Oil headed for the biggest weekly loss this year after banking turmoil rippled across global markets, with investors watching for a potential response to the rout from OPEC and its allies.
OPECโs top official urged countries to invest much more in oil to meet the worldโs future energy needs and said climate policies need to be more โbalanced and fair.โ
Oil prices may rise to $100 a barrel in the second half of the year as Chinaโs economy emerges from anti-virus lockdowns, Iranโs liaison to OPEC said.
OPEC appointed Obiang Lima president for 2023. He is also the head of the Gas Exporting Countries Forum (GECF). For now, he continues to hold both those positions.
An OPEC+ committee recommended keeping crude production steady, delegates said, as the oil market awaits clarity on demand in China and supplies from Russia.
Global oil markets face a bigger surplus this quarter than previously expected, with demand still constrained despite Chinaโs bid to reopen its economy from Covid lockdowns.
โItโs practical to hit 2.2mn bpd in 2023, this is practical. Itโs a moving target,โ Kyari said. โThere are a number of projects that I have clear line of sight that can come on board in 2023.โ
Oil fell for a fourth day as warnings from major US banks of a tough outlook for 2023 stoked concern over demand prospects and dented appetite for risk assets including commodities.
Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries and its allies will deepen supply cuts to respond to weakening global demand.
OPEC+โs decision to cut oil production will hurt the global economy and add to inflationary pressures, a senior US official said during a visit to the Middle East.
The United Arab Emirates energy minister has defended OPEC+โs decision to cut production as a purely technical move, denying talk of discord and politics.
OPEC+ will consider cutting oil output by more than 1 million barrels a day, according to delegates, when it meets in person on Wednesday for the first time in more than two years.
Nigeriaโs oil production has slipped below the 1 million barrel per day mark, according to new data from the upstream regulator. The decline in August has seen Nigeria fall to fourth largest producer in Africa, from first.
With gas prices now more than five times the cost of a barrel of North Sea benchmark Brent Blend, the outlook for energy across Europe including the UK, is shocking.
Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.
Oil fell to the lowest since January on concern a global slowdown will cut demand in Europe and the US, just as Chinaโs Covid Zero strategy hurts consumption in the worldโs biggest crude importer.