A US Senate committee is investigating whether oil producers are illegally coordinating with OPEC to raise prices, following allegations that the former head of Pioneer Natural Resources Co. colluded with the cartel.
Global oil markets face a “major” surplus this decade as the shift away from fossil fuels causes demand to hit a plateau amid plentiful supply growth, the International Energy Agency said.
Russia’s crude exports edged higher in the week to May 19, as Moscow prepares to replace a ceiling on overseas shipments with a production limit favored by its OPEC+ partners.
Big tech may be driving the stock market, but after a blow-out first quarter, big oil would like a word.
OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus and shore up prices.
“Under our analysis, we see Brazilian production starting to decline around 2029-30,” Welligence’s Fagundes said. “Given how long it takes to develop a big field, [Petrobras] needs to start finding new reserves.”
Saudi Arabia’s reversal of plans to bolster its oil production capacity has raised questions about the future of demand, but it points to another long-running risk to the kingdom’s energy petroleum revenue — rival suppliers.
Angola's bold move could be the harbinger of a more dynamic global order, where size does not dictate influence or relevance.
“I have fought the good fight, I have run the race and I have kept the faith,” said Ayuk.
OPEC nations Iraq, Nigeria and the Republic of Congo affirmed their commitment to the oil-producer group following the exit of Angola last week.
Angola Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo said the decision on cuts had not been unanimous.
While algorithmic CTAs add much-needed liquidity to the market, their trading strategies can amplify daily swings to an extreme. In 2022, when CTA trading volumes rapidly expanded, New York oil futures posted a more-than $2 daily move 242 times.
It is time developing countries take a page from the Willie Sutton play book and look to the oil industry for funding their energy transition – that’s where the money is.
Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said.
Angola, Africa’s second biggest crude producer, has no plans to leave OPEC+, an official said, following a broader dispute over output quotas that delayed the group’s meeting.
The United Arab Emirates will increase its output target to 3.075 million barrels a day in January, or about 135,000 barrels a day more than it pumped last month.
OPEC is seeking to expand its legal team as the oil producer group prepares for challenges posed by the global shift away from fossil fuels.
Global demand for oil will reach its peak this decade, the International Energy Agency predicted for the first time, amid growing popularity of electric cars and the cooling of China’s economy.
OPEC raised forecasts for global oil demand through to the middle of the century, even as the world shifts away from fossil fuels to avert catastrophic climate change.
Oil supply cuts by Saudi Arabia and Russia will create a “significant supply shortfall” and threaten a renewed surge in price volatility, the International Energy Agency warned.
OPEC+ signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets.
OPEC’s petroleum export revenues climbed to the highest in a almost a decade last year, as Russia’s war on Ukraine bolstered crude prices and key members ramped up production.
“They are in general pumping what they can. They are reluctant to switch off production as they may not be able to turn it back on down the line,” the Welligence official said.
Saudi Arabia will make an extra 1 million barrel-a-day oil supply cut in July, taking its production to the lowest level for several years after a slide in crude prices.
Oil prices are likely to fall below $80 a barrel even with OPEC’s recent apparent efforts to support that level with unexpected cuts, according to Ed Morse, global head of commodities research at CitiGroup.