Oil falls more than 2% after US jobs data, set for weekly drop
Oil fell more than 2% on Friday after data showed U.S. employment increased less than expected in August, and was on track for a heavy weekly loss as demand concerns outweighed a delay to supply...
View ArticleCiti, Bank of America see oil prices potentially going to $60
Strategists at Citi Research said oil prices could decline to around $60 per barrel by 2025, citing a significant market surplus as the primary driver. While recent supply disruptions in Libya and a...
View ArticleOil’s new slump cuts across OPEC’s plan A
Oil’s supply-demand seesaw just took a lurch down. Brent crude prices have dropped from $81 a barrel to $73 since last week, driven by weak economic data and an apparent resolution to a Libyan supply...
View ArticleOPEC+ delays plans to begin tapering voluntary cuts to December
OPEC and its allies have delayed plans to start gradually rolling back 2.2 million b/d of voluntary cuts by two months to December, the group announced Sept. 5 , in a bid to support sinking oil prices....
View ArticleMiddle East Crude-Benchmarks premiums little changed
Spot premiums for Middle East crude benchmarks Dubai and Murban rose slightly on Friday, while Oman premiums eased for a third straight session. The premiums are still more than $1 a barrel higher than...
View ArticleNorway oil and gas exploration round attracts bids from 21 firms
Norway’s annual offshore exploration licensing round in mature areas attracted bids from 21 petroleum firms, including Shell SHEL.L, Aker BP AKRBP.OL and Equinor EQNR.OL, the country’s oil and energy...
View ArticleWeak oil demand looms over Singapore industry gathering
Concerns about weak oil demand in Asia and China in particular as well as plans by OPEC+ producers to unwind supply cuts are set to dominate discussions at the region’s largest annual gathering of...
View ArticlePower Up: OPEC+’s Rock and Hard Place
Welcome to Power Up! Crude oil prices have been hammered this week as investors focused on the threats to demand and hopes of a restoration of Libya’s output and exports. Brent futures hit a nine-month...
View ArticleGoldman Sachs expects OPEC+ production increases to start in December
Goldman Sachs adjusted its expectations for OPEC+ oil production saying it now expects three months of production increases starting from December instead of October, the bank said in a note on Friday....
View ArticleHigh fossil fuel use highlights US power transition challenge
Fossil fuels continue to rule the roost in the United States’ power sector, despite clean energy sources being rolled out at the fastest pace in history. For the past decade, U.S. power generators have...
View ArticleJPMorgan sees OPEC+ holding output steady for another year
JPMorgan expects OPEC+ to maintain its current production levels for at least another year, leading to an average price of $75 for Brent crude in 2025, JP Morgan said in a note. The Organization of the...
View ArticleFracking led the U.S. to pump more oil than any country in history — here’s...
The U.S. produced more oil in 2023 than has ever been produced in any year by any country, according to the U.S. Energy Information Administration. Big Oil has become more productive as horizontal...
View ArticleSaudi Arabia lowers October light crude prices for Asia
Top oil exporter Saudi Arabia has cut the price for October loadings of the flagship Arab light crude it sells to Asia to $1.30 a barrel above the Oman/Dubai average, Saudi Aramco said in a statement....
View ArticleThe Commodities Feed: Oil pressure
Energy – Saudis cut OSP Despite OPEC+ delaying its supply increase by two months, oil prices still had a weak finish to trading last week. ICE Brent settled 2.24% lower on Friday, leaving it just above...
View ArticleOil rebounds from week of heavy losses as storm approaches US Gulf Coast
Oil futures jumped by about 1% on Monday as a potential hurricane approaching the U.S. Gulf Coast helped oil prices to recover some of the previous week’s heavy losses. Brent crude rose 67 cents, or...
View ArticleAlberta’s oil output set to grow in 2025 with new projects, market access
Alberta’s conventional crude and oil sands production has been on an upward trend this summer, with that trajectory likely to be maintained until the year end and beyond, as healthy market fundamentals...
View ArticleS&P Global expects OPEC+ to start oil output increases next year
S&P Global expects the Organization of the Petroleum Exporting Countries and its allies, the group known as OPEC+, to start increasing production for the first time in a couple of years in 2025, an...
View ArticleOil markets might turn volatile if Trump becomes US president, says Trafigura...
Global oil markets may turn more volatile due to concerns over U.S. foreign policy if Donald Trump becomes its president, said Ben Luckock, Global Head of Oil at Trafigura at APPEC conference. He also...
View ArticleGoldman Sachs says oil subject to downside into 2025-2026 due to surplus
Oil prices are still subject to downside into 2025-2026 amid a surplus market, Daan Struyven, head of oil research at Goldman Sachs GS.N told the APPEC 2024 conference. He said OPEC is likely to go...
View ArticleIraq’s SOMO cuts OSPs for October-loading crude oil to Europe
Iraqi state oil marketer SOMO lowered the official selling prices for October-loading of Iraqi crude oil shipped to Europe, according to a pricing notice emailed on Sept. 8. SOMO cut the European...
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