Oil

Iran is planning to produce 4.5 million b/d of crude oil and condensate in its next year that starts March 21 and export 2.3 million b/d of it if current US sanctions are lifted, state news agency IRNA reported Dec 13. Jafar Ghaderi, a member of parliament’s planning and budget …

Oil advanced on Thursday as Britain starts vaccinating its residents and United states approval of the vaccine. US West Texas Intermediate (WTI) crude futures rose 25 cents, or 0.6%, to $45.77 a barrel at 05:00 GMT, while Brent crude futures climbed 22 cents, or 0.5%, to $49.08 a barrel. Prices …

Oil prices inched higher on Wednesday, paring earlier losses, as positive news on COVID-19 vaccines lifted investor hopes for a recovery in fuel demand, outweighing concerns over an unexpected jump in U.S. oil inventories last week. Brent crude futures rose 11 cents, or 0.2%, to $48.95 a barrel by 0746 …

Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to climb to an eight-month high last week. The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong enough …

Oil extended gains toward $50 a barrel after OPEC+ reached a compromise deal to gradually taper production cuts, ending days of uncertainty after cracks emerged in the alliance earlier in the week. Futures surged 1.9% in London after closing at the highest level in nine months on Thursday. The group …

Crude oil prices were down on Wednesday over the double whammy of an increase in US oil inventories and continuing uncertainty about OPEC+ meeting as investors await a decision from OPEC+ regarding their production policy for 2021. International benchmark Brent crude was trading at $47.15 per barrel at 0648 GMT …

Crude oil prices tumbled on Monday, as investors waited for a decision by producer group OPEC+ whether to extend large output cuts to balance global markets, but vaccine hopes helped keep benchmarks on track to rise more than a fifth in November. January Brent crude futures, which will expire later …

Crude oil prices fell on Monday amid investor jitters ahead of a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets, but vaccine hopes helped keep them on track to rise more than a fifth in November. January Brent crude futures, which …

Secretary-General of OPEC Mohammad Sanusi Barkindo said investment in the global oil industry dropped by nearly 30 percent this year, even more than in the 2014-2016 downturn, from which the industry was still recovering when COVID-19 struck. “The oil industry requires $12.6 trillion in investment to reduce volatility and avoid …

Saudi Arabia and Russia summoned the OPEC+ alliance for last-minute talks on Saturday, just before it’s due to decide whether to delay January’s output increase. A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering …