Oil

Global demand for oil is set to peak by 2030 driven by the “sufficient” momentum of the clean energy transition toward low-emission energy sources across the global economy, the International Energy Agency said in a recent report. Moves such as greater investment in renewable energy like solar power and the …

Lower refining margins, higher oil and fuel inventory levels, and a slower-than-expected increase in air travel have combined to push down oil demand in China, according to a Bloomberg report, with analysts expecting little change in the status quo in the coming months. “Domestic demand has lost steam following the …

Oil prices struggled on Wednesday after sliding to their lowest levels in over three months in the previous session, weighed down by concerns over waning demand in the world’s top oil consumers, the United States and China. Brent crude futures advanced by 15 cents to $81.76 a barrel by 0636 …

Oil prices rose on Monday, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Brent crude futures rose $1.03, or 1.21 per cent, to $85.92 a barrel by 0834 GMT, while U.S. West Texas Intermediate crude was …

Morgan Stanley estimates a sustained oil price of $110 a barrel could undermine India’s economic stability, likely forcing the central bank to resume hiking interest rates. As the world’s third-biggest consumer of oil, India is one of the most exposed economies in Asia to rising crude prices. A $10 increase …

Despite the falling and flatlining rig count, U.S. crude oil production managed to hit a monthly record-high in August 2023, boosted by productivity gains and more efficient operations. U.S. exploration and production companies are drilling longer laterals and deploying rigs to the most promising areas to get more bang for …

Despite pervasive narratives around a supposed lack of shale supply response, monthly U.S Energy Information Administration (EIA) data shows U.S. oil production reaching a record 13.1 million barrels per day in August. That’s what strategists at Macquarie stated in a report sent to Rigzone on Wednesday, adding that they believe …

OPEC’s crude oil production held broadly steady last month, with modest increases across most of its African members being offset by declines elsewhere. OPEC members pumped an average of 28.08 MMbpd in October — about 50,000 bpd more than the previous month, according to a Bloomberg survey. Nigeria led the …

Oil prices slipped more than 1% on Monday as investors adopted caution ahead of a U.S. Federal Reserve policy meeting and China’s manufacturing data due this week, offsetting support from tension in the Middle East. Brent crude futures dropped 1.6%, or $1.11, to $89.37 a barrel by 0350 GMT, while …

Iran’s oil production has increased to 3.4 million barrels per day (bpd), the spokesperson for the Iranian Oil, Gas and Petrochemical Products Exporters’ Union said. Speaking in an interview with IRNA on Sunday, Seyyed Hamid Hosseini said measures have been taken in the current administration to boost oil exports to …