Oil crosses $ 90 a barrel for the first time since 2014 on falling inventory, increased and demand and geo-political tensions

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. […]

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Global crude oil supply to exceed demand in 2022

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, […]

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Global oil and gas investment to be 30% below pre-Covid level: ONGC chairman

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 […]

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OPEC+ unlikely to increase production to curb rising oil prices: Goldman Sachs

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 […]

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