WASHINGTON – When OPEC+ made a surprise decision earlier this month to cut oil production, President Joe Biden responded with the political equivalent of a shrug – a far cry from his declaration that there would be “consequences” for …
Money managers boosted their net bullish bets on Brent Crude by the second-largest amount on record following the surprise announcement from major OPEC+ producers that they would remove more than 1 million barrels per day (bpd) from the …
Investors bought petroleum futures and options at the fastest rate for more than three years after Saudi Arabia and other OPEC+ producer group members announced voluntary cuts in oil output.
Hedge funds and other money managers bought the …
(Bloomberg) — One oil exchange-traded fund saw its largest one-day outflow in more than three years, a possible sign that some investors remain concerned about the outlook after OPEC+ delivered an unexpected supply cut.
WisdomTree’s Brent Crude Oil …
LONDON – Oil prices held broadly stable on Wednesday, as the market weighed worsening economic prospects against expectations of U.S. crude inventory declines and plans by OPEC+ producers to reduce output.
Brent crude futures inched down 15 cents, or …
Several OPEC+ members are set to tighten global production by an additional 1.16 million barrels per day until the end of the year, further burdening central bank efforts to curtail global inflation — but critically protecting the alliance’s broader …
(Bloomberg) – OPEC+ announced a surprise oil production cut of more than 1MMbpd, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
It’s a significant reduction for a market …
LONDON/DUBAI – OPEC+ is likely to stick to its deal on output cuts of 2 million barrels per day (bpd) until the end of the year, even after a banking crisis sent crude prices plunging, three delegates from the …
OPEC’s Secretary General Haitham Al Ghais and Iraq’s Prime Minister met over the weekend and called for coordinated action among oil exporters globally in order to reduce volatility in the oil market and avoid adverse impacts for consuming …
LONDON/DUBAI – OPEC+ considers this week’s slide in oil prices to a more than one-year low to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise, four delegates from the …
The OPEC+ group will keep its oil production targets unchanged until the end of the year in view of the high level of uncertainty on the global markets and with global economic growth, Saudi Arabia’s Energy Minister, Prince …
(Bloomberg) – Global oil markets appear on track for a modest surplus next quarter amid a seasonal lull in demand, according to OPEC.
The Organization of Petroleum Exporting Countries is pumping about 28.92 MMbpd, or about 300,000 …
(Bloomberg) – OPEC Chief Haitham Al-Ghais broke bread with U.S. shale leaders Monday night in his first meeting with the producers since he took the helm of the oil group in July.
At the table, which included Occidental …
(Bloomberg) — Saudi Arabia’s energy minister said oil production cuts announced last year by OPEC+ show the group’s readiness to be flexible.
The kingdom and other members of the OPEC+ coalition have already signaled the group will …
Bloomberg) — The OPEC+ alliance plans to stick with an oil deal agreed in late 2022 for the rest of the year, Saudi Arabia’s energy minister said, reinforcing earlier signals from the group.
In October, OPEC …
LONDON – OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and …
(Bloomberg) – Russia’s partners in the OPEC+ oil coalition signaled they won’t boost oil production to fill in for cutbacks announced by Moscow.
The OPEC+ group, led by Saudi Arabia, will maintain output despite plans by the Kremlin …
(Bloomberg) — OPEC’s top official said he sees a “more upbeat” economic outlook as China reopens after several years of virus restrictions.
“There’s a positive mood and optimism, which I must always say is cautious optimism,” Secretary-General …
TOKYO/SINGAPORE – Crude oil edged up on Wednesday as optimism for demand recovery in China and a likely unchanged output cut decision by major oil producers offset global recession worries.
Brent crude LCOc1 rose 22 cents, or 0.3%, to …
LONDON – An OPEC+ panel is likely to endorse the producer group’s current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes that improved Chinese demand would drive an oil price rally …
After a decade of exponential growth, the U.S. shale patch is no longer the swing producer on the global markets. That role is now back in the hands of OPEC and its largest and most influential members in …
The Organization of the Petroleum Exporting Countries increased its December production, according to the most recent Monthly Oil Market Report published on Tuesday.
OPEC-13’s average December production rose by 91,000 barrels per day, according to the MOMR, …
(Bloomberg) — OPEC expects global oil supply and demand to be in balance in the first quarter. Its top official said he’s “cautiously optimistic” about the economic outlook.
The Organization of Petroleum Exporting Countries will need to …
Italy’s former PM Mario Draghi suggested it first, then U.S. Treasury Secretary Janet Yellen took up the idea and built on it. What if, the idea was, large oil importers united against oil producers?
Many from the …
OPEC is likely to cut oil production again, Pioneer Natural Resources CEO said at a Goldman Sachs Conference in Miami on Thursday.
“Saudi is not going to let Brent stay around $75 a barrel,” Scott Sheffield said, …
Global oil demand growth is expected at 2.5 million barrels per day (bpd) this year and 2.2 million bpd next year, OPEC said on Tuesday, leaving the previous month’s estimates unchanged, on hopes of easing of Covid curbs …
LAUNCESTON, Australia – When faced with a myriad of uncertainties the most sensible path is often to sit back and see how events unfold. That is what OPEC+ has chosen to do with the crude oil market.
The Organization …
OPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group …
