Oil

Many countries including Iraq increased their October oil production. OPEC reported. The Organization of Petroleum Exporting Countries said “oil production in the 13 member states increased last October, reaching 24.386 million bpd which is 322 thousand bpd more than September'”. “The most oil-producing countries in October are Libya, Iraq, and …

This was supposed to be a time when things were getting closer to normal for OPEC. A recovery in oil demand after the first wave of the pandemic, coupled with a deep slump in U.S. production, was meant to leave the world needing more of its members’ crude. But it …

Oil prices dropped by nearly 2 percent early on Friday as the U.S. reported a second consecutive day of record coronavirus cases, while the counting in the presidential election continued. Oil prices rose earlier this week and on Election Day on Tuesday, supported by a rally in financial markets and …

Oil prices fell more than 3% on Monday on worries that widening coronavirus lockdowns across Europe will weaken fuel demand, and as traders braced for turbulence during the U.S. presidential election week. Brent crude futures for January dropped $1.34, or 3.5%, to $36.60 a barrel by 0410 GMT, while U.S. …

The global oil market looks set for a challenging time in the coming weeks as a combination of negative factors bears down on crude prices. Fortunately, policymakers have tools at their disposal to mitigate the impact and ensure prices do not drop again like they did at the height of …

Oil prices edged lower on Wednesday as a jump in US crude inventories and surging Covid-19 cases raised fears of an oversupply of oil and weak fuel demand amid rising coronavirus cases in the US and Europe. Brent, the international benchmark for more than half of the world’s crude, slipped …

Crude settled higher on Tuesday as companies shut down some U.S. Gulf of Mexico oil production ahead of an approaching storm, although surging coronavirus infections and rising Libyan supply limited gains, Trend reports with reference to Reuters. Companies including BP, Chevron, Shell and Equinor ASA evacuated rigs or closed facilities. …

With the pandemic pummelling global demand, India will drive the energy consumption in the world, Prime Minister Narendra Modi said on Monday as he pitched for global oil and gas suppliers to adopt responsible pricing and move towards transparent and flexible markets. Speaking at the 4th India Energy Forum by …

A truce in Libya has busted open a renewed source of oil supply, further threatening the commodity’s faltering recovery from its historic drop earlier this year. Libya’s main warring factions signed a purportedly permanent truce last week, roughly one month after a blockade on the country’s oil exports by one …

Oil extended last week’s losses on Monday, falling nearly 2% as a surge in COVID-19 infections in the United States and Europe prompted concern over crude demand, while the prospect of increased supply also hit sentiment. Brent crude was down 70 cents, or 1.7%, at $41.07 by 0353 GMT. U.S. …