Oil

Uncertainty continues to rule. The US Energy Information Administration (EIA) has cut its 2021 demand growth outlook for 2021 to 6.5 million barrels per day (bpd) – 500,000 bpd lower than projected last month. The EIA now expects the Chinese demand to grow only by 1m bpd next year, and …

Iraq is debating whether to ask to be exempted from the oil production cuts OPEC+ agreed on this April. Initially set at 9.7 million bpd, the cuts have now been eased to 7.7 million bpd but as the second-largest producer in OPEC, Iraq is shouldering quite a large chunk of …

Behind the facade of political rhetoric, Russia and the United States have embarked on an impressive show of synergy, with fuel oil becoming a rare demonstration of improving relations. The issue of US-Russia energy ties has been enjoying a bit of media spotlight as President Trump accused Democrats in New …

According to the National Iranian Oil Company (NIOC), the announcement of the headquarters of the International Exhibition of Iranian Oil states: “The event will be held from 12 to 15 October, 2020.

Oil prices could potentially rise to around $65 per barrel next year, but expected to be volatile, Russian Energy Minister Alexander Novak said on Friday, speaking at an online conference reported by Reuters. He also expected that global oil demand could fall by 9-10 million barrels per day (bpd) this …

For Africa’s biggest oil-producing country, the idea of looking for oil miles into the sea may be off the table this year, thanks to a wave of bankruptcies facing the global offshore industry. The global offshore industry is currently struggling as some of the biggest offshore drillers struggle with low …

Russian Energy Minister Alexander Novak on Wednesday said that Moscow would propose to OPEC+ group to react to the recovery in global oil demand, as part of their agreement to cut production in order to support prices, Reuters reported. Global oil demand has recovered by as much as 90% of …

Oil advanced as expectations for shrinking American crude and gasoline stockpiles added to signals that a demand recovery may be on the horizon in the U.S. and China. Futures edged 0.4% higher in New York on Tuesday, tracking a move higher in U.S. equities to fresh records. U.S. manufacturing expanded …

Oil prices gained on Tuesday, reversing overnight losses, as investors moved into risk assets and stayed away from the safe-haven U.S. dollar which hit multi-year lows. Brent crude LCOc1 futures climbed 47 cents, or 1%, to $45.75 a barrel at 0635 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures …

Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November LCOc1 climbed 28 cents, or 0.6%, to $46.09 …