Tag: Oil

Oil prices were climbing Friday after a U.S.-led coalition launched strikes on Houthi rebel targets in Yemen. While the strikes were intended to reduce the threat to international shipping, they could escalate conflict in the Middle East.

U.S. crude production will hit records over the next two years but grow at a slower rate, the U.S. Energy Information Administration (EIA) said on Tuesday, as efficiency gains offset a decline in rig activity.

Saudi Arabia and its OPEC+ allies continue to throttle crude output in an effort to support oil prices, but the U.S. — with its record-high production and growing exports — is making that task particularly difficult.

Saudi Aramco on Sunday said it would cut crude prices to all regions, including its largest market in Asia — a move that comes amid weaker global oil prices and increased production by producers outside the Organization of the Petroleum Exporting Countries.

Oil prices rose on Tuesday after Iran dispatched a warship to the Red Sea, as the situation remains tense in the critical waterway for global shipments.

Oil headed for the biggest annual drop since 2020 as war and OPEC+ production cuts failed to propel prices higher in a year dominated by supply growth outside of the grouping.

The United States has finalized contracts to purchase three million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after the largest sale in history last year, the U.S. Department of Energy said on Tuesday.

Oil futures extended a decline Thursday after news reports said Angola announced plans to exit the Organization of the Petroleum Exporting Countries after being required to lower its production quota in a contentious meeting earlier this month.

Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC) because membership is not serving its interests, oil minister Diamantino Azevedo said on Thursday.

Oil futures pulled back early Thursday after a build in U.S. petroleum supplies and record domestic production cooled a rally sparked by disrupted shipments in the Red Sea.

Global oil benchmark Brent hovered around $80 a barrel on Wednesday amid jitters over global trade disruption and geopolitical tensions in the Middle East following attacks on ships by Yemen’s Iran-aligned Houthi forces in the Red Sea.

BP has become the latest firm to pause travel through the Suez Canal following a series of attacks on vessels by Houthi militants from Yemen.

The International Energy Agency on Thursday said evidence of softening global oil demand is mounting and a slowdown is expected to continue into 2024, reaffirming a starkly different outlook compared to oil producing group OPEC.

Oil rose on Friday after Saudi Arabia and Russia, two of the world’s biggest producers, called for further reductions in output in the coming months.

MOSCOW, Dec 7 (Reuters) – Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy just days after a fractious meeting of the producers’ club.

Oil futures on Tuesday threatened to extend their losing streak to a fourth session, extending a decline attributed in part to skepticism over the ability of OPEC+ to deliver on additional production cuts early next year.

Oil futures rose Friday, attempting to find their footing and on track for weekly gains, after slumping the previous session after the outcome of an eagerly awaited OPEC+ meeting left traders unconvinced producers will fully deliver additional production cuts.

LONDON/MOSCOW/DUBAI, Nov 30 (Reuters) – OPEC+ oil producers are likely to agree output cuts of at least 1 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its voluntary additional cut and smaller curbs by others, two delegates told Reuters ahead of a virtual OPEC+ meeting on Thursday.

SINGAPORE, Nov 27 (Reuters) — Oil prices fell on Monday, with the Brent benchmark dropping below $80 a barrel as investors awaited this week’s OPEC+ meeting and expected curbs on supplies into 2024.

The oil and gas industry faces a reckoning over its role in the clean energy transition, according to an International Energy Agency report.