Global oil demand needs to rise faster to absorb OPEC+ hike
Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ is planning to make from October, according to data, analysts...
View ArticleOil set for 3% weekly gain on US jobs data and Middle East risk
Oil prices edged higher on Friday and were on course for a weekly gain of more than 3% as U.S. jobs data eased demand concerns while fears of a widening Middle East conflict continue to raise supply...
View ArticleSummer-like heat into autumn will boost US energy demand: AccuWeather forecaster
Temperatures 1-3 degrees Fahrenheit above normal across most of the US into autumn will warrant greater-than-normal power demand for cooling, a top forecaster at AccuWeather has told S&P Global...
View ArticleRussia topped OPEC+ oil output quota in July, will compensate
Russia exceeded its July oil production quota agreed with the OPEC+ group of producers, the energy ministry said on Friday, but pledged to abide by it and to compensate for the excess output. Output...
View ArticleWhy Venezuela’s elections will have an impact on the world oil market
When I first visited Venezuela in 1998, Hugo Chavez, a former paratrooper and failed coup leader, in his trademark red beret, was running for president for the first time. One of his opponents was the...
View ArticleOil traders ignore dwindling stocks to focus on economy
Oil prices have retreated in recent weeks as traders look past the current depletion in global inventories to focus on the future threat posed by a possible slowdown in the major economies. Commercial...
View ArticleOil extends gains for fifth session on Mideast tensions and US data
Oil prices rose for a fifth consecutive session on Monday, extending gains from the previous week’s more than 3% rise, as U.S. recession fears eased and Middle East supply risks provided support. Brent...
View ArticleThe energy mix is not a zero-sum game: oil and the electricity grid
Electrification is often presented as oil’s great rival. If we are to believe some of the myths perpetuated about the energy industry, electrification and oil operate in silos, sealed off from one...
View ArticleOil investors cut positions to record low amid financial market meltdown
Investors cut their petroleum positions to the lowest level for at least a decade early last week, part of a broad-based retreat from risk amid rising concerns over a global economic slowdown. Hedge...
View ArticleSaudi Aramco allocates full Sep crude term supply to Asian refiners
Saudi Aramco has allocated full term volumes to Asian refiners for September-loading crude supply, Asian traders and end-users said Aug. 12, while volumes to Asia’s largest crude importer, China, were...
View ArticleIran’s president nominates Mohsen Paknezhad as oil minister
Mohsen Paknezhad has been nominated on Sunday as Iran’s oil minister by President Masoud Pezeshkian, Iran’s parliament speaker announced live on the Student News Network. Paknezhad served as Deputy...
View ArticleChevron Starts Production at Anchor With Industry-First Deepwater Technology
Chevron Corporation** (NYSE: CVX) announced today that it started oil and natural gas production from the Anchor project in the deepwater U.S. Gulf of Mexico. Anchor production marks the successful...
View ArticleOPEC cuts 2024 oil demand growth forecast, citing China
OPEC on Monday cut its forecast for global oil demand growth in 2024, citing weaker than expected data for the first half of the year and softer expectations for China, and also trimmed its expectation...
View ArticleOil prices steady after rising for five sessions
Oil prices were stable on Tuesday as supply risks arising from expectations of widening Middle Eastern conflict were tempered by demand concerns after OPEC on Monday cut its forecast for demand growth...
View ArticleUS shale companies produce more crude using fewer rigs
Greater operating efficiencies in the top U.S. shale patch are squeezing out more oil without higher spending, according to the latest output numbers, which will boost global oil market supplies as...
View ArticleOPEC’s modest cut to 2024 oil demand doesn’t reflect weak China: Russell
OPEC’s modest cut to its global crude oil demand forecast for 2024 still leaves the producer group with an estimate that will require an extraordinarily strong fourth quarter. The Organization of the...
View ArticleOIL FUTURES: Crude dips after five-session rally as OPEC cuts demand growth...
Crude oil futures edged lower in midmorning trading in Asia on Aug. 13, following a five-session rally, as weak global oil demand offset fears of escalating Middle East tensions. At 11:28 Singapore...
View ArticleOil falls more than $1 as attack fears fade
Brent and U.S. crude oil futures fell more than $1 a barrel on Tuesday as markets saw reduced risk of a wider war in the Middle East. Benchmark Brent crude futures were down $1.16, or 1.4% at $81.16 a...
View ArticleMiddle East Crude-Brent’s premium to Dubai hits 10-month high
Middle East crude benchmarks Oman, Dubai and Murban rose on Tuesday, supported by firm demand in Asia as alternative supplies from other regions are becoming more expensive. Brent’s premium to Dubai...
View ArticleOil edges up on Middle East war concerns, US crude stockpile drop
Oil prices rose slightly on Wednesday after an industry report showed U.S. crude and gasoline inventories fell and as the market watched for a possible widening of the Israel-Gaza war, which may impact...
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