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Oil-producing group OPEC will continue to strengthen its relationship with the U.S. energy industry under Joe Biden’s new administration, the oil cartel’s Secretary General Mohammed Barkindo said. Barkindo …
Oil prices have tripled in nine months. Brent averaged just US$18/bbl last April, as demand collapsed and the market was swamped with crude. As the effects of the pandemic unfolded, the mood turned increasingly bearish. Ann-Louise Hittle, Head of Macro Oils, was among those who saw light at the end of the tunnel, anticipating that it wouldn’t last and that oil prices would stage a strong recovery inside 12 months
The deal to cut OPEC + oil production in November 2020 was completed by more than 100%, Russia’s Deputy Prime Minister Alexander Novak said at a press conference following the meeting of the OPEC+ countries. "We have summed …
The OPEC+ countries agreed on the parameters for cutting oil production in February and March, which will amount to 7.125 mln bpd, two sources in OPEC said. Now the alliance countries are cutting production by 7.2 mln bpd. However, in …
Oil prices slipped from multi-month highs in volatile trade on Monday as U.S. stocks fell near 2% on concerns over the outcome of runoff elections in Georgia, CNBC writes in the article Oil slides as oil-producing group delays output decision. The oil market pared earlier losses after the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, could not decide on Monday whether or not to increase output in February and will meet again on Tuesday. Brent futures fell 50 cents, or 1.0%, to $51.30 a barrel, while U.S. West Texas Intermediate (WTI) settled 1.85%, or 90 cents, lower at $47.62 per barrel
Crude oil futures have been edging higher over the past few weeks, defying the usual trend of profit-taking ahead of the Christmas holidays. WTI was trading as high as $49.20 on Friday's session with Brent crude quoted at $52.40, levels they last touched in February before the oil price crash, Oil Price writes in the article 3 Reasons Why Oil Could See An End Of Year Rally
Crude oil prices are on the rise again after a short reversal of fortunes prompted by a huge crude oil inventory build reported by the U.S. EIA last week and renewed worry about demand. And the reason they are rising is, in fact, demand from …
Finance Minister Anton Siluanov said on Wednesday that the decision by OPEC+ last week to gradually increase oil output would help Russia to fulfil its budget revenue plan and also potentially grow its sovereign wealth fund, Reuters reports. …
Last week the Organization of the Petroleum Exporting Countries (OPEC), in conjunction with some Russia-led oil producers, agreed to increase oil output by 500,000 barrels per day (BPD) in January. The oil markets rallied because there was some concern that OPEC could increase production by 2 million BPD
OPEC, Russia and allies, a group known as OPEC+, are likely to hold their next meeting to set oil policy on Jan. 4, two sources close to the group said on Monday. OPEC+ agreed last week to raise oil output by 500,000 barrels per …
Oil rose for a fifth straight week with support from an OPEC+ deal and hopes for another round of U.S. stimulus. As Rigzone …
Next week’s meeting of OPEC and its partners may drive the market in the short-term
OPEC+’s meeting that was put on the books at the last minute for Saturday is now being delayed to Sunday, according to anonymous Reuters sources, Oil Price reports. The group had decided to get together at the last minute, …
Oil prices were rising again Tuesday, continuing the momentum from their Monday surge on positive vaccine news. Brent crude futures, the international benchmark, rose 2.2% to $43.33. West Texas Intermediate futures rose 2.2% to $41.17. They had risen 7% and 8%, respectively, on Monday
Oil markets recovered on Monday morning after closing lower last Friday. The discharge of the U.S. President from hospital generated a sort of relief in the markets, Oil Price writes
Saudi says it's no 'act of charity'
Oil demand growth in China is currently the only certainty, with consumption in the country seen rising through the remainder of 2020 and recovering completely in 2021, but the rest of Asia will not see a full recovery to pre-crisis levels during …
Waning influence and a global shift to cleaner energy sources mean that OPEC's glory days are over
Azerbaijan exceeded its obligations on reduction of daily oil production under OPEC+ agreement in August 2020, AzerNews reports citing Energy Ministry. According to the report, the daily oil production, including condensate, …
Secretary General Mohammed Barkindo thanked the Russian oil workers for their participation in the agreement on the reduction of oil production and called their work heroic, follows from the letter from Barkindo to the Minister of Energy of …
