(Investing) – LONDON – OPEC on Monday lowered its forecast for world oil demand in the second quarter by 500,000 barrels per day, the producer group’s monthly oil report showed in its first public assessment of the Iran war’s impact on the market. OPEC sees a smaller hit to oil demand from the war this year than some other forecasters, such
(By Oil & Gas 360) – The 1974 oil price shock remains one of the defining moments in modern economic history. Triggered by the Organization of the Petroleum Exporting Countries (OPEC) oil embargo following the Yom Kippur War, crude prices quadrupled in a matter of months. It exposed deep structural vulnerabilities in Western economies and reshaped global energy policy for
(Investing) – MOSCOW/LONDON – OPEC+ is likely to consider raising its oil output by 137,000 barrels per day for April, three sources with knowledge of OPEC+ thinking said as the group prepares for peak summer demand and a price boost from tensions between the U.S. and OPEC member Iran. The resumption of output increases after a three-month pause would allow OPEC
(BOE Report) – Crude oil exports from the world’s largest oil exporter fell to 6.988 million barrels per day, down from 7.378 million bpd in November and its lowest since September, data from the Joint Organizations Data Initiative showed on Thursday. Saudi Arabia’s crude output stood at about 10.084 million bpd in December, its highest since April 2023. Output in
(Oil Price) – Nigeria’s struggles to pump to its OPEC+ quota over the past year have resulted in a loss of $1.31 billion gross revenue for the biggest African oil producer, according to data calculated by Business Insider Africa. The cumulative underproduction for Nigeria between January 2025 and January 2026 is estimated at about 18.12 million barrels. Multiplied by the official
(Investing) – HOUSTON – Venezuela is hosting U.S. Secretary of Energy Chris Wright starting on Wednesday, marking the highest-level U.S. visit focused on energy policy to the OPEC nation in nearly three decades, as Washington conducts its first on-the-ground assessment of the oil industry it is proposing to rebuild. Wright landed in Caracas on Wednesday morning, a day after the U.S.
(Investing) – Oil prices fell sharply Monday as geopolitical tensions between the U.S. and Iran eased, prompting traders to lock in profits after a recent jump in prices. At 08:20 ET (13:20 GMT), Brent oil futures for April tumbled 5.1% to $65.82 a barrel and U.S. West Texas Intermediate crude fell 5.2% to $61.76 per barrel. Oil prices rose to near six-month highs
(World Oil) – Diezani Alison-Madueke accepted cash bribes and “vast quantities” of luxury perks in exchange for handing over lucrative government contracts when she served as Nigerian oil minister, prosecutors said on the first day of a London trial. The 65-year-old former OPEC president is charged with five counts of accepting bribes from people linked to energy groups and one
(World Oil) – Equatorial Guinea, OPEC’s smallest member, has turned to commodity trading companies for prepayment deals on oil and liquefied natural gas to help finance a revival of domestic hydrocarbon production. The Central African nation is looking for $300 million in return for deliveries of crude oil and LNG spread over multiple years, according to people familiar with the matter,
(Investing) – Oil prices could see further upside in 2026 as geopolitical risks continue to drive volatility, HSBC says, though the bank adds that underlying market fundamentals should limit rallies and keep prices anchored in the mid-$60s range. As such, HSBC maintained its Brent crude forecast at $65 a barrel for 2026 and beyond, despite heightened tensions across several major producing regions. The
(Oil Price) – Russia’s crude oil production dipped to 9.326 million barrels (bpd) in December, down by over 100,000 bpd from November and nearly 250,000 bpd lower than Moscow’s OPEC+ quota, sources familiar with classified government data told Bloomberg on Friday. The fresh U.S. sanctions on Russia’s top producers Rosneft and Lukoil drove the lower crude output at the end of last year.
(Investing)– Oil prices were trading modestly higher on Wednesday but still heading toward their steepest annual losses since 2020, as persistent supply surplus concerns dominated markets through the year despite recurring geopolitical risks that offered only intermittent support. As of 05:30 ET (10:30 GMT), Brent Oil Futures expiring in March traded rose 0.2% to $61.47 per barrel, while West Texas Intermediate (WTI)
