(Investing) – Oil prices slipped on Wednesday, trading near their lowest in two weeks, a day after OPEC lowered global oil demand growth forecasts for 2024 and 2025 and amid demand concerns in China. OPEC cited weakness in China, India, and other regions for its decision, which marked the producer group’s fourth straight downward revision for 2024. Brent futures were 65 cents,
(Yahoo Finance) – OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China. Global oil consumption will increase by 1.8 million barrels a day — just under 2% — in 2024, the Organization of Petroleum Exporting Countries in a monthly report. That’s 107,000
(Investing) – Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election. U.S. Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s Election Day, and the winner
(Investing) – HOUSTON – Oil prices rose on Thursday as investors priced in stronger U.S. fuel demand and the potential for OPEC+ to delay a planned output increase in December, five days ahead of the U.S. election. Brent futures rose by 54 cents, or 0.74%, to $73.09 a barrel by 1:09 p.m. EDT. WTI futures were up 51 cents, or 0.74%, at
(Investing) – Oil prices rose more than 2% on Wednesday after Reuters reported that OPEC+ could delay a planned oil production increase in December by a month or more because of concern over soft oil demand and rising supply. Brent crude futures gained $1.10, or 1.6%, to $72.22 a barrel by 1418 GMT. U.S. West Texas Intermediate crude gained $1.07, also 1.6%,
(Yahoo Finance) – OPEC trimmed its forecasts for oil demand growth this year and next for a third consecutive month as the group belatedly recognizes a slowdown in global fuel use. Global oil consumption will increase by 1.9 million barrels a day — roughly 2% — in 2024, or 106,000 barrels a day less than previously forecast, the Organization of
(World Oil) – OPEC+ made no changes to plans to start gradually reviving oil production towards the end of the year, despite signs of an impending surplus. A statement from 23-nation the group after an online monitoring meeting on Wednesday didn’t announce any alterations. Led by Saudi Arabia and Russia, OPEC+ plans a series of monthly increases beginning with a 180,000
(BOE Report) – HSBC has lowered its annual oil price forecasts for this year and next, citing a possible increase in OPEC+ oil production later this year that would push the market into surplus in 2025. “Judging by the fall in oil prices, the market had expected another extension – indeed we thought the unwinding would be more likely to
(Oil Price) – Despite the geopolitical risk premium, oil prices are set to remain under pressure, weighed down by slower-than-expected demand and uncertainty about OPEC+’s unwinding of the production cuts, according to the analysts in the monthly Reuters poll who cut their price forecasts for a fifth consecutive month. In last month’s poll, weaker Chinese oil demand and high inventories globally prompted economists
( World Oil) – OPEC doubled down on forecasts that global oil demand will keep growing to the middle of the century. World oil consumption is set to increase by 17.9 MMbpd, or roughly 18%, to 120.1 MMbpd by 2050, the Organization of Petroleum Exporting Countries said in its annual long-term outlook. It raised estimates covering the next two decades
Oil Price Wall Street analysts at Citi have predicted that a deficit in the oil markets driven by OPEC’s recent decision to delay tapering in oil production cuts as well as the ongoing suspension of Libyan oil exports will temporarily offer support for Brent prices in the $70-$75/barrel range in Q4 2024, as reported by Reuters. However, Citi has warned of “renewed price
BOE Report UBS cut its oil price forecasts for 2024, citing a weaker global demand outlook especially driven by a slowing Chinese economy. It lowered its price view for both Brent and WTI by $4 to $80 per barrel and $76 per barrel respectively. “The key downside risks would be a recession, which would in turn raise the risk of
