China begins the sale of its strategic petroleum reserves (SPR) today, which is unlikely to have material impact on crude oil markets globally, reckons Wood Mackenzie.
Shell warned that production from two of its largest US Gulf of Mexico fields won’t resume until next year after Hurricane Ida inflicted “significant structural damage.”
Oil dropped as the dollar strengthened and investors turned their attention to a Federal Reserve meeting this week that’s expected to signal moving toward scaling back stimulus.
Indonesian national oil company (NOC) Pertamina has seen production at the giant Rokan Block edge up by 2,000 barrels per day (b/d) since taking over the field from Chevron last month. However, it remains to be seen if the NOC, which plans to spend $2 billion at Rokan by 2025, can significantly boost volumes in the longer term.
Oil prices could hit $200 per barrel if no new investments are made in the upstream oil and gas sector in the short-term, Oman's energy and minerals minister said yesterday in reply to the International Energy Agency's (IEAs) assessment for reaching net-zero emissions by 2050, reported S&P Global Platts.
China made an unprecedented intervention in the global oil market, releasing crude from its strategic reserve for the first time with the explicit aim of lowering prices.
From congested streets to deserted highways, traffic conditions across Asia are shedding light on each nation’s battle to contain Covid-19 and maintain economic activity, which in turn affects oil consumption.
Oil and gas producers, and refineries that fuel the US, are assessing the impact on operations after the passage of Hurricane Ida, with peak daily supply curtailment of 1.8 million barrels per day recorded in the Gulf of Mexico. As a result of the disruption price volatility can be expected in global crude markets.
Oil and natural gas explorers in the US Gulf of Mexico and Louisiana refineries have shut production as Hurricane Ida crashed ashore.
Tropical Storm Ida has formed in the Caribbean and is forecast to a grow into a powerful hurricane in the days ahead, wreaking havoc across the Gulf of Mexico and ultimately crashing into the US coast.
Oil extended gains after jumping more than 5% amid a broader marker rally, despite the Covid-19 resurgence clouding the economic outlook.
Oil stored in ships has been piling up off key Asian ports as a crackdown in China on private crude oil processors has blunted purchases and disrupted flows, including some US-sanctioned barrels from Iran.
Oil slumped below $65 a barrel to the lowest level since May as the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and supporting the dollar.
Oil steadied after a three-day slide that was driven by the growing threat to demand from the spread of the delta coronavirus variant.
President Joe Biden has pledged to wean the US off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of no return.
Oil steadied near a three-week low as the rapid global spread of the delta virus variant prompted a reassessment of the demand outlook.
Oil led losses in a broad market selloff while a resurgent virus threatened the global economic recovery just as OPEC+ agreed to boost crude supply.
The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic.
The expected return of Iranian oil to the market as US sanctions are likely to be lifted over the next year will offer new opportunities for former buyers in Asia to reshuffle their oil import mixes. Significantly, the return of Iranian barrels will trigger a fierce battle among global suppliers for market share raising the risk of price drops, reported Fitch Solutions.
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
The OPEC+ alliance descended into bitter infighting after a key member blocked a deal at the last minute, forcing the group to postpone its meeting and casting doubt on an agreement that could ease a surge in oil prices.
Oil climbed back above $73 a barrel after an industry report pointed to a big decline in US crude inventories ahead of an OPEC+ meeting that’s expected to lead to the group returning more supply to the market.
Oil extended losses as a coronavirus resurgence raised concerns about demand ahead of an OPEC+ meeting this week that could see the alliance boost some halted output.
Oil held near $74 a barrel as investors focused on an OPEC+ meeting this week that may pave the way for more supply from the group.
Saudi Arabia’s Energy Minister said the OPEC+ alliance has a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel.