The United States will overtake Russia as the world’s biggest oil producer, if not this year, but by 2019 at the latest, the International Energy Agency (IEA) has decleared. This was even as US oil imports dropped to its lowest level since 2001. IEA Executive Director, Fatih Birol, said this at an event in Tokyo […]
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Oil rose on Thursday, reversing early losses, aided by a drop in the dollar that helped focus investors’ attention on a probable decline in U.S. crude inventories. Brent crude futures were last up 13 cents at $65.55 a barrel by 1500 GMT, as were West Texas Intermediate (WTI) futures which were last at $61.81 a […]
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Oil prices held firm on Monday, supported by strong demand, a weak dollar and ongoing supply cuts lead by OPEC and Russia, although soaring U.S. output means many analysts expect crude prices to fall later in the year. U.S. West Texas Intermediate (WTI) crude futures were at $66.34 a barrel at 0144 GMT, up 20 […]
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OPEC need not respond to a rise in oil prices by rushing to change a global supply-cutting pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday. This year’s rapid rise in oil prices, which hit $70 this week, is backed by strong demand growth and a fall in oversupply on the back of […]
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Oil prices have risen above $70 per barrel for the first time since 2014 as investors bet supply cuts led by OPEC will dominate the market this year. But some traders are sounding a warning – the world’s biggest crude consuming region, Asia, is showing signs of an impending downward correction. Prices for Brent crude […]
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Oil prices rose in light volumes on Friday, steadying near their highest levels since 2015 on pledges from OPEC leader Saudi Arabia and non-OPEC Russia that any exit from crude output cuts would be gradual. Brent crude futures, the international benchmark for oil prices, ended the session up 35 cents at $65.25 a barrel, its […]
Read More OPEC and allied producers are looking at a “continuity strategy” for oil supply management, OPEC’s secretary general said on Wednesday, signalling plans for further cooperation beyond the end-2018 expiry of a supply cut deal. The Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers on Nov. 30 extended an oil output-cutting deal until […]
Read More Oil markets were stable on Monday as ongoing output cuts led by OPEC were countered by rising U.S. drilling activity that points to a further increase in American production. U.S. West Texas Intermediate (WTI) crude futures were at $57.32 a barrel at 0749 GMT, down 4 cents from their last settlement. Brent crude futures, the […]
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The outcome of the OPEC meeting in Vienna later this week is uncertain given current crude prices and a lack of consensus on an output cut extension deal, Goldman Sachs said on Monday. “The absence of such a consensus is due to the uncertainty on the progress of the oil market rebalancing as well as […]
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Oil markets will rebalance after June 2018 at the earliest, an OPEC working panel concluded last week, OPEC sources said on Monday, signalling the need to extend existing production cuts well into next year. The conclusion from OPEC’s national representatives and the group’s secretariat came after a meeting on Thursday and Friday, according to four […]
Read More Oil prices were little changed on Tuesday as the impact from expectations of an extended OPEC-led production cut was cancelled out by rising output in the United States. Brent crude futures, the international benchmark for oil prices, were at $62.20 per barrel at 0301 GMT, 8 cents above their last close. U.S. West Texas Intermediate […]
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Oil markets rose on Friday, supported by OPEC-led supply cuts which are tightening the market as well as by strong demand, but analysts cautioned that the cuts would need to be extended to counter rising U.S. output. Brent futures, the international benchmark for oil prices, were at $60.86 per barrel at 0524 GMT, up 24 […]
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