Oil is heading for a fifth weekly advance, the longest winning streak since December, as stockpiles shrink and the market tightens ahead of an OPEC+ meeting that will consider pumping more crude.
The United Arab Emirates could become the first nation among the Organization of the Petroleum Exporting Countries (OPEC) to set a net-zero goal, a move that would please Western countries pushing for stronger climate commitments but won't require it to sell less oil.
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.
Oil extended a powerful rally, with global benchmark Brent closing in on $75 a barrel, after data pointed to a substantial draw in US crude stockpiles and top traders predicted further gains in prices.
Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year.
Brent oil advanced above $70 a barrel after the OPEC+ alliance forecast a tightening global market ahead of a production policy meeting.
“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.
India, the world's third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices.
OPEC and its allies recommended proceeding with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India.
The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers.
Oil is heading for the biggest weekly gain since early March on optimism the recovery in demand from the Covid-19 pandemic is improving.
Energy Voice considers the prospect of an oil supercycle and its potential supply crunch, rising demand, and triple digit oil prices.
A price war may be looming in the global oil market as rising output from OPEC+ and the Middle East boosts the competitiveness of the region’s shipments, potentially forcing other suppliers to discount their barrels.
Oil fell after OPEC+ decided to increase output from next month and coronavirus cases in India surged, potentially sapping demand in the world’s third-biggest importer.
OPEC+ agreed to increase oil production gradually from May to July, responding to both internal and external pressure to supply more crude to the recovering global economy.
Oil pared an earlier increase in New York ahead of a high-stakes OPEC+ policy meeting, with producers debating whether to extend deep supply curbs or ease them.
A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 after Saudi Arabia suggested that the figure looked too high, delegates said.
The first shipment from new oil producer Guyana to the world's third-largest crude importer, India, departed this month from the South American nation in a ship chartered by trader Trafigura, data from Refinitiv Eikon showed on Tuesday.
The oil price “fever” is expected to continue, at least in the short term, according to Rystad Energy after Brent Crude broke past $70 a barrel.
Brent oil erased gains as the market shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.
OPEC+ decided to keep a tight limit on oil production next month, sending prices soaring in a market that had been expecting additional supply.
Saudi Arabia urged fellow members of OPEC+ to “keep our powder dry” before crucial talks about whether to increase oil production next month.
Most OPEC+ members increased oil exports in February despite pledges by the cartel to keep supply steady.
OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.
India, once the center of global oil demand growth, expects its fuel consumption to bounce back during the coming year as the nation recoups the losses caused by Covid-19.