Tag: Oil

OPEC on Monday raised its medium- and long-term forecasts for global oil demand.

Oil prices were climbing sharply on Monday in reaction to the attack on Israel by Hamas. Energy stocks rose as traders watched how the conflict is set to affect oil production and transportation in the Middle East. 

LONDON, Oct 5 (Reuters) – Oil prices fell by more than $1 on Thursday, extending the previous session’s sharp losses as an uncertain demand outlook overshadowed any boost from an OPEC+ panel maintaining oil output cuts to keep supply tight.

An OPEC+ ministerial panel that met on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.

Oil prices fell on Wednesday as the Organization of the Petroleum Exporting Countries prepared to meet to discuss output.

LONDON, Sept 25 (Reuters) – Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand.

Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates.

Saudi Arabia’s energy minister said Riyadh and Moscow’s decision to extend crude oil supply cuts is not about “jacking up prices,” as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits.  

Oil futures rose Wednesday, building on 2023 highs, on continued concerns over tight supplies.

Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency.

LONDON, Aug 11 (Reuters) – OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday.

The Organization of the Petroleum Exporting Countries on Thursday left its forecasts for growth in 2023 and 2024 world oil demand unchanged. In its monthly report, OPEC said it expects demand this year to grow by 2.4 million barrels a day, followed by 2.2 million barrels a day, or mbd, in 2022. 

Oil futures pulled back from nearly four-month highs early Monday, consolidating as the U.S. dollar strengthened versus major rivals.

Oil prices were on track for a sixth week of gains after Saudi Arabia and Russia, the world’s second and third-largest crude producers, pledged to cut output through Septembe

Crude was reclaiming some ground lost in the previous session after a downgrade of the U.S. credit rating dented sentiment across markets, offsetting a record drop in U.S. crude inventories.

Goldman Sachs forecasts “all-time high” demand in oil markets leading to a “sizeable deficit.”

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The world’s leading energy watchdog said global oil demand is now on track to climb by 2.2 million barrels per day in 2023 to reach an average of 102.1 million barrels per day.

Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates.

Global oil demand will rise to 110 million barrels a day in about 20 years, pushing the world’s energy demand up by 23%, said OPEC on Monday.

Oil prices lost some of last week’s gains Monday on fears about China’s growth ahead of expectations Beijing will cut another key interest rate Tuesday.