Tag: Oil

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.

SINGAPORE, Nov 23 (Reuters) – The suspension of U.S. sanctions on Venezuelan oil has rattled its biggest customers, China’s independent refiners, who are now holding off on making new purchases amid wide discrepancies in offer prices, trading sources say.

Meetings of the influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have been rescheduled from Nov. 25-26 to Nov. 30, sending prices down by over $3 per barrel in Thursday intraday trade.

Oil futures rose Monday morning, finding support as investors weighed the potential for an extension of production cuts by the Organization of the Petroleum Exporting Countries and its allies after crude prices fell last week to four-month lows.

Oil futures rose early Tuesday, on track for a fourth straight rise after the International Energy Agency raised its outlook for 2024 growth in oil demand.

Nov 7 (Reuters) – U.S. crude oil production this year will rise by slightly less than previously expected while demand will fall, the U.S. Energy Information Administration (EIA) said on Tuesday.

(Reuters) – The United States is seeking to buy up to three million barrels of oil for delivery in January 2024 to replenish the country’s strategic petroleum reserve, the Department of Energy said on Monday.

Saudi Arabia on Sunday confirmed it would extend a production cut of 1 million barrels a day, which first took effect in July, through the end of December.

Eurozone economic sentiment worsened again in October, marking six months of continual decline, as confidence slid among industry and consumers alike.

Oil futures rose Friday, on track for a second straight weekly gain after the Oct. 7 attack on Israel by Hamas that sparked a war that threatens to spillover across the region, potentially endangering the supply of crude.

Gold and oil prices were falling early Thursday as tensions in the Middle East showed some tentative signs of calming.