(Investing) – LONDON – OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year and said it expected lower capital spending following a decline in oil prices. Supply from countries outside the Declaration of Cooperation – the formal name for OPEC+ – will rise by about
(Investing) – LONDON – OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year and said it expected lower capital spending following a decline in oil prices. Supply from countries outside the Declaration of Cooperation – the formal name for OPEC+ – will rise by about
(Oil & Gas 360) – Supply Expectations High And Demand Expectations Low, Running Counter To U.S. Supply Demand Data Have The Consensus Set UP To Be Caught Short. The price of WTI crude oil back below $60 reflects much fear plus news that OPEC+ will increase production. The Organization of Petroleum Exporting Countries (OPEC), + other world exporters announcing Monday, that
(Oil & Gas 360) – Over the past few weeks, several headlines regarding the international oil business have surprised market watchers: The news that the OPEC+ group decided to increase its production rate in May by 411,000 barrels a day (b/d). The Trump Administration decision to tighten sanctions, including secondary sanctions, on Iranian-exported oil. Iran exports 1.8 to
(World Oil) – Kazakhstan, which has created tensions within OPEC+ by consistently breaching its production limit, has no plans to cut oil output in May, the country’s Energy Ministry said. Central Asia’s largest oil producer will pump a daily average of 277,000 metric tons of crude and condensate in May, the same level as in April, and compared with 260,000
(Oil Price) – OPEC+ served two surprises to the oil trading world in a matter of weeks. First, it said it would bring back three times the amount of oil supply it planned to originally in May. Then, it said it would repeat the exercise in June. And then it emerged that Saudi Arabia is raising selling prices for Asia when
(World Oil) – Kazakhstan is considering its options for complying with the country’s OPEC+ obligations to cut production, after Saudi Arabia doubled down on its efforts to bring quota-cheats in line over the weekend. “Kazakhstan always was and is committed to OPEC+ agreement,” the Astana-based ministry said on Tuesday in emailed reply to questions. Central Asia’s largest oil producer “is
(Investing) – LONDON -Oil gained more than $1.50 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down in the previous session, although concerns about a market surplus persisted. Brent crude futures were up $1.80, or 3%, to $62.03 a barrel by 1310 GMT, the first gain after six consecutive
(Oil Price) – Morgan Stanley joined other major investment banks in slashing oil price forecasts amid expectations of a larger market surplus later this year as OPEC+ plans to raise output much more than previously expected. Morgan Stanley cut its oil price forecasts for the remainder of the year, anticipating a bigger glut. The bank revised down its projection of Brent Crude prices
(Investing) – Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, to accelerate oil output increases, the bank said in a note dated Sunday. The bank now expects Brent crude to average $60 per barrel for the rest of 2025 and $56/bbl in 2026 down by $2 from its previous estimate.
(Investing) – Oil prices declined on Monday, but pared back some earlier losses, after the OPEC+ oil group signaled over the weekend that it will further increase production in the coming months. The prospect of higher supplies and weakening demand weighed on crude, which has already been nursing steep losses so far in 2025. The declines put oil back in sight
(Investing) – The Organization of Petroleum Exporting Countries and allies (OPEC+) has rescheduled its video conference to discuss oil production levels for June. The meeting, initially planned for May 5, will now take place on Saturday, according to a report from Bloomberg, citing delegates who requested anonymity due to the private nature of the information. The upcoming meeting has the potential
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