Oil prices fell on Thursday after a larger-than-expected jump in U.S. crude inventories, raising concerns about demand in the world’s largest economy and top oil consuming nation. Brent crude futures fell 34 cents, or 0.4%, to $81.26 a barrel at 0337 GMT, while U.S. West Texas Intermediate crude futures declined …
Read More »IEA Says Oil Markets should be Comfortable in 2024
Global oil markets should remain “comfortable” this year as new supplies satisfy demand and keep prices in check, according to the International Energy Agency. World consumption will increase by 1.2 million to 1.3 million barrels a day in 2024, a “significantly weaker” pace than last year as economic growth slows …
Read More »Red Sea Crisis Leaves Oil Market Cold. but this may Change
Last week, Brent crude closed above $81 per barrel, close to $82. This was a solid increase from the start of the week when the international benchmark was trading at around $78 per barrel. Yet these prices are about the same as prices were when the Yemeni Houthis began attacking …
Read More »Europe’s Oil Demand is Lifting Prices in West Africa and the North Sea
Europe’s oil refineries are stepping up crude purchases following a surge in the price of diesel and disruptions to imported shipments from the Middle East. The situation is driving up the cost of physical barrels of oil. Two key West African grades, Forcados and Egina, were recently offered at premiums …
Read More »U.S. Oil Drilling Activity Stalls
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 4 to 623 this week, compared to 762 rigs this same time last year. The number …
Read More »India Looking for Multi-Year Oil Purchase Deal with Guyana
India is looking to sign a multi-year oil purchase deal with Guyana, the Guyanese minister for natural resources, Vickram Bharrat, said on Thursday, as the subcontinent moves to diversify its supply of crude imports. Referencing the possibility of a long-term oil deal with India, Bharrat told reporters on the sidelines …
Read More »Oil Rises on Slim Progress in Gaza Peace Talks, Weaker Dollar
Oil extended gains on Thursday after Israel rejected a ceasefire offer from Hamas, while a weaker dollar also supported prices. Brent crude futures rose 30 cents, or 0.4%, at $79.51 a barrel at 0400 GMT. U.S. West Texas Intermediate crude futures climbed 26 cents, or 0.4% to $74.12 a barrel. …
Read More »IEA: India to be Largest Source of Oil Demand Growth until 2030
India’s role in global oil markets will likely expand substantially over the remainder of the decade, fueled by strong growth in its economy, population and demographics — making the country the largest source of demand growth, the International Energy Agency said in a report Feb. 7. n the report titled …
Read More »OPEC: Oil Sector Needs $14 Trillion Investments Globally by 2045
The global oil market will require an investment of $14 trillion by 2045 to meet the rising energy demand of the world, said Haitham al-Ghais, Secretary General of the Organisation of Petroleum Exporting Countries on Tuesday. “The demand for oil will continue to rise and there is a need to …
Read More »Saudi Arabia Signals a Shift in Oil Strategy
In 1943 President Franklin Roosevelt declared that “the defense of Saudi Arabia is vital to the defense of the United States.” The reason: Ten years earlier the desert kingdom had granted a concession to Standard Oil of California to explore for oil. It turned out there was some, in fact, …
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