Mounting signs of an economic slowdown and a ratcheting up of the U.S.-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said. “The situation is becoming even more uncertain … global oil demand growth has been very sluggish in the first half of 2019,” the IEA […]
The oil market saw a rather significant surplus in the first half of 2019, much larger than previously expected. Looking forward, supplies are set to tighten in the second half of the year, but that may only be a hiatus before the glut returns. Global oil supply exceeded demand by about 0.9 million barrels per […]
OPEC brought its oil production down to 29.876 million barrels per day in May according to the latest edition of OPEC’s Monthly Oil Market Report (MOMR) released on Thursday—a five-year low for the oil cartel as it struggles to control member production to keep oil prices out of the doldrums. That production route represents a decrease of […]
An attack by an unknown party on two oil tankers in the Gulf of Oman has put the Arabian/Persian Gulf region on edge. After the possible Iranian attack on three vessels offshore the Emirati port of Fujairah last month, the current attack could be setting the scene for a direct military confrontation. Two tankers, the Front Altair […]
China and India—two of the world’s largest oil importers and the biggest demand growth centers globally—are close to setting up an oil buyers’ club to have a say in the pricing and sourcing of crude oil amid OPEC’s cuts and U.S. sanctions on Iran and Venezuela, livemint reports, citing three officials with knowledge of the talks. […]
Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020, a downward revision from the October forecast due to the weaker-than-expected global growth outlook and greater-than-anticipated U.S. production, the World Bank said. Metal prices are expected to continue a recovery in 2019 that follows a sharp drop […]
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 […]
