The global oil market remains sensitive to demand-supply fluctuations and OPEC+ nations will take additional measures to maintain its stability, Russian Deputy Prime Minister Alexander Novak said.
The market will face an oil supply surplus of approximately 2 mln barrels per day
OPEC+ countries have increased their production quotas by over 2.7 mln barrels per day since April of this year
Oil prices have jumped after the United States has sanctioned Russia’s two largest oil companies.
Oil prices dipped on Monday, pressured by worries over a global glut as U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand.
The price of Azeri Light crude oil increased by $0.21, or 0.3%, reaching $68.34 per barrel.
Arab Light will cost $3.2 more than the Oman/Dubai oil benchmark
The eight OPEC+ countries that voluntarily cut oil output have decided to increase production in September by 547,000 barrels per day, which is in line with the original plan to increase production for four months, according to a statement posted on the OPEC website.
Eight OPEC+ members will likely approve another oil output hike on Sunday, sources said, with the group still debating the final size of the increase for September.
Oil prices are growing by more than 2%, with Brent crude surpassing $70 per barrel.
The United States has not joined the European Union’s plans to lower the price cap on Russian oil as part of the bloc’s 18th sanctions package, EU foreign policy chief Kaja Kallas said upon arrival at a meeting of EU foreign ministers.
The price of Azerbaijan’s Azeri Light crude oil on a CIF basis in the Italian port of Augusta increased by $0.79 (1.06%) compared to the previous rate, now sitting at $75.49 per barrel, a source in the oil and gas market said.
Oil prices hit their lowest in two weeks today as a freshly announced Iran-Israel ceasefire began to allay investor concerns over supply and shipping disruptions in the oil-rich Middle East.
According to him, expensive oil will benefit the “enemies”
The potential blocking of the Strait of Hormuz by Iran will not spare the United States, triggering a "global oil shock," CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said.
An escalating conflict between Israel and Iran has rattled global markets, pushing oil prices sharply higher.
Oil prices have increased amid Israel's attack on Iran, with Brent crude surging by 11.6% to $78.5 per barrel and WTI crude rising to $71.60.
OPEC+’s oil-output hikes are part of a Saudi strategy that will see the kingdom embark on a long but shallow price war designed to recapture market share, Bank of America Corp.’s head of commodities research Francisco Blanch said.
Another initiative from Brussels is to disconnect over two dozen banks from SWIFT
The global oil market is poised to enter a prolonged downturn in crude prices, potentially lasting several years. The world's largest oil companies, including BP, Chevron, ExxonMobil, Shell, and TotalEnergies, are taking …
