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.
Brent crude nosed above $70 for the first time since November but couldn’t hold the gains, as signs of tightening global supplies were countered by an uncertain economic outlook.
The head of OPEC will speak at a major UK energy conference due to be held in Dundee.
Oil rose to almost $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the U.S.-China trade impasse lifted financial markets.
Oil traded near a four-month high as OPEC and its allies met in Azerbaijan Monday and recommended deferring a decision on whether to extend production cuts until June.
OPEC and its allies have much work ahead to balance global oil markets and are prepared to do what’s necessary in the second half, Saudi Energy Minister Khalid Al-Falih said.
OPEC’s crude production slumped again last month as the cartel implemented planned cutbacks in full and some members were hit by U.S. sanctions.
The world’s largest energy trader says oil prices are set to rally further as OPEC output cuts and American sanctions on Iran and Venezuela cause a "shortage" of the low-quality heavy crudes refiners rely on.
Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and reduced output from the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war.
Even as oil producing states in OPEC and beyond begin implementing the output cuts they agreed in December, the world’s need for their crude is shrinking further, suggesting that they will need to extend the deal through the second half of the year.
Goldman Sachs Group is doubling down on its bullish outlook for oil.
It’s never ideal if you own a fleet of crude tankers and the world’s oil producers remove millions of barrels of cargo from the market to avert a glut. Nor is a collapse in charter rates normally the best news.
Three years ago, influential figures in the oil industry were sounding a clear warning: prices were too low, investment was collapsing and by the end of the decade the world would face a shortage.
Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit it accepted under OPEC’s oil-cuts accord, Energy Minister Khalid Al-Falih said.
Will there be two OPEC presidents now?
Investors are the most optimistic on oil in two months as the worst fears that roiled markets at the end of the year start to dissipate.
Oil headed for a third weekly increase on expectations that production cuts by OPEC and resilient fuel demand will keep global markets in balance.
Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.
OPEC and its allies plan to hold a meeting in March to assess their oil-production accord in Azerbaijan, and then ministers will gather to set policy in April, according to the organisation’s top official.
Oil extended its retreat as investor appetite for risk assets shrank and uncertainty persisted over how much OPEC output will need to be cut to counter booming U.S. shale supplies.
Italy’s top oil producer and Oman’s energy minister predict the latest oil rebound will stick.
Unpredictability is the only certainty in the world of crude prices. But oil industry observers believe crude prices are more likely to rise than fall over the coming months.
Oil’s taking a breather after bursting into a bull market on growing optimism over OPEC cuts, U.S.-China trade talks and the Federal Reserve’s interest rate policy.