OPEC+ panel revises down oil-demand estimate on Saudi suggestion
A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 after Saudi Arabia suggested that the figure looked too high, delegates said.
OPEC
First oil shipment from Guyana to India sets sail
The first shipment from new oil producer Guyana to the world's third-largest crude importer, India, departed this month from the South American nation in a ship chartered by trader Trafigura, data from Refinitiv Eikon showed on Tuesday.
‘Oil price fever’ expected to continue after Brent breaches $70
The oil price “fever” is expected to continue, at least in the short term, according to Rystad Energy after Brent Crude broke past $70 a barrel.
Oil wipes out gain following attack on key Saudi crude terminal
Brent oil erased gains as the market shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.
Oil surges past $67 as OPEC keeps output squeeze
OPEC+ decided to keep a tight limit on oil production next month, sending prices soaring in a market that had been expecting additional supply.
Saudi Arabia tells OPEC+ to ‘keep powder dry’ on output
Saudi Arabia urged fellow members of OPEC+ to “keep our powder dry” before crucial talks about whether to increase oil production next month.
OPEC+ members disparate on pledges to keep supply steady, study suggests
Most OPEC+ members increased oil exports in February despite pledges by the cartel to keep supply steady.
OPEC+ is poised to cool oil market with extra production
OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.
India set for record oil demand on recovery from Covid washout
India, once the center of global oil demand growth, expects its fuel consumption to bounce back during the coming year as the nation recoups the losses caused by Covid-19.
Oil powers ahead as critical OPEC+ meeting looms, markets rally
Oil rebounded from its biggest slump since November ahead of a key OPEC+ meeting that may see some supply returned to a fast-tightening market.
OPEC+ faces calls to cool oil market frenzy with extra barrels
From trading houses in Geneva to Wall Street banks, much of the oil world agrees that global markets could use some more barrels. The big question is whether OPEC+ will provide enough of them.
Whispers of $100 oil return as crude shakes off Covid’s clasp
While oil’s dizzying collapse is still fresh for many traders, rumblings are starting to emerge that by the end of next year prices could once again top $100 a barrel.
Brent near $64 with Goldman Sachs predicting more gains
Brent oil resumed gains as the market assessed the fallout from the big freeze across Texas, with Goldman Sachs Group Inc. predicting prices will advance into the $70s in coming months.
Brent near $65 as US crisis provides global supply shock
Brent oil traded near $65 a barrel as a cold blast that’s taken out almost 40% of US crude production morphed into a global supply shock.
Oil set for weekly gain with market firming on draining surplus
Oil in New York rose to the highest intraday level in more than a year as output curbs from top producers whittle down global inventories.
OPEC won’t change policy at next meeting, says Iraq oil minister
Iraq said the OPEC+ oil cartel is unlikely to change its production policy at next month’s meeting and repeated promises to deliver overdue output cuts, even as the Arab nation’s economy reels.
An oil country no more? Algerian energy exports sink rapidly
Algeria’s energy exports are plunging, threatening more financial suffering for the OPEC member and a potential repeat of the mass demonstrations that toppled the president two years ago.
Brent marching toward $60 on expectations for tight supply
Oil rose toward $60 a barrel on expectations OPEC+ is committed to restraining global supplies even as the demand outlook improves.
Non-OPEC oil supply unlikely to bounce back to pre-pandemic levels in short term, predict analysts
Analysts have warned that non-OPEC oil and gas supply is unlikely to renege on its 2020 losses in the short-term.
IEA cuts oil demand forecast as new lockdowns temper recovery
The International Energy Agency lowered forecasts for global oil demand as renewed lockdowns to contain the pandemic temper the recovery expected this year.
Saudis curb oil supply to some buyers after vow to pump less
Saudi Arabia reduced crude oil supplies to at least 11 refiners in Asia and most buyers in Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March.
Oil dips with dollar rising as rally takes a breather
Oil edged lower as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.
Brent oil hits $55 with Saudi cuts adding fuel to vaccine rally
Brent oil topped $55 a barrel for the first time since February as gains in broader markets added to investor optimism already buoyed by Saudi Arabia’s unilateral plan to cut output.
North Sea firms enjoy share price bump on OPEC deal
North Sea firms ranging from BP to Hurricane Energy have enjoyed share price hikes after a deal was reached by OPEC to curb oil production.
Oil prices steady after surging on surprise Saudi output cut
Oil steadied in Asia after surging to a 10-month high on Saudi Arabia’s pledge to cut an extra 1 million barrels a day of crude output in February and March as a rampant coronavirus leads to more lockdowns.