One of the oil world's longest and best kept secrets may finally be revealed. Saudi Arabia is preparing to unveil how much oil it holds, a closely guarded state secret that has been kept quiet for decades.
A major driver of oil prices is the balance between global demand and supply. Unfortunately for those looking to guess at where oil prices will head next, both are much harder to accurately measure than much of the commentary would imply.
House prices in Aberdeen have plummeted by 8.7% during the past year - more than anywhere else in the UK.
The average oil price that Saudi Arabia needs to balance its budget will fall this year by only half as much as forecast six months ago, according to the International Monetary Fund.
Russia plans to join discussions on limiting oil production only after OPEC members reach an agreement between themselves, meaning talks aimed at stabilizing the market could extend beyond Algiers next week.
Oil rebounded from the lowest close in more than a month after clashes halted what would be the first crude shipment from Libya’s Ras Lanuf export terminal since 2014.
An output freeze among Opec members and Russia will not boost oil prices significantly, the Economist Intelligence Unit (EIU) said yesterday.
Russia’s energy minister has said there was a risk oil prices would drop in winter due to market volatility, according to a media report.
Oil fell as two of the world’s biggest producers stopped short of making concrete proposals to coordinate output, pledging instead to cooperate to ensure market stability.
OPEC and some producers from outside the group may agree to freeze output during informal talks next month, which could prove “self-defeating” because it would benefit other suppliers, according to Goldman Sachs Group.
Oil extended declines after the biggest loss in three weeks before weekly U.S. crude inventory data and as the market awaits comment from the Nigerian government on a proposal by militants to end hostilities.
Dollar sales in the Azeri capital have all but seized up as demand from households still reeling after two devaluations last year leaves most banks running on empty, with the manat plunging the most globally against the U.S. currency on Friday.
Talk of a potential deal to freeze output helped push oil close to $50 a barrel and prompted money managers to cut bets on falling prices by the most ever. West Texas Intermediate, the U.S. benchmark, went from a bull to a bear market in less than three weeks.
Oil prices have surged to pre-Brexit levels amid fresh hopes that an upcoming meeting of energy producers could ease production levels in a bid to support floundering prices.
U.S. crude oil production is holding up better than the government previously thought.
Oil halted below $46 a barrel after the biggest three-day gain since April.
Oil extended its advance above $44 a barrel after posting the biggest weekly increase since April amid speculation that producers will revive talks to stabilize prices.
Oil advanced after OPEC’s president said the group would hold informal talks in Algiers next month and predicted the current bear market would be short lived. Futures climbed as much as 3.3 percent in New York. Members of the Organization of Petroleum Exporting Countries are in “constant deliberations” on stabilizing the market and oil prices are expected to rise in the latter part of 2016, according to a statement on OPEC’s website attributed to Mohammed bin Saleh Al-Sada, Qatar’s energy and industry minister and the group’s current president. "This is a very formal announcement to an informal meeting and that has bullish implications," said Jason Schenker, president of Prestige Economics LLC in Austin, Texas. "The statement said OPEC expects the market to be balanced before long, and that the group believes the drop in prices is temporary."
Oil dropped after U.S. producers increased the number of active rigs to the highest in 12 weeks, raising speculation output declines that have trimmed a global glut may slow.
US stocks swerved between gains and losses on Thursday and wound up with a muddled finish as the price of oil plunged.
The possibility remains the United Kingdom's Brexit from from Europe may not happen after all, according to consultancy Douglas Westwood.
Following the historic vote to leave the EU, there are now a wide range of possible outcomes for the UK’s energy sector in respect of its regulatory and market options, and its relationship with the EU.
Oil tumbled with most commodities amid a global flight from risky assets as the UK voted to leave the European Union.
As Britons head to the voting booths to determine whether or not to continue their existing relationship with the European Union, the impact of the outcome on the price of oil is still far from certain.
The London market broke through the 6,300 barrier as voters headed to the polls to cast their ballots in Britain’s referendum on the European Union.