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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India to release 5 million barrels of crude oil from strategic reserves on US request

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As reported yesterday, India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool international oil prices.  This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in […]

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U.S. asks China, India and other countries to use oil from their strategic reserves to get back at OPEC

Governments from some of the world’s biggest economies said last week they were planning to release oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices and ahead of a meeting of major oil producing countries. The Biden administration has asked big oil […]

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Saudi Arabia targets net zero emissions by 2060

World’s top crude oil exporter, Saudi Arabia aims to reach zero-net emissions by 2060 and more than double its annual target to reduce carbon emissions. Saudi’s Crown Prince Mohammed bin Salman and his energy minister said OPEC member Saudi Arabia would tackle climate change while ensuring oil market stability, stressing the continued importance of hydrocarbons. […]

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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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