Oil

Iraq ranks fifth among the countries with the largest crude reserves in the world in 2021, a CNBC survey said. According to CNBC, Venezuela ranked first with a reserve of 303.8 billion barrels, followed by the regional rivals Saudi Arabia and Iran with 258.6 and 208.6 billion barrels, respectively. Iraq, …

Crude oil prices could reach $100 per barrel, according to Ninepoint Partners portfolio manager Eric Nuttall, the latest to add to a growing number of analysts expecting three-digit oil prices. “The oil market remains exceptionally tight,” Nuttall told Bloomberg, adding, “When we look at global oil demand, we’re back to …

The US Energy Information Administration (EIA) said on Sunday that Iraqi crude oil exports to the US dropped to 226 thousand barrels per day (bpd) during the past week. According to a report released by the EIA, “The United States imported crude oil from Iraq at a rate of 226 …

Global oil prices continued to gain ground above $80 per barrel on Friday, helped by a growing consensus that demand remained surprisingly resilient to the current Omicron-led wave of COVID-19 cases which spooked markets in late 2021. Brent crude futures, which traded close to $83 per barrel earlier on Friday, …

Oil held gains in early Asian trading after OPEC and its allies agreed to a scheduled increase in production for next month, and an industry report pointed to another decline in US crude inventories. Futures in New York traded near $77 a barrel after rising 2.4 per cent over the …

The Organisation of Petroleum Exporting Countries (OPEC) and its allies are poised to revive more halted oil production when they meet on Tuesday (Jan 4) after giving a tighter outlook for global markets. The 23-nation alliance led by Saudi Arabia and Russia is on track to ratify another modest output …

OPEC+ did some surprising things in the past 2 years. 1st, it broke up at the start of the pandemic with its 2 leaders – Saudi Arabia and Russia – turning on each other because of differences of opinion on how the crisis needed to be handled. Then the 2 …

Oil prices slightly increased on Thursday as US crude stocks fell more-than-expected, declining five weeks in a row, however the omicron variant continues to cause negative market sentiments in the coming year. International benchmark Brent crude was trading at $79.24 per barrel at 0635GMT for a 0.03% increase after closing …

US oil may retest a resistance at $73.99 per barrel, a break above which could lead to a gain into $74.98-$76.59 range. The contract is riding on a fierce wave (c), which has briefly travelled above the peak of the wave (a) around $72.87. It is expected to extend into …

Oil climbed as investors weighed a surge in Omicron cases against signs that the new strain is not as severe as previous waves. Brent was 0.39 per cent higher at 9.40am UAE time after losing 0.9 per cent in the previous session. West Texas Intermediate, which didn’t trade on Friday …