Oil

Saudi Arabia sent another bullish jolt into the oil market a day after OPEC+ ignored Biden’s calls for more oil, raising the official selling price of all the nation’s crudes to all buyers. Aramco increased pricing for its key Arab Light grade of crude for Asian customers in December by …

Oil dipped for a third day as investors turned their focus to an OPEC+ meeting on production policy after US crude stockpiles expanded. Futures in New York edged toward US$80 a barrel after losing almost 4 per cent over the past two sessions. OPEC+ is gathering later Thursday (Nov 4) …

Oil prices were steady on Tuesday as producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures edged higher by 3c to $84.74 a barrel by 5.07am …

For the past year, oil consuming countries have become increasingly anxious at crude’s resurgence: first to $50 a barrel, then $75 and now to more than $85. And when Vladimir Putin, one of the leaders of the OPEC+ alliance, warned that $100 a barrel was a distinct possibility, the alarm …

Factors such as tepid OPEC+ production hikes, gas-to-oil substitution, China’s power crunch and the inability of producers outside OPEC+ to meet surging demand could well spur oil prices towards $100 per barrel (/b), a report said. Markets have pivoted from pricing demand recovery to now pricing supply scarcity, said the …

Oil prices slumped to their lowest in two weeks on Thursday after Iran said talks with world powers on its nuclear program would resume by the end of November and U.S. crude inventories rose by much more than expected. Brent crude dropped $1.07, or 1.3 per cent, to $83.51 a …

Chronic underinvestment in new oil supply since the 2015 crisis and the pressure on oil and gas companies to curb emissions and even “keep it in the ground” will likely lead to peak global oil production earlier than previously expected, analysts say. This would be a welcome development for green …

Oil rose with traders awaiting U.S. supply data that will show whether inventories tightened further at the Cushing, Oklahoma, crude storage hub. U.S. crude futures rose 1.1% on Tuesday, holding at the highest since 2014. The industry-funded American Petroleum Institute’s inventory tally due later Tuesday will be closely watched after …

Oil prices edged higher on Tuesday after trading down earlier, looking set to sustain a rally driven by strong demand in the US, the world’s biggest consumer of oil and its products. Brent crude was up 13c or 0.2% at $86.12 a barrel by 0427 4.27am GMT, after gaining 0.5% …

Saudi Aramco said that oil-output capacity across the world is dropping quickly and that companies need to invest more in production. It’s a “huge concern,” Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi Arabia’s capital. His comments come with crude prices having soared 70% this year …