(Oil Price) – Spare oil production capacity at the highest quartile in history is weighing on Brent crude prices, and time spreads have looked undervalued since the summer, according to Goldman Sachs. The expectations for a large surplus next year are also likely weighing on the deferred time spreads, the investment bank said in a recent note. “Nevertheless, we believe neither currently
(Investing) – LONDON – OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China’s sputtering role as the world’s demand growth engine. The weaker outlook underlines the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such
(Oil Price) – The oil market is bracing for a tough 2025, but Barclays believes the industry’s pessimism might be overdone. Brent crude hovered around $71 per barrel this week, raising chatter of a potential dip into the $50-$60 range next year. But Barclays’ analysts argue that the market’s fixation on oversupply could be cloaking the inevitable tightening of supply-demand dynamics.
(BOE Report) – Goldman Sachs on Friday maintained its forecast for Brent oil to average $76 per barrel in 2025, citing a balanced market situation, with lower OPEC+ supply offsetting an unexpected surge last month in commercial inventories at Organisation for Economic Co-operation and Development countries. “We maintain our annual average Brent forecasts of $76/bbl in 2025 and $71 in
(Investing) – Oil prices fell 1% on Friday and were headed for a weekly loss, as analysts continued to forecast a supply surplus in 2025 despite the OPEC+ decision to postpone planned supply increases and extend deep output cuts to the end of 2026. Brent crude futures were down 72 cents, or 1%, to $71.37 per barrel at 1415 GMT. U.S. West
(Oil Price) – This week, the OPEC+ group is meeting to discuss when and how to begin easing the ongoing production cuts. The alliance looks to have dug itself deeper into a position between a rock and a hard place, again. Although they are not publicly admitting it, OPEC and its allies want to keep oil prices fairly high, as many
(Investing) – NEW YORK – Oil futures slipped on Wednesday as traders awaited an imminent OPEC+ decision on supply, while a larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices. Brent crude futures fell 38 cents, or 0.52%, to $73.24 a barrel by 11:50 a.m. EST (1650 GMT). U.S. West Texas Intermediate crude futures were down 44 cents, or
(Investing) – Oil prices rose on Tuesday amid pressure from a strong dollar as traders awaited more U.S. economic cues, while caution before an OPEC+ meeting this week kept markets on edge. Oil was nursing losses from the prior week after Israel and Hezbollah agreed to a ceasefire, lowering tensions in the Middle East. But heightened tensions between Russia and Ukraine
(World Oil) – (Bloomberg) – OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the U.S. shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the U.S.,” Iranian OPEC governor Afshin Javan
(Investing)– LONDON – OPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and difficult to deepen supply cuts because some members want to pump more, sources and analysts said. The Organization of the Petroleum Exporting Countries and its allies led by Russia, the group
(Oil Price) – Saudi Arabia’s crude oil exports increased by 80,000 barrels per day (bpd) to 5.75 million bpd in September—the highest in three months, the latest data from the Joint Organizations Data Initiative (JODI) showed on Monday. The September crude exports were the highest since June, likely due to the lower direct crude burning for power generation as the hottest months in
(Investing) – LONDON – Oil prices rose about 1% on Thursday, paring some of the sharp declines seen earlier this week due to a stronger U.S. dollar and worries about rising supply amid slow demand growth. Brent crude futures were up 70 cents to $72.98 a barrel at 1401 GMT. U.S. West Texas Intermediate crude futures were up 68 cents to $69.11.
