Saudi Arabia has been signaling for weeks that it is and will be doing whatever it takes to rebalance the oil market by slashing exports and pumping well below its quota under the OPEC+ deal—despite US shale’s persistence. Yet, while neither the Saudis nor OPEC would officially admit that they are aiming for higher oil […]
Oil prices hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by U.S. sanctions against Iran and Venezuela. Oil prices have already hit four-month highs, forcing a range of analysts to overhaul their expectations for this year. Brent crude oil futures were at $67.82 […]
Global commodity prices staged a comeback this past week after the dollar failed to hold onto recent gains and rising stock markets helped to drive renewed risk appetite. The weaker dollar was led by the British pound which is headed for its best week since January following a week of Brexit drama in Parliament. The […]
The world’s oil production continued to fall in February, largely on the back of OPEC-led supply cuts and outages in Venezuela, the International Energy Agency (IEA) said in its latest report. Global oil output declined by 340,000 barrels a day in February 2019, month-on-month, to stand at 99.7 million barrels a day. However, the figure […]
The United States will drive global oil supply growth over the next five years thanks to the remarkable strength of its shale industry, triggering a rapid transformation of world oil markets according to the International Energy Agency’s (IEA) annual oil market forecast. By the end of the forecast, oil exports from the United States will […]
Despite higher requests from customers, Saudi Arabia will be keeping its April crude oil exports at below 7 million bpd, a Saudi official told Reuters, signaling that OPEC’s biggest producer is set to do ‘whatever it takes’ to rebalance the market and support oil prices. Saudi Aramco will be keeping its crude oil exports this month […]
Global liquid fuels production is expected to exceed global consumption through 2020, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook. EIA forecast that higher U.S. crude oil production growth and slightly lower global oil consumption will offset the short-term supply reductions. As a result, global petroleum liquids stocks will increase and […]
Saudi Arabia will invest US$100 billion in India’s infrastructure and energy industry as it seeks to strengthen its position in the country that is registering the fastest growth in oil demand. “We want Saudi Aramco to be a household name in India,” Energy Minister Khalid al-Falih said, adding that India was the number-one priority for the […]
OPEC’s biggest producer Saudi Arabia would need oil prices at US$80-85 per barrel in order to balance its 2019 budget, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), told Reuters. Saudi Arabia’s officials, including Energy Minister Khalid al-Falih, don’t discuss publicly ‘targeted oil prices’ or a desired […]
Japan, South Korea, India, and China are all buying Iranian crude once again, but at much lower rates than they did before November when U.S. sanctions kicked in, S&P Global Platts calculations reveal. All four countries, along with another four, were granted sanction waivers for a period of 180 days, with China and India only lowering […]