Oil prices have surged to two-month highs – $31 a barrel yesterday – on growing signs of a rebound in oil demand, as the easing of lockdowns spread worldwide. At its peak in April, global lockdown measures affected around 3.9 billion people. But an estimated 3.7 billion people are now living in areas that are experiencing […]
OPEC has slashed its global oil demand estimates for this year while cutting its forecast for non-OPEC supply as oil producers outside the OPEC+ pact accelerate production curtailments due to the demand crash, low oil prices, and limited storage capacity. In its closely watched Monthly Oil Market Report, OPEC revised down, again, its global oil demand […]
Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed US crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced […]
Oil futures rose yesterday on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand. Brent crude futures advanced 0.7 per cent, or 22 cents, to $29.85, […]
Oil prices collapsed to more than two-decade lows as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States. The May futures contract for West Texas Intermediate (WTI), which represents the US’ shale […]
After OPEC+ in a record oil deal agreed to slash global output by 9.7 million bpd, Goldman Sachs has said that oil prices would continue to fall in the coming weeks. The company said that a “historic yet insufficient” deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout. […]
Top oil-producing countries including Russsia have agreed for output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour in a last-ditch effort to cement an accord that rested […]
Even if the OPEC+ group and other major oil producers in the world were to agree to deep production cuts, they would be unable to prevent what is sure to be an enormous global inventory build this quarter due to unprecedented demand destruction, Fatih Birol, Executive Director of the International Energy Agency (IEA), told Reuters. The […]
Volatility in crude oil prices and an uncertain petroleum demand over the last fortnight have come as a cause for concern for oil marketing companies (OMCs). “Crude prices had rallied 25 per cent on Thursday after Saudi Arabia called an ‘urgent meeting’ of the OPEC+ alliance and other producers to negotiate an output cut deal. NYMEX front-month crude […]
After having instructed Aramco to boost production to unseen levels, Saudi Arabia now plans to boost oil exports in May to a record 10 million barrels per day, causing oil prices to fall once again. In the last couple of days, Aramco has offered their Arab Light and Arab Heavy blends for between $25 and $28 dollar per barrel […]
