With their next meeting just weeks away, OPEC and its partners are showing no impetus for stronger action to support oil prices.
Forecasts for future demand and supply may fluctuate, but cutting costs and increasing efficiency will serve Abu Dhabi in the long term, Minister of Energy and Industry Suhail Al Mazroui said during a panel discussion at ADIPEC.
Oil demand will reach 101 million barrels per day in 2020, OPEC’s World Oil Outlook (WOO) has said.
Oil edged higher after its biggest quarterly drop this year as investors weighed Saudi Arabia’s quick recovery from attacks last month against a resumption in U.S.-China trade negotiations next week.
Nobody expected Prince Abdulaziz bin Salman’s new job to be easy, but it is doubtful even he could have predicted how difficult his first few days would be.
Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.
Oil slid as the International Energy Agency highlighted the difficulty that OPEC and its allies will face in balancing the market as producers meet in Abu Dhabi.
Ministers from OPEC+ are gathering in Abu Dhabi with deeper production cuts off the agenda for now, but with a backdrop of growing concern about the strength of oil demand as the global economy slows.
Oil fell for a fourth day, set for the longest run of declines in more than five weeks, after the latest escalation in the trade war blindsided investors and worsened an already-shaky global demand outlook.
Pressure on oil and gas well infrastructure continues to be challenged by ever increasing global demand.
Oil traded near a two-week low as an increase in U.S. fuel stockpiles spurred concern that demand is waning in the world’s biggest crude consumer.
Oil struggled to recover after suffering its worst reaction to an OPEC meeting in more than four years.
The North Sea oil industry must keep a lid on costs if measures taken by Opec and its allies push crude prices much higher, top Aberdeen energy experts have said.
Oil edged lower as investors weighed troubling economic data from around the world against OPEC’s extension of output cuts into 2020.
The OPEC+ alliance is poised to extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields.
Uncertainty relating to Iran and the US-China trade war has led volatile oil prices and the postponement of a key OPEC meeting. The recent exchange of words between US and Iranian leaders has not calmed markets.
Crude kept rising following its biggest weekly gain since late 2016 after PresidentDonald Trump said he would impose “major additional sanctions” on Iran, exacerbating tensions in the oil-rich Middle East.
OPEC nations may be at odds with each other, but all they need to do is extend their current crude oil cutbacks through the end of the year to help keep the market relatively balanced, according to a new report.
OPEC proposed mid-July meetings with its allies in Vienna to discuss extending production cuts, after talks between Russia and Iran made some progress toward resolving a standoff over the date.
Saudi Arabia hopes OPEC and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July, according to the country’s energy minister.
The world will continue to "gulp" North Sea oil despite the growth of other energy markets, according to the Organisation of Petroleum Exporting Countries' (OPEC) chief.
The general secretary of OPEC, Mohammed Barkindo, will give the keynote speech at this year’s Dundee Energy Forum next week.
Saudi Arabia and other key producers in OPEC signaled their intention to keep oil supplies constrained for the rest of the year, while pledging to prevent any genuine shortages.
Oil started the week strongly after Saudi Arabia and other OPEC+ members signaled intentions to keep supplies constrained for the rest of the year, while U.S. tensions with Iran ratcheted up as President Donald Trump threatened the country in a tweet.
Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.