Oil

Oil futures settled sharply lower on Monday, with U.S. prices down almost 5%. The decline follows a decision by the Organization of the Petroleum Exporting Countries and their allies last week to incrementally increase production from May through July. There’s also a “reduced demand outlook with COVID cases rising dramatically …

The international rig count, except for the US and Canada, increased by 14 units month-on-month (MoM) in March 2021, bringing the total count to 715, data of energy services firm Baker Hughes showed. The oil rigs in the Middle East rose by one MoM to 261 in March but declined …

Kuwait’s Oil Minister Oil Mohammad Abdulatif Al-Fares expressed “cautious optimism” on Wednesday that the global oil demand will improve as COVID-19 vaccination programs gather pace and industrial output recovers. Speaking ahead of a joint meeting of the Organization of Petroleum Exporting Countries and other major oil producers, he said the …

Saudi Arabia has not yet decided its position on OPEC+ oil production quotas, a Saudi Arabian source told S&P Global Platts on March 30, two days ahead of the bloc’s meeting to decide on May output levels. The source denied a report that the kingdom was prepared to support extending …

The American Petroleum Institute, the largest fossil-fuel lobby, is joining the call for pricing carbon as one way to lower U.S. emissions and slow global warming. In its release out Thursday, API said it backs “sensible legislation that prices carbon across all economic sectors while avoiding regulatory duplication.” The stance …

Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while refinery maintenance has reduced demand, industry sources said on Thursday. Chinese independent refiners, which account for a fifth of the country’s imports, have slowed imports …

Renewed concerns over flaring up of COVID-19 cases in Europe have reversed fortunes in crude oil industry, sending oil prices on another round of descent. Both the WTI and Brent crude fell by over four per cent on Tuesday. New or extended lockdowns in Europe, including in Italy, France, and …

Kazakhstan meticulously studied the lessons of the 2014/2015 oil slump and has so far survived the last 12 months’ market depression with legislative and executive poise. Though still heavily dependent on oil revenues, the Kazakh authorities have seen the tenge depreciate over the course of 2020, digesting most of the …

Oil prices fell on Monday, declining around 1% on concerns about decrease in demand for fuel products due to more European lockdowns. Brent crude was down 60 cents, or 0.9%, at $63.93 a barrel by 01:36 GMT while US oil was off by 68 cents, or 1.1%, at $60.74 a …

Oil prices have increased on the world markets. On London ICE (InterContinental Exchange Futures) cost of the Brent crude oil rose $0.29 to trade at $68.68, while the price of Light crude oil at the NYMEX (New York Mercantile Exchange) increased $0.37 to stand at $64.17.