OPEC and allied oil-producing countries have decided to pump more oil to the world economy amid hope that travel and demand for fuel will hold up despite the rapid spread of the omicron variant of COVID-19. The 23-member OPEC+ alliance led by oil cartel member Saudi Arabia and non-member Russia said it would add 400,000 […]
The energy counter has made a strong comeback in 2021 sustaining a robust crude oil price rally in 2021. From the very beginning of the year, there has been an unrelenting up move with little pauses in between, where prices hit their highest levels since 2014. Also, OPEC and allies continued with their record production […]
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, […]
Demand for hydrocarbon fuels is likely to fall dramatically over the next three decades. Once the “peak” demand has been reached, it will begin to trail off up to 2050. A report by two experts at the Center on Global Energy Policy at Columbia University in New York has concluded that the oil exporters have […]
Crude oil could soar to $125 per barrel next year and $150 in 2023 due to OPEC’s limited capacity to boost production, JP Morgan analysts said in a new report. “OPEC+ is not immune to the impacts of underinvestment…. We estimate ‘true’ OPEC spare capacity in 2022 will be about 2 million barrels per day […]
The Abu Dhabi National Oil Company (ADNOC) will invest as much as $127 billion in its upstream, downstream, and low-carbon fuel businesses between 2022 and 2026, the state oil firm of OPEC’s third-largest producer, the United Arab Emirates (UAE), said. The investment is set to help the UAE expand its oil and gas production capacity, commit […]
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 […]
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 […]
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. […]
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 […]
