Oil fell below $65 a barrel as ample global supplies offset the loss of exports from Libya, while Europe considered a military mission to help enforce an arms embargo and a potential cease-fire in the OPEC producer.
Oil held its biggest gain in almost two weeks on optimism a more conciliatory approach on trade from the U.S. will help revive growth, but was still headed for a weekly drop amid persistent demand concerns.
Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.
Oil held gains near the highest close in over three months after U.S. crude stockpiles declined more than expected.
OPEC output cuts have stabilized the global oil market but can’t last forever, Russia said as uncertainty persists over the future of the agreement beyond March.
Everyone agrees that 2020 will be a critical year for energy transition, but how will things really play out? In the run-up to Christmas, Calash and Candour put their heads together over a glass or two of crude and have come up with 12 ‘golden’ moments for the energy market in 2020, some of which are extremely long shots.
Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members.
The countries of the Opec oil-producing cartel and ally Russia have agreed to cut crude production by an extra 500,000 barrels a day.
A group of nations which aims to manage the global oil supply was last night poised to make further production cuts in a bid to stabilise the oil price.
OPEC and its allies sent mixed signals about whether they were considering deeper production cuts, fanning oil-market speculation before crucial talks in Vienna this week.
Oil extended gains as OPEC crude output dropped before the group and its allies meet this week to set the path for future production cuts.
For years, OPEC ignored the rise of the U.S. shale industry and came to regret its mistake. Now, the group is making another bold gamble on America’s oil revolution: that’s its golden age is over.
OPEC and its allies sent more signals that they’ll stick with existing output cuts at their meeting next week.
Russia offered yet another explanation for why its oil production may exceed its OPEC+ target for November, months after promising to improve the country’s lax implementation of output cuts.
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.