oil prices

Oil steady after U.S. debt deal

Oil steady after U.S. debt deal

Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, but concerns about further interest rate hikes capped gains. …

EIA lowers price forecasts for WTI and Brent oil

EIA lowers price forecasts for WTI and Brent oil

The Energy Information Administration cut its 2023 and 2024 forecasts for U.S. and global benchmark crude-oil prices, according to the Short-Term Energy Outlook report. "Ongoing considerations about weakening global economic …

Iran oil production exceeds 3 million barrels per day

Iran oil production exceeds 3 million barrels per day

Iranian oil production has surpassed 3 million barrels per day, Iran’s Oil Minister Javad Owji said, according to the Oil Ministry’s website SHANA. “Over the last 20 months, Iran’s oil production has reached …

Oil prices extend losses ahead of expected interest rate hikes

Oil prices extend losses ahead of expected interest rate hikes

Oil extended losses on Wednesday after plunging 5% in the previous session, as investors priced in expectations for interest rate hikes in the U.S. and Europe and waited for clarity on future policy path. Brent futures dipped 12 cents, …

Novak assesses global oil market situation

Novak assesses global oil market situation

Oil market is now balanced, and its prices fluctuate around $80 per barrel, reacting to the dynamics of related markets and exchanges, Russian Deputy Prime Minister …

Oil prices slightly increasing

Oil prices slightly increasing

Oil prices rose slightly on Thursday, finding some support after heavy losses in the previous two sessions driven by fears of a U.S. recession and an increase in Russian oil exports which dulled the impact of OPEC production cuts. Brent …

G7 to keep Russian oil price cap at $60

G7 to keep Russian oil price cap at $60

The Group of Seven (G7) coalition has decided to keep a $60 per barrel price cap on seaborne Russian oil, despite calls by some countries for a lower price cap, Reuters reported on Monday citing a coalition official. According …

Oil prices surge after Russia and Arab world announce cuts

Oil prices surge after Russia and Arab world announce cuts

Oil prices continue to soar on Tuesday after OPEC+ countries said they will cut production by 1.15 million barrels per day from May until the end of the year.  Brent crude had topped $85 per barrel and WTI was trading at …

Arab world joins Russia in cutting oil output

Arab world joins Russia in cutting oil output

Saudi Arabia will voluntarily reduce its oil production by 500,000 barrels per day from May until the end of 2023 in coordination with other members of the oil producers’ alliance, the Saudi Press Agency reported. Russia would …

WTI oil sinks to the lowest since December 2021

WTI oil sinks to the lowest since December 2021

Oil prices sank, with West Texas Intermediate plunging below $65 a barrel, as escalating investor concerns about a global banking crisis eroded appetite for risk assets including commodities. U.S. benchmark crude futures retreated as …

Oil slumps below $75

Oil slumps below $75

Oil prices slump accelerated: Brent fell below $75 per barrel for the first time since late 2021. According to trading data, today, world …

Saudi Arabia: oil price cap undermines market stability

Saudi Arabia: oil price cap undermines market stability

The NOPEC bill, which was recently reintroduced in Congress by a group of legislators, and price caps on oil will only serve to increase instability and uncertainty in oil markets rather than solve any problems, …

Russian oil recovering after decline

Russian oil recovering after decline

The average price of the Urals export oil blend in February 2022 fell by 1.86 times year-on-year and amounted to $49.56 per barrel, the Russian Ministry of Finance said. "The average price of the Urals oil blend was formed as …

Switzerland joins EU price cap for Russian oil

Switzerland joins EU price cap for Russian oil

The Swiss authorities have joined the price caps for Russian oil and petroleum products set by the European Union, the Federal Council, the Swiss government announced. "The Federal Council today aligned its sanctions regime on …

EU predicts Brent oil price in 2023

EU predicts Brent oil price in 2023

The European Commission expects the Brent oil price to be about $84.8 per barrel in 2023 and $79.9 per barrel in 2024. The previous analysis assumed an average price of $85. “The European Union expects the average price …

Russia increases oil exports in 2022

Russia increases oil exports in 2022

Russia's oil exports went up 7.6% to 242 million tonnes in 2023, Russian Deputy Prime Minister Alexander Novak said in an article for the Energy Policy journal. According to him, Russian oil production rose 2% to 535.2 million …