Libya took a major step toward reviving its battered oil industry by reopening its biggest field, presenting a new headache for OPEC+ as the alliance of major producers tries to curb global supplies.
Libya’s oil industry continued to revive this week following a truce between the main factions in the OPEC member’s devastating civil war.
Oil climbed on Thursday after Saudi Arabia showed its determination to stop OPEC+ members exceeding their production quotas.
The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency said.
Oil has climbed ahead of an OPEC+ meeting this week that will assess the group’s production cuts as the recovery from virus-driven demand destruction falters.
President Donald Trump helped to clinch an unprecedented deal among the world’s largest crude producers, but the pact hasn’t stopped America’s oil industry from bleeding.
OPEC+ emphasized the need to stick closely to its planned oil-production cuts to guard against the market recovery being undermined by a resurgence of the coronavirus.
Oil fell below $42 a barrel in New York as OPEC+ gathered to assess its supply deal, with countries struggling to contain the virus that’s hurt economies and fuel demand globally.
Oil edged higher ahead of an OPEC+ gathering this week to assess its supply deal as countries struggle to contain the virus that’s hurt economies and fuel demand globally.
Oil declined as investors assessed the International Energy Agency’s reduced forecasts for global oil demand in part due to a slowdown in air travel.
Oil climbed to the highest level since early March in London as hopes for an economic recovery from the coronavirus crisis lifted financial markets.
Oil markets will “barely feel” the impact of additional production by Opec and its allies as demand ramps up across the world, Saudi Arabia’s energy minister said on Wednesday.
Premier Oil’s boss says it would make “no sense” for Opec and its allies to increase output ahead of a meeting between the producing nations on Wednesday afternoon.
A Covid-19 surge in the US creates a dilemma for oil producers going into crunch talks today and tomorrow.
Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve.
Oil edged lower ahead of an OPEC+ meeting this week at which the group may announce plans to start tapering historic production cuts even as the coronavirus surges unabated in many parts of the world.
The worst of the reduction in oil demand came in the second quarter, the International Energy Agency (IEA) has said, and will be down by 5.1 million barrels per day in the second half of the year.
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Oil was poised to resume a run of weekly gains on signs consumption is picking up as economies emerge from lockdowns, despite many countries still struggling to bring the coronavirus under control.
Crude futures plunged by the most in more than two weeks as jitters reverberated through markets a day after the Federal Reserve provided a gloomy outlook for the U.S. economy.
Oil slumped as an increase in American crude stockpiles to a record high raised fresh concerns about excess supply, while the Federal Reserve forecast a long road to recovery for the U.S. economy.
Oil was anchored near $38 a barrel as expectations U.S. crude stockpiles extended declines offset a decision by Saudi Arabia to cease extra voluntary production cuts by the end of this month.
Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.
OPEC+ agreed to a one-month extension of its record output cuts and adopted more stringent methods to ensure members don’t break their production pledges.
Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data were better than expected.