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Oil futures ended higher on Friday, but the U.S. benchmark logged its biggest weekly drop since March, pressured by the possibility of more crude supplies on the global market and risks to the demand outlook. As Market Watch …
The OPEC+ countries have not yet agreed with the UAE on the parameters and conditions for a deal to soften oil production restrictions, and consultations are still underway, the UAE Ministry of Energy said. "We note recent media …
The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to reports by the Wall Street Journal and Reuters, CNBC reports. …
The coronavirus pandemic hit the global oil industry hard. As countries imposed severe restrictions on domestic and international travel and transportation, the global oil demand drastically declined and oil prices collapsed, …
A remarkable oil rally has seen oil prices climb almost 34 percent so far this year. Bullish sentiment is now driving speculation of $100 oil in 2021 as collective confidence of a rebound in global economic activity gains momentum. However, there …
Oil prices end mixed as OPEC+ struggles to reach deal on production
Ministers of OPEC countries will have the first in-person meeting in a year on September 30, 2021, in the Iraqi capital to celebrate the occasion of the 60th OPEC Anniversary that has been postponed since last September, according to the …
Ministers of OPEC+ countries ended negotiations on the oil market actions and agreed to keep effective the plan of oil production recovery by 2 mln barrels per day, OPEC says on its website. The meeting "reconfirmed the existing …
Saudi Arabia needs to curb supply over the coming years in a bid to boost oil prices
OPEC and partners are betting on a significant boost in oil demand over the coming months as member states get ready to ramp up oil production
Optimism seems to be ruling global oil markets at the moment
Oil has climbed 75 per cent since the start of November as major economies vaccinate their populations and reopen after the pandemic shut down factories and grounded planes
The alliance's delayed easing of the cuts, however, puts $3 a gallon national U.S. average price within sight
The Organization of the Petroleum Exporting Countries and its allies decided on Thursday to keep a tight rein on production, sticking with its current quotas for April with some exceptions, The New York Times reports. The news from the …
The Nigerian variant of COVID-19 was isolated in Brescia north of Milan on Tuesday. "For the first time we have managed to isolate the virus bearing these mutations which concern us because they could confer resistance to COVID …
OPEC sees a generally positive oil market outlook with last year’s uncertainty easing, but downside risks caused by the pandemic persist, the group’s secretary general and its experts said. "We have come a long way from …
By the end of next year prices could once again top $100 a barrel
The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said, Rigzone reports. The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted projections for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment
The balance on the crude oil market will be shifted towards the supply shortage even if OPEC+ countries restore oil production in April - June, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) says in its conclusion after the February 3 …
Both benchmark oil contracts were close to their highest in about a year on Wednesday, boosted by a draw in U.S. crude and gasoline stocks, which fuelled demand recovery hopes as OPEC+ has forecast that the market will be in deficit in 2021. …
