Oil touched $90 a barrel for the first time in seven years, supported by tight supply and rising political tensions in Russia that raised concerns about further disruption in an already-tight market. Brent crude rose $2.02, or 2.3%, to $90.22 on Wednesday, the first time the global benchmark has broken $90 since October 2014. U.S. […]
OPEC and allied oil-producing countries have decided to pump more oil to the world economy amid hope that travel and demand for fuel will hold up despite the rapid spread of the omicron variant of COVID-19. The 23-member OPEC+ alliance led by oil cartel member Saudi Arabia and non-member Russia said it would add 400,000 […]
The energy counter has made a strong comeback in 2021 sustaining a robust crude oil price rally in 2021. From the very beginning of the year, there has been an unrelenting up move with little pauses in between, where prices hit their highest levels since 2014. Also, OPEC and allies continued with their record production […]
2022 crude oil supply-demand will be driven by several factors such as COVID-19 and its variants’ impact on demand and economy, falling OPEC+ spare capacity, and some countries inability to meet their production quota, non-OPEC production hike especially from the US and Brazil, the release from strategic petroleum reserves from several countries, lower upstream investment, […]
Demand for hydrocarbon fuels is likely to fall dramatically over the next three decades. Once the “peak” demand has been reached, it will begin to trail off up to 2050. A report by two experts at the Center on Global Energy Policy at Columbia University in New York has concluded that the oil exporters have […]
Crude oil could soar to $125 per barrel next year and $150 in 2023 due to OPEC’s limited capacity to boost production, JP Morgan analysts said in a new report. “OPEC+ is not immune to the impacts of underinvestment…. We estimate ‘true’ OPEC spare capacity in 2022 will be about 2 million barrels per day […]
India is open to the idea of a term deal with OPEC + to ensure price stability in crude supplies, Oil Secretary Tarun Kapoor said at the India Energy Forum by CERAWeek, erasing volatile price swings detrimental to the economic growth of Asia third-largest economy. He said such a crude supply deal could take a […]
In the upcoming international energy event scheduled later this week, India will reiterate its request to oil producing countries to increase their output which will bring down global crude prices, top government officials said. The price of Indian basket of crude is currently at $ 82.3 per barrel, up from $ 69 a barrel in […]
Global investment in the upstream oil and gas sector will be around 30 per cent below pre-pandemic levels according to Oil and Natural Gas Corporation (ONGC) Chairman, Subhash Kumar. Delivering his speech at the 28th Annual General Meeting of the company, Kumar said, “Last year, global upstream investments sank to a 15-year low at $350 billion, as […]
The world’s most traded commodity got a major boost from the gas crunch in Europe and Asia, prompting forecasters to update their forecasts. One of the most bullish of all observers has been Goldman Sachs, whose commodity analysts have stuck to their price target of $80 for Brent crude regardless of the resurgence of Covid-19 in many key […]
