report, at 1.3 million bpd for 2025, with non-OECD economies once again doing the heavy lifting. The OECD share of demand growth is negligible at 0.1 million bpd, while Asia, the Middle East, and parts of Latin America make up the
(World Oil) – The U.S. oil industry is facing significant challenges, having laid off thousands of workers and reduced billions in spending due to declining oil prices and major industry consolidation. This shift may signal the end of the rapid output growth that once positioned the U.S. as the top global producer. In response, the Organization of the Petroleum Exporting
(Investing) – HOUSTON – Oil prices rose on Monday, recovering some of last week’s losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude. OPEC+ flagged plans to further increase production from October but the amount was less than some analysts had anticipated. Reuters had reported earlier this
(Oil Price)– Saudi Arabia’s budget deficit is growing this year as oil prices are down from last year’s levels and well below the $90 per-barrel price the Kingdom is estimated to need to balance its budget. Brent Crude oil prices have declined by about 8% since the beginning of the year, at around $69 a barrel as of early Tuesday, additionally
(Investing.com)– Oil prices rose on Tuesday ahead of an upcoming OPEC+ meeting on Sunday, in which analysts expect the group will not unwind remaining voluntary cuts. Brent crude was up 72 cents, or 1.06%, at $68.87 a barrel by 11:07 a.m. EDT (1507 GMT). U.S. West Texas Intermediate crude was at $65.34 a barrel, $1.33 or 2.08% higher. WTI futures did not settle
