India heat wave drives up gas-based power generation and LNG demand
India’s natural gas-based power generation has surged in May on the back of heat wave conditions, driving up demand for more LNG cargoes for prompt deliveries in June from state-owned energy companies....
View ArticleSaudi Aramco, Sonatrach cut June OSPs for most LPG products, traders say
Saudi Arabia’s state oil producer Aramco and Algeria’s Sonatrach lowered official selling prices (OSPs) for most liquefied petroleum gas (LPG) products for June from May due to falling crude oil and...
View ArticleOil Market Torpor Sends Investors To Other Commodities
Global petroleum markets have become calm again after massive disruptions caused by the coronavirus pandemic, Russia’s invasion of Ukraine, and the sanctions imposed in response by the United States...
View ArticleOPEC+ to keep 2025 group output targets steady with UAE hike
OPEC+ has agreed to extend a layer of group oil production cuts for the whole of 2025, according to an OPEC statement issued after the group met on Sunday. A table showed all OPEC countries having the...
View ArticleKremlin says OPEC+ deals product of consensus
The latest deals reached by OPEC and non-OPEC oil producers are the product of consensus and common agreement, Kremlin spokesman Dmitry Peskov said on Monday, praising the group for stabilising global...
View ArticleArgus to assess price of Russian Urals crude in China
Global energy and commodity price reporting agency Argus is launching today new prices for Russian Urals crude delivered into China, bringing further transparency to Russia’s opaque export market....
View ArticleKazakhstan’s oil output fell 6% in May to below OPEC+ quota, sources say
Kazakhstan’s oil output excluding condensate fell to 1.451 million barrels per day (bpd) in May, down 6% from April’s level, according to two sources and Reuters calculations. Output was about 17,000...
View ArticleKorea’s east coast may harbor 14 billion barrels of oil and gas, Yoon says
President Yoon Suk Yeol said Monday that a large amount of oil and gas is likely buried in waters off Korea’s east coast near Yeongil Bay in Pohang, North Gyeongsang, and announced further exploration...
View ArticleOPEC+ extends voluntary cuts to September, sets phase-out schedule
Key OPEC+ members will begin scaling back their voluntary production cuts in October, under a complex deal announced June 2 that also extends most other existing quotas through to the end of 2025, as...
View ArticleUS diesel demand for March hits 26-year seasonal low, EIA says
U.S. diesel demand fell to its lowest seasonal level in March since 1998, while crude oil output rose to a multi-month high, data from the U.S. Energy Information Administration showed. Demand for...
View ArticleMiddle East Crude-Benchmarks start new month on weak note; Rongsheng buys 1st...
Middle East crude benchmarks Oman, Dubai and Murban kicked off a new month’s trade at lower levels than last month on Monday, despite OPEC+’s decision to extend supply cuts. Spot premiums for the three...
View ArticleOPEC+ bets the robust crude oil demand forecast is right
The OPEC+ decision to extend crude oil production cuts is an acknowledgment that demand growth is still uncertain, but also that the group remains hopeful its bullish scenario is correct. The...
View ArticleUS Oil Futures Draw Renewed Interest From Hedge Funds
Portfolio investors purchased petroleum contracts for the first time in seven weeks as traders squared up short positions ahead of a meeting of OPEC⁺ ministers to decide production policy in the second...
View ArticleLower energy prices reduced the trade value between Canada and the United...
The value of energy trade between the United States and Canada decreased in 2023 from the record set in 2022 as energy prices fell, according to data from the U.S. Census Bureau. Although the amount of...
View ArticleWhat OPEC+ oil output cuts are currently in place?
OPEC+ oil producers agreed a complex deal on Sunday to extend their deep production cuts well into 2025. Below is an explainer on how the latest cuts from the Organization of the Petroleum Exporting...
View ArticleGoldman Sachs says OPEC+ meet is bearish
Goldman Sachs said it viewed the OPEC+ meeting as bearish despite the output cuts extension, and expected downside risks to the $75-$90 Brent price range as some countries had already signaled the...
View ArticleOPEC+ wants concrete rate cuts before factoring impact on oil demand, Saudi...
The prominent OPEC+ oil producers’ alliance is awaiting concrete central bank action on interest rates before factoring in the potential impact on the energy demand landscape, according to Saudi...
View ArticleOil inventories weigh on market, even as peak demand season arrives, Vitol’s...
The oil market which normally enjoys peak demand at this time of year as the holiday driving season takes hold is actually facing “extremely high levels” of oil product inventories on water and a...
View ArticleOPEC oil output rises in May, led by Nigeria, Iraq, survey shows
OPEC oil output rose in May, a Reuters survey found on Tuesday, as higher exports from Nigeria and Iraq offset the impact of ongoing voluntary supply cuts by some members agreed with the wider OPEC+...
View ArticleOil drops more than $1/bbl as OPEC+ decision spotlights shaky demand
Oil prices fell more than $1 a barrel on Tuesday on scepticism about an OPEC+ decision at the weekend to boost supply later this year into a global market where demand has already shown signs of...
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