Russia-driven crisis exposes UK’s energy madhouse
With gas prices now more than five times the cost of a barrel of North Sea benchmark Brent Blend, the outlook for energy across Europe including the UK, is shocking.
OPEC
Oil gets mauled again with demand concerns spurring weekly drop
Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.
Oil plunges to lowest since January as demand concerns escalate
Oil fell to the lowest since January on concern a global slowdown will cut demand in Europe and the US, just as China’s Covid Zero strategy hurts consumption in the world’s biggest crude importer.
OPEC+ cuts production for October
OPEC+ has agreed to cut production by 100,000 barrels per day in October, returning the targeted output to the level of August.
Oil rallies with OPEC+ decision, G-7 cap plan dominating trading
Oil surged on the possibility that OPEC+ may decide to trim production, and as Europe’s energy crisis worsened after the Group-of-Seven nations endorsed a plan to try to cap the price of Russian crude.
Oil set for weekly loss as slowdown concerns offset US demand
Oil is heading for a weekly loss as lingering concerns over an economic slowdown overshadowed signs of improving US demand.
OPEC+ Answers Biden’s Diplomacy With ‘Minuscule’ Output Hike
OPEC+ responded to months of diplomatic efforts from US President Joe Biden with one of the smallest oil production increases in its history.
Oil set for longest run of declines this year in boost for Biden
Oil is headed for a third weekly drop, the longest run of declines this year, on concerns over weaker US gasoline demand and a global slowdown.
Oil holds above $100 as traders weigh tight market, OPEC+ limits
Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders.
Saudis say oil decisions are for OPEC+ as Biden leaves kingdom
Saudi ministers insisted that oil policy decisions would be taken according to market logic and within the OPEC+ coalition, just as US President Joe Biden wrapped up a landmark trip to the kingdom.
OPEC faces a near-impossible production task in 2023
OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand. Capacity constraints suggest they may struggle.
Biden faces oil market challenge in Saudi trip
US President Joe Biden is due to visit the Middle East this week, with the oil market watching his trip to Saudi Arabia particularly closely.
OPEC secretary general dies
OPEC secretary general Mohammad Barkindo has died, according to Nigerian officials.
Global recoverable oil reserves fall by 9% amid ‘collapse’ in exploration appetite
Recoverable oil reserves have fallen by around 152 billion barrels since last year, while undiscovered volumes have plummeted owing to diminished exploration appetite, according to analysis by Rystad Energy.
Russia muscles in on Indian oil market at expense of OPEC titans
Watch out Iraq and Saudi Arabia, Russia is making huge inroads into the Indian oil market and has quite possibly become the largest supplier to the giant Asian buyer.
Trafigura warns high prices to continue on under-investment
Trafigura has warned of further challenges for the energy, and metal, markets, with higher prices for some time, although also reporting record profits.
What OPEC+’s production deal means for global oil markets
OPEC+’s hotly anticipated output meeting on Thursday underwhelmed the market, with oil prices closing up after the decision.
OPEC+ opens taps wider, heeding US but keeping Russia onside
OPEC+ agreed to increase the size of its oil-supply hikes by about 50%, in a deal that kept Russia at the heart of the cartel while also heeding pressure from major consumers including the US.
OPEC+ sticks to small supply hike as EU eyes Russia oil ban
OPEC and its allies once again ratified a small monthly increase in production, even as global markets look set to tighten because the European Union is considering banning supplies from Russia.
Oil pares gains ahead of OPEC+ talks as EU plans Russian ban
Oil pared gains before an OPEC+ meeting on supply strategy, after earlier stretching an advance that followed the European Union’s announcement Wednesday of a phased ban on Russian imports.
IEA cuts oil demand forecast as China reimposes lockdowns
The International Energy Agency cut its forecast for global oil demand this year after China reimposed lockdowns to contain the spread of a resurgent coronavirus.
OPEC ditches IEA numbers in favour of Rystad, WoodMac
OPEC members have opted to drop their use of data from the International Energy Agency (IEA) in their monthly reporting.
OPEC+ refuses to deviate from gradual oil output hikes
OPEC and its allies once again stood back from the crisis engulfing oil markets, refusing to deviate from their schedule of gradual production increases as the U.S. considered an unprecedented release from emergency crude stockpiles.
Oil climbs after two-day drop as investors assess Ukraine talks
Oil rebounded in Asian trading as investors cautiously assessed the outlook for a de-escalation of Russia’s war in Ukraine, which has entered its second month and rattled markets worldwide.
Oil extends losses on China demand concerns ahead of OPEC+ meet
Oil kept falling after capping the biggest loss in almost three weeks on concern that a virus flare-up in China will weigh on global demand.