Oil

Global oil demand is expected to rebound to pre-pandemic levels by 2022 while supply tightens, creating a deficit, Energy Intelligence has reported, quoting the chief executive officer of Saudi Aramco. Amin Nasser said China would once again be the focus of attention and would account for most of the rebound, …

Global oil market will rely more on the Middle East as U.S. shale oil production is expected to continue to fall, said Chris Midgley, global head of analytics with S&P Global Platts, on Friday. U.S. shale oil production will fall by 900,000 barrels per day in 2020 and drop another …

OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ …

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s secretary general said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partnership will …

‘The worst is definitely behind us’ in the oil market, says Saudi Aramco CEO Amin Nasser Advertisement Global demand for crude could recover to pre-coronavirus levels by 2022, Saudi Aramco said on Tuesday, October 13, as the International Energy Agency (IEA) projected it could take at least a year longer. …

The Organisation of Petroleum Exporting Countries (OPEC) has projected that despite the growing need for renewables as a source of energy, crude oil and its associated products will remain the largest contributor to the energy mix in the next 25 years. In its annual World Oil Outlook (WOO) 2020, released …

Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end. Brent crude for December fell 32 cents, or 0.8%, to $42.53 a barrel by 0347 GMT and …

Iraq’s Oil Minister Ihsan Abdul Jabbar said oil prices are expected to reach around $45 in the first quarter of 2021, the al-Sabah state newspaper reported on Sunday. Iraq has also based a draft 2021 federal budget on a projected oil price of $42 per barrel, the paper cited the …

World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits. The prediction from the Organization of …

Oil prices retreated on Friday after oil workers in Norway called off a strike that had threatened energy production in the country, China’s Xinhua news agency reported. The West Texas Intermediate (WTI) for November delivery lost 59 cents to settle at US$40.60 dollars a barrel on the New York Mercantile …