Japan is considering releasing oil from its strategic stockpiles, joining China and the US in a coalition of consumers that wants to tame a surge in energy prices that’s triggered a jump in inflation.
Global oil prices may rise to as high as $120 by the middle of next year as the ability of OPEC+ to meet demand is at risk from under-investments and sanctions, according to a Rosneft PJSC executive.
The tightness in global oil markets that propelled prices to a seven-year high is starting to ease as production recovers in the U.S. and elsewhere, the International Energy Agency said.
OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies meet today to choose whether to heed American demands for more oil.
Oil remained close to $85 a barrel as the market turns its attention to a meeting of oil producers on Thursday and a growing clamor for crude among consumer nations.
UK drivers face “range anxiety” as a result of fuel shortages, while a cold winter could push Brent prices to $100 per barrel, BofA Securities has warned.
With winter fast approaching and a stunning energy price surge pummelling Europe, Russian President Vladimir Putin chose an opportune moment to use his country’s leverage as an oil and gas superpower.
Oil steadied in Asian trading after rallying to the highest level since 2014 following a decision by OPEC+ to maintain its planned gradual increase of supply, despite the market facing an energy crunch.
The oil price was steady ahead of an OPEC+ meeting on Monday to discuss production policy amid a rapidly tightening market.
Oil in New York is headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida.
Oil extended gains after jumping more than 5% amid a broader marker rally, despite the Covid-19 resurgence clouding the economic outlook.
Oil slumped below $65 a barrel to the lowest level since May as the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and supporting the dollar.
Oil steadied after a three-day slide that was driven by the growing threat to demand from the spread of the delta coronavirus variant.
The International Energy Agency cut forecasts for global oil demand “sharply” for the rest of this year as the resurgent pandemic hits major consumers, and predicted a new surplus in 2022.
Oil steadied after a two-day advance as investors bet the global demand recovery will remain intact despite the latest wave of Covid-19 that’s led to tighter restrictions on movement in many countries.
President Joe Biden has pledged to wean the US off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of no return.
Oil dropped suddenly after the US called on the OPEC+ alliance to revive production more quickly.
Prince Abdulaziz bin Salman is the most powerful man in petroleum. The Saudi oil minister navigates unruly OPEC+ nations, huge swings in prices — and the end of fossil fuels.
Brent oil was steady after tumbling to an eight-week low amid a broader market rout stoked by a Covid-19 resurgence, which has raised concerns about the short-term outlook for energy demand.
Oil led losses in a broad market selloff while a resurgent virus threatened the global economic recovery just as OPEC+ agreed to boost crude supply.
Oil fell after OPEC+ agreed to boost production into 2022, resolving an internal dispute that had shaken the alliance.
OPEC and its allies agreed to gradually add more oil supplies to the market, ending a two-week spat between Saudi Arabia and the United Arab Emirates.
The United Arab Emirates and Saudi Arabia appear to have reached a compromise that will allow OPEC to continue in its moderation of the oil market.
Oil rose on optimism that fuel demand will keep rising and tighten the market, despite a Covid-19 resurgence in many regions.
The Biden administration is preparing to release a blueprint for limiting sales of US drilling rights that falls short of the outright ban sought by some environmentalists, as the rising oil and gasoline price highlight the risks of curtailing domestic crude production.