Oil steadies at the week’s open with supply challenges in focus
Oil steadied at the week’s open as traders assessed challenges to supply in the wake of the unexpected output cut by OPEC+.
OPEC
Oil price continues to climb after OPEC+ production cut
There’s concern that the move by OPEC+ will inject fresh vigor into inflationary pressures.
OPEC+ makes shock million-barrel oil production cut causing new inflation risk
OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
Oil set for worst week this year as traders watch for OPEC+ move
Oil headed for the biggest weekly loss this year after banking turmoil rippled across global markets, with investors watching for a potential response to the rout from OPEC and its allies.
OPEC Sees Oil Market a Bit Tighter on More Demand, Less Supply
OPEC expects a slightly tighter global oil market than previously forecast as the group nudged up its demand estimate and trimmed its supply outlook.
Oil eases on US plan to sell more crude from strategic reserve
Oil fell on a US plan to sell more crude from its reserves, offsetting a lift from Russian output cuts and rising Chinese demand.
OPEC chief tells climate negotiators to ‘look at the big picture’
OPEC’s top official urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair.”
Oil may hit $100 amid China reopening, Iran’s OPEC official says
Oil prices may rise to $100 a barrel in the second half of the year as China’s economy emerges from anti-virus lockdowns, Iran’s liaison to OPEC said.
Gepetrol head takes over ministry, with Obiang Lima out
OPEC appointed Obiang Lima president for 2023. He is also the head of the Gas Exporting Countries Forum (GECF). For now, he continues to hold both those positions.
OPEC+ keeps output steady amid uncertainty on China and Russia
An OPEC+ committee recommended keeping crude production steady, delegates said, as the oil market awaits clarity on demand in China and supplies from Russia.
Oil market faces bigger surplus even as China reopens
Global oil markets face a bigger surplus this quarter than previously expected, with demand still constrained despite China’s bid to reopen its economy from Covid lockdowns.
Nigeria aims to add 700,000 bpd this year
“It’s practical to hit 2.2mn bpd in 2023, this is practical. It’s a moving target,” Kyari said. “There are a number of projects that I have clear line of sight that can come on board in 2023.”
Banking giant ING sees oil and gas markets tightening further in 2023
Global oil and gas supplies are on course to tighten further this year as OPEC sticks to its guns and other producers struggle to fill the gap.
Oil drops for fourth straight day as demand concerns multiply
Oil fell for a fourth day as warnings from major US banks of a tough outlook for 2023 stoked concern over demand prospects and dented appetite for risk assets including commodities.
OPEC+ pauses as Russia sanctions and China covid rules roil crude markets
OPEC+ responded to surging volatility and growing market uncertainty by keeping oil production unchanged.
Price of oil surges amid speculation that OPEC+ nations will cut production
Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries and its allies will deepen supply cuts to respond to weakening global demand.
OPEC says world can’t live without oil, demand will keep rising
OPEC held firm to projections that global oil demand will keep growing for another decade, and said it would be dangerous to abandon fossil fuels.
Senior US official says OPEC+ oil cut came at ‘worst’ moment
OPEC+’s decision to cut oil production will hurt the global economy and add to inflationary pressures, a senior US official said during a visit to the Middle East.
Al Mazrouei defends OPEC cut as technical, calls for investments
The United Arab Emirates energy minister has defended OPEC+’s decision to cut production as a purely technical move, denying talk of discord and politics.
Saudi defends OPEC cut as business, not politics
Saudi Arabia has defended the OPEC+ decision to cut production, saying a US request to push back the move would have had a negative economic impact.
OPEC slashes production, Biden talks tough
OPEC has taken the decision to cut production by 2 million barrels per day from its August target, amid growing concerns over weak pricing.
OPEC+ considers output-limit cut of as much as two million barrels a day
OPEC+ is considering its biggest production cut since 2020, a move Washington is trying to head off with furious diplomatic efforts.
Oil holds surge as OPEC+ mulls biggest supply cut since 2020
Oil held a two-day surge before an OPEC+ meeting at which the alliance is considering the biggest supply cut since 2020 to revive prices.
OPEC+ to consider output cut of more than 1 million barrels
OPEC+ will consider cutting oil output by more than 1 million barrels a day, according to delegates, when it meets in person on Wednesday for the first time in more than two years.
Nigeria falls behind as output slips under 1mn bpd
Nigeria’s oil production has slipped below the 1 million barrel per day mark, according to new data from the upstream regulator. The decline in August has seen Nigeria fall to fourth largest producer in Africa, from first.