Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
The OPEC+ alliance descended into bitter infighting after a key member blocked a deal at the last minute, forcing the group to postpone its meeting and casting doubt on an agreement that could ease a surge in oil prices.
Oil climbed back above $73 a barrel after an industry report pointed to a big decline in US crude inventories ahead of an OPEC+ meeting that’s expected to lead to the group returning more supply to the market.
Oil extended losses as a coronavirus resurgence raised concerns about demand ahead of an OPEC+ meeting this week that could see the alliance boost some halted output.
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.
“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.
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.